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March Tech

Engagement quality control review requirements


for engagements performed in terms of ISRS 4400
Engagements to Perform Agreed-upon Procedures
Regarding Financial Information are set out in the
1 recently released policy, SAPPL 20

Entity C held a previous interest in a joint


operation in which it had joint control. During the
current year, Entity C increases its interest in the
operation and now has control over the
operation. The operation meets the definition of a
business. When Entity C obtains control, it does
2 the following:

Entity B measures its property, plant and


equipment on the revaluation model. On disposal
of its Property, plant and equipment, Entity B
3 accounts for the revaluation surplus as follows:

Which Section of the JSE listing requirements


governs accreditation of audit partners for the
4 purposes of audits of JSE listed companies?

An auditor who is included on the JSE list of


disqualified auditors may never seek to be
5 removed from the JSE list of disqualified auditors.

Liquidity risk disclosures required by IFRS 7 are


6 required for all financial liabilities:
When the audit engagement team requests and
then subsequently receives bank confirmations
from the KPMG Delivery Academy (KDA), the
audit engagement team should review the
7 following: (Select all that apply)

When receiving external information in electronic


form, we are not required to perform any
additional procedures to ensure the information is
8 reliable

KPMG South Africa has made a decision to use


the KPMG Delivery Academy as the central point
for requesting bank confirmations for use as audit
9 evidence.

Who is responsible for individual partner


10 accreditation from the JSE’s perspective?

Changes in the fair value of contingent


consideration that are not measurement period
adjustments which are considered to be in the
scope of IFRS 9 are not measured at fair value at
11 each reporting date:

Entity A has purchased capital assets as


replacement assets. The payments for the
purchase of these replacement assets are
12 considered to be :

Classification of items as either operating,


financing or investing activities in the Statement
of Cash Flows is not as important as the overall
13 net cash position.

KAM [9.1452] distinguishes between two types of


external information, source information and
14 other information.
The expected audit file assembly date for a
component eAudIT file where group reporting
was submitted to a KPMG member firm (non SEC
15 audit) should be as follows (Select all that apply):
A

Entity C re-measures its previously held interest at fair value

Transfer the revaluation surplus directly to retained earnings

Section 22
0

1
E-mail correspondence received from the bank to ensure the
addressee and sender is correct and appropriate

Information received from the client, prior to submitting to


KDA for processing

All attachments (confirmations) and information appearing


thereon to ensure the information is accurate and complete

JSE issuers’ audit committee

Investing Activities

1
The date stipulated by the group audit team in their group
instructions when this date is earlier than 60 days calculated
by the component audit team

It should not be more than 60 days from the date the group
team issues their auditor’s report