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Climate change audit
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- Šmykľavka: 1
- Cut-Off Testing
- No shipments across period
- Packing listDelivery receiptReturn record
- The cut-off samples have been verified
- Sr checks boundary samples of dispatch and delivery notes around year-end to ensure proper cut-off; abnormal “push-sales” excluded and subsequent returns reviewed for consistency.
- Šmykľavka: 2
- Drafting the KAM
- Got it — I’ll list the NRV range and key drivers.
- KAM: Inventory Valuation under Climate RiskDifferences in assumptions – Management vs Auditor1. Verified post-harvest prices2. Recalculated NRV ranges3. Compared bias vs prior year
- Make sure we clearly show our assumptions and test procedures.
- Mgr and Intern refine KAM draft to highlight subjective valuation assumptions and auditor procedures; key differences from management’s estimates and sensitivity range clearly disclosed.
- Šmykľavka: 3
- Final Report (choose A / B)
- Final Audit ReportReview Version – Opinion and KAM SectionsOption A: Unmodified Opinion – Disclose KAM differencesOption B: Qualified Opinion – Material unadjusted errorOur opinion is consistent with the disclosures provided.Key Audit Matter: Inventory Valuation under Climate RiskWe challenged management’s NRV assumptions and performedindependent sensitivity analysis to estimate fair value range.
- A or B — ensure the opinion and disclosures are consistent.
- Mgr finalises audit report, selecting between Option A (unmodified opinion + KAM disclosure of differences) or Option B (qualified opinion + KAM noting profit impact). Both ensure internal consistency between opinion, disclosure, and unadjusted misstatement summary.
- Šmykľavka: 4
- Closing Meeting
- Closing Meeting Agenda1. Conclusion Findings2. Management Recommendations3. Action Plan Timeline
- Noted. I’ll assign responsible staff and timeline.
- Two-step plan — first control quality, then monitor NRV monthly.
- Mgr concludes audit with prudent valuation stance confirmed; NRV variance quantified. Management letter delivered, outlining three key recommendations — quality alerts, monthly NRV sensitivity review, and cellar humidity control — with assigned responsibilities and timelines.
- Šmykľavka: 5
- Audit Closing Memo Summary Subsequent / Archive
- Audit Closing Memo1. Summary Section(1) Unadjusted Misstatements Summary (2) KAM: Inventory NRV under climate risk - summarised and disclosed(3) Final Opinion: Option A - Unmodified opinion with KAM disclosure2. Follow-up / Archive Checklist☑ Subsequent events monitoring in place☑ Working papers archived☑ Management Letter issued☑ Management Representation Letter signed
- Closing memo signed; follow-up and archiving confirmed.
- Mgr finalises closing memo summarising unadjusted misstatements, key audit matters, and final opinion (A/B). All post-audit actions confirmed — ☑ Subsequent monitoring, ☑ Working paper archive, ☑ Management letter issued, ☑ Representation letter signed.
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