Understanding the entity/Background info

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Understanding the entity/Background info by Mind Map: Understanding the entity/Background info

1. Quick overview

2. Scope and definitions

2.1. Definitions

2.2. Scope

3. The correspondence file

4. Client-specific background information and knowledge

4.1. Entities which do business electronically

4.2. Objectives, strategies and related business risks

4.3. Measurement and review of the entity’s financial performance

5. The permanent file

6. Industry or sector information

7. Current issues and further resources

7.1. Further resources

8. Accounting systems and controls

9. Review of accounting policies

9.1. Revenue recognition

9.2. Transition to a new accounting framework

10. Register of significant laws and regulations

10.1. Laws and regulations governing accounts

10.2. General business laws and regulations

10.3. Other specific laws and regulations

11. Significant accounting estimates

12. Register of related parties

12.1. Pension schemes

13. Statutory information

14. Taxation

15. Assets

16. Contracts, leases and agreements

17. Information of continuing interest

18. Previous years’ accounts

19. Access to information by successor auditors

19.1. Practicalities of access