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Pages 775
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Mnemonics 179
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OVERVIEW IASs DOCS GLOSSARY CONTENTS SAMPLE OF CONTENTS
You are a partner at Green, Green and Associates, a medium to large accounting firm. One Thursday
morning a letter is received from Goodies Sweet Manufacturing (GSM) Company, a local unlisted UK
company which requests your company to submit a proposal for its current audit. You understand, from the
letter, that GSM is of a size considered ‘small’ by UK legislation but that its principal shareholder, who is not
employed by the company, using a legal entitlement has insisted on an audit by an independent auditor. This
will be GSM’s first independent audit.
The senior partner in your firm has assigned you to be GSM’s ‘engagement partner’.
The following ‘overview’ takes us through the stages, procedures and documents involved in such an audit
engagement (and also gives you quite a good idea of what is involved in the ACCA Paper F8 syllabus).
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OVERVIEW IASs DOCS GLOSSARY CONTENTS SAMPLE OF CONTENTS
(i) To examine GSM (the client - who the International Auditing Standards
refer to as ‘entity’) to determine whether there is any reason to reject
the engagement. In others words, do we want the audit engagement?
(ii) On the basis that you do want to obtain the audit engagement to
convince GSM to employ your firm.
2. Determine whether your firm will need to employ the work of other
specialists or experts as part of the audit.
4. Select the staff who will form the audit team and consider the audit
costs and budget.
(ii) The final audit. This involves detailed substantive procedures such as
gathering and assessing evidence.
The aim of the audit is to give assurance to the users of the financial
statements (mainly the shareholders of GSM) that there is no material
misstatement of the financial statements.
The procedures involved in planning the two parts of your audit will be:
(i) To collect and analyse more information about GSM. This will help
you understand the entity and its environment, including its internal
controls.
(v) Prepare an audit plan (or ‘programme’) which will contain the
procedures you plan in response to the risks you have identified.
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OVERVIEW IASs DOCS GLOSSARY CONTENTS SAMPLE OF CONTENTS
Everything that is done and all the evidence gathered will be documented in
the audit’s ‘working papers’.
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OVERVIEW IASs DOCS GLOSSARY CONTENTS SAMPLE OF CONTENTS
1. Subsequent events
REVIEW 2. Going concern
Section F 3. Management representations
4. Audit finalisation and the final review
1. Audit reports
REPORTING 2. Reports to management
Section G 3. Internal audit reports
Section E:
AUDIT
EVIDENCE
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OVERVIEW IASs DOCS GLOSSARY CONTENTS SAMPLE OF CONTENTS
Relevant standard:
Substantive procedures ISA 500
Substantive procedures are tests performed to obtain audit evidence to detect material misstatements in
the financial statements, are of two types:
‘The objective of the auditor is to design and perform audit procedures in such a way as to enable
the auditor to obtain sufficient appropriate audit evidence to be able to draw reasonable
conclusions on which to base the auditor’s opinion’.
‘Sufficiency’ and ‘appropriateness’ are interrelated and apply to both tests of controls and substantive
procedures.
Sufficiency
Sufficiency is the measure of the QUANTITY of audit evidence. (Sufficient evidence has been gathered
when AUDIT RISK is considered to be at an acceptable level. Auditors use professional judgement to
determine the extend of tests necessary to obtain sufficient evidence. In exercising this professional
judgement, auditors consider both the materiality of the item in question (e.g. monetary size) as well as
the inherent risk of the item (e.g. cash, due to its liquidity, may have a higher inherent risk than do certain
property, plant and equipment items).
Appropriateness
Appropiateness is the measure of the QUALITY or RELIABILITY of the audit evidence. The quantity of
audit evidence required is affected by the level of risk in the area being audited. The quality and
reliability of audit evidence is influenced by its source and by its nature. The following generalisations
may help in assessing the quality and reliability of audit evidence.
Thomas J. Watson Jr
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OVERVIEW IASs DOCS GLOSSARY CONTENTS SAMPLE OF CONTENTS
Substantive procedures:
What you need to know …..
Assertions
We start here
Substantive tests:
Shareholders’ equity Sufficient and
appropriate
evidence
Substantive tests:
Long-term debt Gathering
evidence
Substantive tests:
Property, plant
and equipment
PP&E) Confirmation
Sampling
Substantive tests:
Accounts payable
Accounting
Substantive tests: estimates
Inventory
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Gathering evidence:
Financial statements assertions
Audit tests are designed and conducted to obtain evidence about the financial statement assertions.
Financial statement assertions are the representations of the directors that are contained in the financial
statements. By authorising the financial statements, the directors are making representations about the
information therein. In planning and performing the audit, an auditor considers these assertions for the
various financial statements and accounts. When all of these assertions have been met for an account, the
account is confirmed with the accepted accounting principle. Thus, errors or fraud may be viewed as having
the effect of misstating one or more of the assertions. These representations or assertions may be described
in general terms in a number of ways, for example:
C Completeness. The assertion is that all transactions and accounts are included, and there are no
liabilities, transactions, events, unrecorded assets or undisclosed items.
O Occurrence. The assertion is that the transaction or event took place during the relevant period.
M Measurement. The assertion is that the transaction or event is recorded in the proper amount.
P Presentation and disclosure. The assertion is that the item is disclosed, classified and described in
accordance with the applicable reporting framework (relevant legislation and applicable accounting
standards).
A Appropriate valuation. The assertion is that the asset or liability is recorded at the appropriate
carrying value (e.g. inventories are stated at lower of cost or market value).
R Rights and obligations. The assertion is that assets or rights of the entity are liabilities or obligations
at a given date (e.g. that the firm has legal right to the inventory).
E Existence. The assertion is that the asset or liability exists at a given date.
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OVERVIEW IASs DOCS GLOSSARY CONTENTS SAMPLE OF CONTENTS
Gathering evidence:
Assertions tested by the auditor
Management assertions
used by the auditor about …… that transactions and events that have been
OCCURRENCE recorded have occurred and pertain to the
organisation.
About ……
COMPLETENESS …… that all transactions and events that should have
been recorded have been recorded.
CLASSES OF
TRANSACTIONS …… that amounts and other data relating to recorded
ACCURACY
AND EVENTS FOR transactions and events have been recorded
THE PERIOD appropriately.
UNDER REVIEW
CUTOFF …… that transactions and events have been recorded
in the correct accounting period.
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Analyse Separation of account balances into separate parts and the ascertainment of
those parts.
Compare To set one group of figures with another set so as to ascertain how far
they agree or disagree, such as to compare the beginning balances with
last year’s audited figures.
Count To sum the value of (volume, monetary value, etc), such as reckoning the
value of cash, inventory, etc.
Foot Add figures, such as to add the figures in a column of monetary values.
Prove To test the genuineness of, such as to re-calculate totals to ascertain their
correctness.
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Gathering evidence:
Sufficient and appropriate audit evidence
We must remember that the objective of an audit
Audit of financial statements is to enable the auditor to
objective express an opinion whether the financial
statements are prepared, in all material respects,
in accordance with an identified financial reporting
framework.
Which
requires …… … the auditor to obtain SUFFICIENT
and APPROPRIATE audit evidence.
Definition
Audit evidence includes all the information
contained within the accounting records and
accounting system underlying the financial
statements, and other information gathered by
the auditors, such as confirmations from third
Evidence parties. They are not expected to look at all the
is obtained information and will usually select samples.
from ……
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‘obtain sufficient appropriate audit evidence to be able to draw reasonable conclusions on which to
base the audit opinion’.
‘Sufficiency’ and ‘appropriateness’ are interrelated and apply to both tests of controls and substantive
procedures.
W Written. Evidence in the form of documents (paper or electronic) or written representations are
more reliable than spoken words or representations.
O Originals. Original documents are more reliable than photocopies, or facsimiles.
R Records with strong controls. Evidence obtained from the organisation’s records is more
reliable when the system that produces them uses strong and effective controls.
D Directly by the auditor. Evidence obtained directly by the auditor is more reliable than that
obtained indirectly or by inference.
S Sources that are external. Audit evidence from external sources is more reliable than that
obtained from the organisation’s records.
Memory jog: ‘WORDS’ are more reliable when they come from
external sources, and are obtained directly by the auditor, and
written (not just spoken), are from originals and are produced by
systems using strong and effective controls.
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Gathering evidence:
Audit procedures for obtaining audit information
C Confirmation. Seeking confirmation from another source concerning details in the organisation’s
accounting records, e.g. confirmation from customers of debtor balances.
A Assets inspection. Inspection of assets that are recorded in the accounting records to confirm
existence, to give evidence of valuation, but without confirming rights and obligations.
R Recalculation. Checking arithmetic of organisation’s records, e.g. totalling a ledger account.
R Re-performance. Independently executing procedures or controls, either through the use of
computer assisted audit techniques (CAATs) or manually.
I Inquiry. Seeking information from the organisation’s staff or external sources. Strength of
evidence depends on the knowledge and the integrity of the source of information.
E Evaluation by analytical procedures. Evaluating and comparing financial and/or non-financial
data for plausible relationships.
S Sight (observation). Involves watching a procedure being performed, e.g. cash and cheques
being banked. This has limited value, as it only confirms the procedure took place when the
auditor was present.
I’m telling
you….. This is
an important
page
Memory jog: the auditor ‘CARRIES’ out
these procedures in order to obtain the
necessary audit evidence.
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Gathering evidence:
Audit procedures for obtaining audit information – 1 of 2
CONFIRMATION INSPECTION
Used to corroborate Consists of
information contained in examining records,
the accounting records documents, or
tangible assets
Examples
Used to review:
Examples
sales orders
Used to confirm:
sales invoices
accounts receivable
purchase invoices
accounts payable
shipping documents
balances held with banks
bank statements
cash surrender value of life insurance
customer return documents
notes payable (with lenders or bond holders)
customer complaint letters
etc.
etc.
Examples
Extending sales invoices and inventory.. Examples
Adding journal and subsidiary records. Re-perform aging of accounts receivable.
Checking the calculation of prepaid expenses. Use of CAATs* to check controls recorded
Calculation of depreciation expense. in the database.
etc.
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Gathering evidence:
Audit procedures for obtaining audit information – 2 of 2
ANALYTICAL
PROCEDURES
Consist of the analysis of
significant ratios and trends
INQUIRY including the resulting
Consists of seeking investigation of fluctuations
information of and relationships that are
knowledgeable inconsistent with other
persons inside or relevant information or that
outside the entity deviate from predictable
amounts.
Examples
Obtaining written or Examples
oral information from Calculation trends in sales over the past few
the client in response years.
to specific questions Comparing net profit as a percentage of sales
during the audit in current year with the percentage of the
preceding year.
Comparing client current ratio to the industry
current ratio.
Comparing budgets to actual results.
Etc.
OBSERVATION
Consists of looking at a process or
procedure being performed by others.
Examples
Observation by the auditor of the
counting of inventories by
entity’s personnel.
Site visit at the client’s facilities.
Etc.
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Corroborating evidence is the supporting documentation that is the basis for a transaction recorded in the
journals and ledgers, and assertions represented in the financial statements. While there may be many types
of corroborating evidence, the following list are the ones mainly used by auditors carrying out substantive
procedures. Remember them as the mnemonic: IS A CAP.
I Interrelationships. Interrelationships within the data such as interest expense and accrued interest
payable, unusual items, etc. provide assurance as to the reasonableness of items and the absence of
material misstatements due to errors.
S Subsequent events. Subsequent events confirm the status of estimates and assertions at the
financial date. For example, subsequent collection of receivables gives evidence as to their valuation
and collectibility.
C Calculations. Calculations by auditors such as the calculation of depreciation expense, tax liabilities,
etc. support the application of IASs.
A Authoritative documents. Authoritative documents such as property deeds, suppliers’ invoices.
P Physical existence. Physical existence is determined by observation and count.
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We start here
Gathering
evidence:
Confirmation
method
Negative
Problems
confirmation
associated with
may be
confirmation
appropriate
Confirmation
Situations
Risks where
where
confirmation
confirmation
may be
may not be
appropriate
appropriate
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Key procedures 1. Auditor reviews the need to obtain a confirmation using the information
necessary to obtained from the preliminary risk assessment of the client.
obtain a
confirmation 2. Auditor prepares the confirmation letter as appropriate for the particular
request, for example in the case of a bank confirmation the letter is in the
format agreed with banks in the client’s jurisdiction.
3. The client authorises (signs) the letter thus giving the third party (e.g. the
debtor) ‘permission’ to divulge confidential details. Where the client has
provided the third party with a ‘standing authority to disclose information to the
auditor’, the authorising reference is quoted on the ‘confirmation request letter’.
4. The auditor, not the client, mails these letters. The auditor should check
randomly to ensure that letters are addressed to the respondents that the
auditor chose, and for the amounts shown in the books of account.
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Problems
- There is, however, a distinction between evidence provided by independent
associated with
third parties acting in a professional capacity, e.g. a bank manager, lawyer,
confirmation
other qualified accountants, and evidence from the third parties such as
customers and suppliers in the business contact group.
- A letter from, say a debtor, confirming that the amount due from him/her is
correctly recorded in the books of the client, is useful to the auditor, but
generally, non-professional business contacts such as debtors may have a
closer, more dependent relationship to the client.
- Neither can the auditor be certain that the debtor’s accounting and control
systems are reliable.
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ISA 505
Positive and External Confirmations identifies two forms of confirmation:
negative (i) Positive confirmation
confirmation (ii) Negative confirmation
Relevant standard:
ISA 505
Positive
confirmation
By using the ‘blank’ confirmation approach the auditor may reduce the
risk that a respondent replies to a request without verifying the
information. With a blank confirmation the recipient must enter the
value from their own records.
However, the ‘blank’ confirmation letter requires more work from the
recipient and this may result in lower response rates.
‘In the case of each non-response, the auditor shall perform alternative
audit procedures to obtain relevant and reliable audit evidence. (Ref:
Para A18-A19)’.
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Gathering evidence:
Confirmation method- 4 of 5
Relevant standard:
ISA 505
Positive and Positive confirmation requests are normally appropriate when inherent
negative and/or control risk is assessed as high (in other words a low level of
confirmation detection risk is to be achieved).
(continued)
Negative
confirmation
(a) The auditor has assessed the risk of material misstatement as low
and has obtained sufficient appropriate audit evidence regarding
the operating effectiveness of controls relevant to the assertion;
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The auditor also would determine the implications for the audit and the auditor’s
opinion in accordance with ISA 705 Modifications to the Opinion in the
Independent Auditor’s Report.
(i) When the auditor seeks an external confirmation and management refuses
to grant permission for him/her to do so, the auditor should carefully balance
the validity of the client’s request and the validity of the third-party
confirmation.
(ii) If the auditor agrees with the reasonableness of management’s request not
to seek third-party confirmation regarding a particular matter, the auditor
should apply alternative procedures to obtain sufficient and adequate
evidence regarding that matter.
(iii) If the auditor does not accept the validity of management’s refusal and is
prevented from carrying out the confirmation, there has been a limitation
on the scope of the auditor’s work and he/she should consider the impact of
this limitation on the auditor’s opinion and report.
Gathering evidence:
Specific risks for which confirmation may be relevant
A Accounts receivable balance with debtors.
- the auditor may take a random sample, or
- may list customers with very large balances or very small balances, customers that are slow in
paying, and/or that buy and pay erratically
- the auditor then gives this list to the client to prepare a confirmation letters (format already
agreed) requesting that customers reply direct to the auditor
- the auditor, not the client, mails these letters.
C Contract terms with customers, creditors or suppliers. Auditors are interested in all contracts
and in particular long-term notes and bonds payable, stock options, pension agreements, contracts
with vendors for future delivery of supplies, government contracts for completion, royalty agreements,
trade-union contracts, and leases. Contracts may affect the assessed inherent risk.
A Accounts payable balance. Similar approach is taken to that adopted for accounts receivable (see
above).
I Inventory quantity and value held by third parties. For example, if the client is involved with
timber importation and the timber is held in bonded warehouses until required by the entity for
manufacture and sale, the auditor would normally regard a letter from the bonded warehouse
company that they hold stocks of timber (of a stated quantity/value/date) on behalf of the client as
good evidence, provided that the warehouse company is of good reputation.
S Shares outstanding with stock transfer agents. A stock transfer agent is a company (broker),
usually a third party unrelated to stock transactions, which cancels the name and certificate of the
former stockholder who 'sold' the stock, and substitutes the 'new' owner's name on the Official Master
Shareholder listing.
B Bank balances with banks As part of their verification procedures, auditors obtain confirmation from
bank managers of bank balances and other matters at the year-end. The letter requests the bank to
give details of bank accounts, of customers assets held, either as a security or for safe custody, of
contingent liabilities and certain other information. (A contingent liability is a potential future obligation
to an outside party for an unknown amount resulting from the outcome of a past event).
L Life insurance cash surrender value with insurer.
I Insurance cover with insurer.
N Notes payable with lender – such as promissory notes held by suppliers.
D Debenture or bond holders – to determine indenture conditions.
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Gathering evidence:
Situations where confirmation may not be appropriate
Confirmation of accounts or balances is a generally accepted auditing procedure, unless:
Memory jog: blame the ‘ACCA’ for having to learn all this.
Gathering evidence:
Problems associated with confirmation
Possible disadvantages of confirmations are:
Memory jog: ‘CINT’ is a word that has no meaning (but that’s the
case with Kit-Kat, Kodak, Twix and many other brand names which are
used specifically for quick memory recall!)
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Relevant standard:
ISA 530 We start here
Main
aspects
Disadvantages
of statistical Three steps
sampling
Where
Advantages sampling is
of sampling not
appropriate
Sampling
Statistical
Design of the
sampling sample
techniques
Evaluation Deciding
of tests sample size
Sample
Testing the
selection
sample
methods
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Relevant standard:
Objectives Testing by ISA 530
sample
Sample
population
Design of Random
Sample size
sample selection
Selection Haphazard
method selection
Judgemental
Testing by selection
Test of sample
Block
controls
sampling
Substantive Systematic
procedures sampling
Evaluation of
test results
Analysis
of errors
Statistical v
Inferences non-statistical
Risk
assessment
Statistical
sampling
techniques
Risk-based
auditing
Attribute
sampling Audit risk
Variables
sampling
Inherent risk
Monetary-unit
Control risk
sampling
Detection risk
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Appendix A:
International Standards:
June 2010 and December 2010 – 1 of 7
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The study guide offers more detailed guidance on the depth and level at which the examinable documents
should be examined. The study guide should therefore be read in conjunction with the examinable documents
list.
The linkages are disabled for the
Accounting Standards
purpose of this free download
Paper F8 Audit and Assurance
The accounting knowledge that is assumed for Paper F8 is the same as that examined in Paper F3. Therefore,
candidates studying for Paper F8 should refer to the Accounting Standards listed under Paper F3.
N.B. P7 will only expect knowledge of accounting standards and financial reporting standards from Paper P2.
Knowledge of exposure drafts and discussion papers will not be expected.
ISA 200 Overall Objectives of the Independent Auditor and the Conduct √ √
of an Audit in Accordance with International Standards on
Auditing
http://web.ifac.org/download/2009_Auditing_Handbook_A008_ISA_200.pdf
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Click Title F8 P7
here
ISA 610 Using the Work of Internal Auditors √ √
http://web.ifac.org/download/2009_Auditing_Handbook_A034_ISA_610.pdf
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Other documents
CLICK ACCA’s ‘Code of Ethics and Conduct’ √ √
http://rulebook.accaglobal.com/
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Appendix B
Extracts of UK Companies Act, 2006
(Used only as an illustration of typical legislation in different countries)
Examples below are taken from UK legislation (Companies Act, 2006). (Note: It is a lengthy Act and
if you want to see it in its complete form will take time to download. Each separate Section [indicated
below] is hyperlinked almost instantly.)
Sec. 248 Minutes of directors' meetings Only the first two are active
Sec. 382 Companies qualifying as small: general for demonstration
Sec. 415 Duty to prepare directors' report
Sec. 418 Contents of directors' report: statement as to disclosure to auditors
Sec. 419 Approval and signing of directors' report
Sec. 437 Public companies: laying of accounts and reports before general meeting
Sec. 475 Requirement for audited accounts
Sec. 476 Right of members to require audit
Sec. 477 Small companies: conditions for exemption from audit
Sec. 478 Companies excluded from small companies exemption
Sec. 489 Appointment of auditors of public company: general
Sec. 490 Appointment of auditors of public company: default power of Secretary of State
Sec. 491 Term of office of auditors of public company
Sec. 492 Fixing of auditor's remuneration
Sec. 495 Auditor's report on company's annual accounts
Sec. 496 Auditor's report on directors' report
Sec. 497 Auditor's report on auditable part of directors' remuneration report
Sec. 498 Duties of auditor
Sec. 499 Auditor's general right to information
Sec. 501 Auditor's rights to information: offences
Sec. 502 Auditor's rights in relation to resolutions and meetings
Sec. 503 Signature of auditor's report
Sec. 507 Offences in connection with auditor's report
Sec. 510 Resolution removing auditor from office
Sec. 511 Special notice required for resolution removing auditor from office
Sec. 516 Resignation of auditor
Sec. 517 Notice to registrar of resignation of auditor
Sec. 518 Rights of resigning auditor
Sec. 519 Statement by auditor to be deposited with company
Sec. 520 Company's duties in relation to statement
Sec. 521 Copy of statement to be sent to registrar
Sec. 1212 Individuals and firms: eligibility for appointment as a statutory auditor
Sec. 1213 Effect of ineligibility
Sec. 1214 Independence requirement
Sec. 1215 Effect of lack of independence
Sec. 1217 Supervisory bodies
Note: the term ‘public company’ as used in the Act refers to a plc (i.e. public limited company).
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Appendix B
Extracts of UK Companies Act, 2006
(Used only as an illustration of typical legislation in different countries)
248
Minutes of directors' meetings
(1) Every company must cause minutes of all proceedings at meetings of its directors to be recorded.
(2) The records must be kept for at least ten years from the date of the meeting.
(3) If a company fails to comply with this section, an offence is committed by every officer of the
company who is in default.
(4) A person guilty of an offence under this section is liable on summary conviction to a fine not
exceeding level 3 on the standard scale and, for continued contravention, a daily default fine not
exceeding one-tenth of level 3 on the standard scale.
382
Companies qualifying as small: general
(1) A company qualifies as small in relation to its first financial year if the qualifying conditions are met
in that year.
(a) if the qualifying conditions are met in that year and the preceding financial year;
(b) if the qualifying conditions are met in that year and the company qualified as small in relation
to the preceding financial year;
(c) if the qualifying conditions were met in the preceding financial year and the company
qualified as small in relation to that year.
(3) The qualifying conditions are met by a company in a year in which it satisfies two or more of the
following requirements —
(4) For a period that is a company's financial year but not in fact a year the maximum figures for
turnover must be proportionately adjusted.
(5) The balance sheet total means the aggregate of the amounts shown as assets in the company's
balance sheet.
(6) The number of employees means the average number of persons employed by the company in the
year, determined as follows —
(a) find for each month in the financial year the number of persons employed under contracts of
service by the company in that month (whether throughout the month or not),
(b) add together the monthly totals, and
(c) divide by the number of months in the financial year.
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Appendix C:
Codes: June 2010 and December 2010
Title F8 P7
Click here ACCA’s ‘Code of Ethics and Conduct’ √ √
Click here Status of the IAASB’s Work to Clarify the Status of its Standards √
(IAASB document)
CLICK AND GO
Note:
Topics of exposure drafts are examinable to the extent that relevant articles about them are published in
student accountant.
CLICK AND GO
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APPENDIX D
Specimen audit working papers:
The following screens provide specimen audit working papers. They are not exclusive.
You do not have to reproduce these forms in the exam. They are included simply to help
enlarge your understanding.
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APPENDIX D
Specimen Working Papers: Index 1 of 2
Specimen Audit Working Papers are also hyperlinked from relevant screens in the text.
Title Screen 1 √ √
Click here Permanent File 1 √ √
Click here Current File 1 √ √
APPENDIX D
Specimen Working Papers: Index 2 of 2
SPECIMEN AUDIT WORKING PAPERS - 2
Click and Title Number of F8 P7
go screens
Click here Internal Control Questionnaire: 2 √ √
Cash Disbursements
Click here Internal Control Questionnaire: 2 √ √
Inventory and Cost of Sales
Click here Internal Control Questionnaire: 2 √ √
Fixed Assets
CLICK AND GO
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Just cast your eyes over the separate constituent parts of the typical ‘Permanent Audit File’. They are
self-explanatory.
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APPENDIX E:
GLOSSARY OF TERMS
(* International Auditing and Assurance Standards Board [IAASB] - February 2009)
A B C D E F G H I J K
L M N O P Q R S T U V W
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GLOSSARY OF TERMS
(* International Auditing and Assurance Standards Board [IAASB] - February 2009)
Archived files
An archive is a collection of records, and the location in which the collection is kept. Archives contain records
which have accumulated over the course of time. The archives of an organisation tend to contain
administrative files, business records, memos, official correspondence and meeting minutes. In general,
archives consist of records which have been selected for permanent or long-term preservation,
Arrestment
An arrestment is a notice which prohibits a debtor from handing over to his creditor money or property until a
debt due by that creditor to a third party, the arrester, is paid or secured.
Assertions*
Representations by management, explicit or otherwise, that are embodied in the financial statements, as
used by the auditor to consider the different types of potential misstatements that may occur.
Assertions (and the ‘assertion level’, i.e. the assertion for which audit procedures are used) used by the
auditor fall into the following categories:
(a) Assertions about classes of transactions and events for the period under audit:
(i) Occurrence—transactions and events that have been recorded have occurred and pertain to the
entity.
(ii) Completeness—all transactions and events that should have been recorded have been recorded.
(iii) Accuracy—amounts and other data relating to recorded transactions and events have been
recorded appropriately.
(iv) Cutoff—transactions and events have been recorded in the correct accounting period.
(v) Classification—transactions and events have been recorded in the proper accounts.
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GLOSSARY OF TERMS
(* International Auditing and Assurance Standards Board [IAASB] - February 2009)
Carrying value
Is the value of an asset or liability in a company’s books or balance sheet.
Casual vacancy
Is an unforeseen vacancy
Check-point restart
Checkpoint restart is a facility offered by some database management systems (DBMSs) and backup-restore
software. Checkpoints are taken in anticipation of the potential need to restart a software process.
Many ordinary batch processes on impersonal computers are time-consuming, as are backup and restore
operations. They consist of many units of work. If checkpointing is enabled, checkpoints are initiated at
specified intervals, in terms of units of work or of processing time. At each checkpoint the process's progress
is saved to back-up storage. The contents of the program's memory area may also be saved. The purpose of
checkpointing is to minimise the amount of time and effort wasted when a long software process is
interrupted by a hardware failure, a software failure, or resource unavailability. With checkpointing, the
process can be restarted from the latest checkpoint rather than from the beginning.
Compare
To set one group of figures with another set so as to ascertain how far they agree or disagree, such as to
compare the beginning balances with last year’s audited figures.
Comparative information*
The amounts and disclosures included in the financial statements in respect of one or more prior periods in
accordance with the applicable financial reporting framework.
Compare
To set one group of figures with another set so as to ascertain how far they agree or disagree, such as to
compare the beginning balances with last year’s audited figures.
Compliance
Agreement with, such as agreement that there has been correct application of International Financial
Reporting Standards.
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Mnemonic The problems with Value for Money (VFM) audits 206 1
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Chart Audit risk: inherent risk, control risk and detection risk 233 1
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Chart Audit objectives and substantive audit tests (in more 458 1
detail)
Chart Substantive audit tests: Bank and cash 459 1
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SECTION F: REVIEW
Chart The Final Review Stage 517 1
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SECTION F: REVIEW
Chart Audit finalisation and the final review 551 1
SECTION G: REPORTING
Chart Now we are able to produce appropriate audit reports 554 1
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SECTION G: REPORTING
Chart Summary of the different forms of Auditor’s Report 588 3
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