What does for the year then ended mean?
The term ‘for the year ended’ (fye) denotes the financial year end date i.e 31/03/XX of which the financial statements are prepared. Hence in simple terms it depicts the end of financial year for which the auditor has formed his opinion.
What is the purpose of an end of year audit?
1.2 The purpose of the audit was to assess the adequacy and effectiveness of internal controls relating to year-end procedures. Such procedures must be designed to ensure that the financial information used for managing budgets and reporting financial results is reliable and timely.
What does fiscal year ending mean?
Fiscal year-end refers to the completion of a one-year, or 12-month, accounting period. If a company has a fiscal year-end that is the same as the calendar year-end, it means that the fiscal year ends on December 31.
How do you date an audit report?
01 The auditor should date the audit report no earlier than the date on which the auditor has obtained sufficient appropriate evidence to support the auditor’s opinion. Paragraph . 05 describes the procedure to be followed when a subsequent event occurring after the report date is disclosed in the financial statements.
What is the difference of as of and for the year ended?
“The year ended December 31, 2016” refers to an entire year, i.e. 365 or 366 days. “As of December 31, 2016” refers to conditions on that particular day.
Can a financial year be less than 12 months?
The financial year of a company is usually of 12 months but the same may not be true all the time. In case of a newly incorporated company financial statements are prepared from date of incorporation to the year end date in such a case the financial year of a company may not be of 12 months.
What are the 5 audit procedures?
Typically, five types of audit procedures normally use by auditors to obtain audit evidence. Those five audit procedures include Analytical review, inquiry, observation, inspection, and recalculation.
What are the 4 phases of an audit process?
Although every audit process is unique, the audit process is similar for most engagements and normally consists of four stages: Planning (sometimes called Survey or Preliminary Review), Fieldwork, Audit Report and Follow-up Review. Client involvement is critical at each stage of the audit process.
How do you determine your financial year-end?
Many companies in South Africa tend to align their company’s financial year-end with the personal tax year dates of 1 March to 28 February. For many South African companies then, financial year-end occurs on the last day of February each year.
What is the difference between calendar year and fiscal year?
Calendar year – 12 consecutive months beginning January 1 and ending December 31. Fiscal year – 12 consecutive months ending on the last day of any month except December. A 52-53-week tax year is a fiscal tax year that varies from 52 to 53 weeks but does not have to end on the last day of a month.
What is the audit report release date?
The report release date is the date on which an auditor allows a client to use the auditor’s report as an accompaniment to the client’s financial statements.
When should an audit report be issued?
This type of report is issued by an auditor when the financial statements are free of material misstatements and are presented fairly in accordance with the Generally Accepted Accounting Principles (GAAP), which in other words means that the company’s financial condition, position, and operations are fairly presented …
What is the meaning of the term ‘for the year ended’?
The term ‘for the year ended’ (fye) denotes the financial year end date i.e 31/03/XX of which the financial statements are prepared. Hence in simple terms it depicts the end of financial year for which the auditor has formed his opinion. 8 clever moves when you have $1,000 in the bank.
What is the meaning of FYE in audit report?
As the auditor is required to express his opinion on financial statements, naturally the date of audit report should also correspond to the date of financial statements. The term ‘for the year ended’ (fye) denotes the financial year end date i.e 31/03/XX of which the financial statements are prepared.
What is a calendar year in auditing?
This statement specifies the calendar year or possibly the fiscal year or operating period of the entity that has been audited. It specifies that the auditor’s report, opinion, and findings apply and refer to the period of time that extends for 1 full year (or otherwise), and that ends on a particular date in time.
Should the audit report be longer or shorter?
The majority of comments regarding the audit report suggested that the report should included additional wording in a number of sentences rather than shorten them (e.g. to take account of additional responsibilities of management and auditor and to extend the scope of the audit.)