Month: April 2021

INTRODUCTION   The financial statements of an entity may have a number of different users. For example, they may be used by suppliers and customers, joint venture partners, bankers and other suppliers of finance, taxation and regulatory authorities, employees, trades Read More …

COMMUNICATION WITH THOSE CHARGED WITH GOVERNANCE – ISA 260 FORMING AN OPINION AND REPORTING ON FINANCIAL STATEMENTS – 700 ACCOUNTS PAYABLE AGREEING THE TERMS OF AUDIT ENGAGEMENTS ASSURANCE ENGAGEMENTS OTHER THAN AUDITS OR REVIEWS OF HISTORICAL FINANCIAL INFORMATION INTERNATIONAL FRAMEWORK Read More …

Introduction to assurance Rules and regulation Corporate governance Ethics and acceptance Risk Planning Evidence Systems and controls Internal audit Procedures Completion and review Reporting Summary of key ISAs Financial reporting revision Additional practice questions

Test your understanding 1 – Confidentiality   Client confidentiality underpins the relationship between Chartered Certified Accountants in practice and their clients. It is a core element of ACCA’s Code of Ethics.   Required: Explain the circumstances in which external auditors Read More …

IAS 1 Presentation of Financial Statements   This standard provides formats for the statement of profit or loss and other comprehensive income, statement of financial position, and statement of changes in equity.   Accounting policies should be selected so that Read More …

200 series: General principles and responsibilities   ISA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing   Objectives of the auditor [11]:   To obtain reasonable assurance whether Read More …

The independent auditor’s report   The objectives of the auditor are:   To form an opinion on the financial statements based on an evaluation of the conclusions drawn from the audit evidence obtained, and   To express clearly that opinion Read More …

Introduction After the auditor has completed their substantive testing there are still many procedures that need to be performed before they can sign the auditor’s report. These include:   2      Subsequent events   ISA 560 Subsequent Events, para 4, requires Read More …

We dealt with the principles of audit evidence in an earlier . This  deals with the application of those principles.   Audit procedures must be designed to respond to the specific risks of material misstatement identified for each individual client. Read More …

The need for internal audit   Internal audit is an independent, objective assurance and consulting activity designed to add value and improve an organisation’s operations.   Companies must create a strong system of internal control in order to fulfil their Read More …