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Procedures, Planning and Deadlines

The main estimated auditing, planning and scheduling procedures.

01

Preliminary

02

Final

Main Phases

Our work is divided into two main phases (respectively before and after the end of the financial year):

PRELIMINARY (OR INTERIM) – BEFORE THE END OF THE FINANCIAL YEAR

Preliminary work aims to get to know the customer, its business areas, organisation, procedures and the degree of effectiveness of the internal audit system. This activity is essential to set up a correct and adequate plan of the audit activities that will be carried out in the following phases.

FINAL – AFTER THE END OF THE FINANCIAL YEAR

The final phase involves our intervention after the end of the financial year. The activities carried out in this phase concern the actual performance of the planned Audit tests, the evaluation and possible adaptation of the planned work schedule, with particular attention to the method, scope and nature of the compliance and validity procedures.

Preliminary

Specifically, the preliminary phase includes the following activities (among the most important):

Collection of all information concerning the knowledge of the business with particular regard to the sector, the financial performance and the economic results achieved and expected;

Examination of the degree of reliability of the internal audit relating to the Company’s accounting-administrative system and determination of their implications on the reliability of data and accounting records;

La valutazione del rischio intrinseco e del rischio di controllo;

La definizione, in via preliminare, del livello di significatività ai fini della revisione legale;

The development of the audit plan based on the considerations regarding the specific assessment of intrinsic risk, control risk and the results expected from the execution of compliance and validity procedures (planning activities);

Survey procedural checks aimed at verifying the correct performance of company operations;

Determination, on the basis of the knowledge acquired about the internal audit system and the results of the assessments carried out, of the extent and nature of the checks to be carried out on the balance sheets at the end of the financial year;

Final

Specifically, includes the following activities (among the most important):

Assessment of the sampling results and possible extension of the checks;

Acquisition of sufficient and appropriate audit evidence to support the reasonableness of the accounting estimates in the financial statements;

 

Acquisition of sufficient and appropriate audit evidence to support all tests planned at Interim;

Final comparative analyses;

Acknowledgement of the information received through the circularity process;

Analysis of the Financial Statements;

Examination of subsequent events;