Besides the search for contingent liabilities and the review for subsequent events, the auditor has four important final evidence accumulation responsibilities, all of which are required by current professional auditing standards. Discuss each of these four responsibilities.

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Besides the search for contingent liabilities and the review for subsequent events, the auditor has four important final evidence accumulation responsibilities, all of which are required by current professional auditing standards. Discuss each of these four responsibilities.


Answer:

• Final analytical procedures performed as a final review for material misstatements or financial problems and to help the auditor take a final objective look at the financial statements.
• Evaluate the going concern assumption.
• Obtain a client representation letter documenting management’s most important oral representations during the audit.
• Read information included in published annual reports pertaining directly to the financial statements.

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