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ACCA APPROVED CONTENT PROVIDER ACCA Passcards Paper P7 Advanced Audit and Assurance (International) ThiNganHang.com Passcards for exams up to June 2015 ThiNganHang.com
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First edition 2007, Eighth Edition July 2014 All rights reserved. No part of this publication may be ISBN 9781 4727 1135 9 reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, e ISBN 9781 4727 1191 5 photocopying, recording or otherwise, without the prior British Library Cataloguing-in-Publication Data written permission of BPP Learning Media. A catalogue record for this book is available from the British Library Published by Printed in the UK by RICOH BPP Learning Media Ltd, UK Limited BPP House, Aldine Place, Unit 2 142-144 Uxbridge Road, Wells Place London W12 8AA Merstham www.bpp.com/learningmedia RH1 3LG Your learning materials, published by BPP Learning Media Ltd, are printed on paper obtained from traceable © sustainable sources. BPP Learning Media Ltd 2014 ThiNganHang.com ThiNganHang.com
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Preface Contents Welcome to BPP Learning Media’s ACCA Passcards for Paper P7 Advanced Audit and Assurance (INT). They focus on your exam and save you time. They incorporate diagrams to kick start your memory. They follow the overall structure of BPP Learning Media’s Study Texts, but BPP Learning Media’s ACCA Passcards are not just a condensed book. Each card has been separately designed for clear presentation. Topics are self contained and can be grasped visually. ACCA Passcards are still just the right size for pockets, briefcases and bags. Run through the Passcards as often as you can during your final revision period. The day before the exam, try to go through the Passcards again! You will then be well on your way to passing your exams. Good luck! ThiNganHang.com Page iii ThiNganHang.com
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Preface Contents Page Page 1 International regulatory environments 10 Evaluation and review (iii): matters for audit and assurance services 1 relating to specific accounting issues 77 2 Code of ethics and conduct 9 11 Group audits and transnational audits 85 3 Professional liability 19 12 Audit-related services and other 4 Quality control 27 assurance services 93 5 Obtaining and accepting professional 13 Prospective financial information 101 appointments 33 14 Forensic audits 107 6 Planning and risk assessment 39 15 Social, environmental and public sector 7 Evidence 51 auditing 113 8 Evaluation and review (i) 59 16 Internal audit and outsourcing 121 9 Evaluation and review (ii): matters 17 Reporting 133 relating to specific accounting issuesThiNganHang.com69 18 Current issues 145 ThiNganHang.com
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1: International regulatory environments for audit and assurance services Topic List This chapter looks at the regulatory environment in which auditing takes place. Directors of companies are encouraged to follow what has been set down as good International regulatory frameworks for practice by various government committees. audit and assurance Those charged with governance need to ensure that Audit committees internal controls perform effectively, as part of their Internal control effectiveness statutory duties. Recent moves have sought transparency by asking directors to report to shareholders on these Money laundering issues. Law and regulations ThiNganHang.com ThiNganHang.com
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International regulatory Audit Internal control Money Law and frameworks for audit and assurance committees effectiveness laundering regulations International Regulatory Framework Example: UK Regulatory Framework IFAC Auditors EU requires member states to approve auditors. IAASB IESBA In UK RSBs, eg ACCA Audit framework International IESBA Standards on Code of The FRC regulates corporate reporting in the UK, and Auditing (ISAs) Ethics issued the UK Corporate Governance Code. The FRC issues auditing standards, practice notes and bulletins. ThiNganHang.com ThiNganHang.com
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International regulatory Audit Internal control Money Law and frameworks for audit and assurance committees effectiveness laundering regulations Audit committees Advantages Disadvantages Increased confidence in financial statements Selecting suitable independent non-executive Frees executive directors to manage directors can be difficult Clear reporting lines for internal audit/impartial Formality may dissuade reporting on link for external audit judgmental issues Creates culture opposed to fraud Cost of audit committee Liaison with external auditors Review of internal audit Determine scope of external audit Duties Review of internal controls Forum to link directors/auditors Deal with auditors’ reservationsThiNganHang.com Obtain information for auditors Special investigations Page 3 1: International regulatory environments for audit and assurance services ThiNganHang.com
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International regulatory Audit Internal control Money Law and frameworks for audit and assurance committees effectiveness laundering regulations Codes of Best Practice for corporate governance are increasingly common worldwide. We focus on some UK guidance, the UK Corporate Governance Code. UK Corporate Governance Code Key effects on auditors Auditors must review compliance Compliance with the UK Corporate Governance with code and statement of Code is voluntary, but all UK listed entities must compliance/non-compliance. report on how they have applied it(in the annual report). The Code requires companies to establish an audit committee. This is known as the ‘comply or explain’ basis. Listed entities must either comply with the Code, or Listed (UK FTSE 350) explain why they have not done so. companies applying the Code must put the external audit out ThiNganHang.comto tender at least every ten years. ThiNganHang.com
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International regulatory Audit Internal control Money Law and frameworks for audit and assurance committees effectiveness laundering regulations Directors Auditors Internal controls and risk management are very important in fulfiling directors’ duties to the shareholders, which are: As part of their audit: To safeguard assets Ascertain what the controls are To prevent and detect fraud Review controls Evaluate controls Protect the investment of Determine audit approach based on controls the shareholder Can also offer services: Therefore directors: To review controls Set up a system of internal control Report to shareholders Review its effectivenessThiNganHang.com Consider the need for internal audit as a function separate from audit Page 5 1: International regulatory environments for audit and assurance services ThiNganHang.com
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International regulatory Audit Internal control Money Law and frameworks for audit and assurance committees effectiveness laundering regulations Money laundering is the process by which criminals attempt to conceal the true origin and ownership of the proceeds of their criminal activity, allowing them to maintain control over the proceeds and, ultimately, providing a legitimate cover for their sources of income. Money laundering is the attempt to conceal the origin of 'dirty' money by making it look legitimate or 'clean'. There are 3 stages: 1 Placement. This is the introduction or placement of the illegal funds into the financial system. 2 Layering. This is passing the money through a large number of transactions or 'layers', so that it becomes very difficult to trace it to its original source. 3 Integration. This is the final integration of funds back into the legitimate economy. Exam questions in this area may require you to identify that money laundering is taking place. This means using professional skepticism. ThiNganHang.com ThiNganHang.com
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Criminal offences in the UK UK Money Laundering Regulations 2007 Possessing, dealing with or concealing the Appoint a ML Reporting officer (MLRO) proceeds of any crime Undertake Customer Due Diligence Attempting, assisting or incitement to commit Report suspicion of money laundering money laundering Maintain specific records Failure of an individual in the regulated sector Put internal procedures in place to ensure to report a suspicion money laundering continued compliance with regulations Tipping-off Train staff in all these issues ThiNganHang.com Page 7 1: International regulatory environments for audit and assurance services ThiNganHang.com
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International regulatory Audit Internal control Money Law and frameworks for audit and assurance committees effectiveness laundering regulations The auditor’s responsibilities for considering law and Reporting non-compliance regulations as part of their audit is discussed in ISA 250 Consideration of laws and regulations in an audit of financial Management statements: Procedures Non-compliance should be discussed with Should plan so as to identify any examples of non- those charged with governance compliance Shareholders Evidence Consider the impact on audit report – Should obtain sufficient appropriate audit evidence of modified opinion compliance with laws and regulations with a direct effect on material amounts and disclosures in the FS. Third parties Document findings Is there a statutory duty? Document non-compliance and the results of discussion Is it in the public interest? with management, those charged with governance and Obtain legal advice third parties. Management are responsible for ensuring that laws and regulations are kept.ThiNganHang.com ThiNganHang.com
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2: Code of ethics and conduct Topic List Much of this chapter is revision from your earlier auditing Fundamental principles and studies. You must understand the principles-based conceptual approach approach and be familiar with the guidance issued by Independence ACCA and the IESBA. Threats In the exam you are likely to be faced with scenarios Safeguards where you have toapply your knowledge, identify ethical threats and recommend appropriate safeguards. Confidentiality Conflicts of interest ThiNganHang.com Conflicts in application of principles ThiNganHang.com
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Fundamental principles Independence Threats Safeguards Confidentiality Conflicts Conflicts in and conceptual approach of interest application of principles ACCA Code of Ethics and Conduct The Code contains a conceptual framework, setting out five fundamental principles. This recognises that it is impossible to define every single situation that may give rise to a threat, and to prescribe specific safeguards for each. The ACCA Code has been based on the IESBACode of Ethics for Professional Accountants. Integrity Objectivity Professional competence and due care To be straightforward To not allow bias, conflicts of and honest in all interest or undue influence To maintain professional knowledge and skillat a professional and of others to override level required to ensure that a client or employer receives business relationships. professional or business judgements. competent professional services based oncurrent developments in practice, legislation, techniques and act diligently and in accordance with applicable ThiNganHang.comtechnical and professional standards when providing professional services. ThiNganHang.com
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Confidentiality Professional behaviour To respect the confidentiality of information acquired as a To comply with relevant laws and regulations and to result of professional and business relationships and, avoid any action that discredits the profession. therefore, not disclose any such information to third parties without proper and specific authority, unless there is a legal or professional right or duty to disclose, nor use the information for thepersonal advantage of the professional accountant or third parties. Although not a fundamental principle, auditors must plan and perform the audit withprofessional skepticism. ISA 200 defines this as follows. Professional skepticism is an attitude that includes a questioning mind, being alert to conditions which may indicate possible misstatement due to error or fraud, and a critical assessment of audit evidence.ThiNganHang.com Page 11 2: Code of ethics and conduct ThiNganHang.com
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