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ACCA AA Interim and final audit procedures

文章来源：ACCA全球官网

发布时间：2021-09-26 14:19

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Relevant to Foundations in Audit(FAU)and Audit and Assurance(AA)

This article will focus on assertions as identified by ISA 315(Revised)and also provides useful guidance to candidates on how to tackle questions dealing with these.

Interim and final audit procedures

During the interim audit,the internal control system is documented and evaluated.This will determine the mix of tests of control and substantive procedures but both will tend to focus on transactions that have occurred so far in the period.

During the final audit,the focus is on the financial statements and the assertions about assets,liabilities and equity interests.At this stage the auditor will design substantive procedures to ensure that assurance has been gained over all relevant assertions.

Assertions【点击免费下载>>>更多ACCA学习相关资料】

Transactions include sales,purchases,and wages paid during the accounting period.Account balances include all the asset,liabilities and equity interests included in the statement of financial position at the period end.

Obviously there is a link between the two because if the auditor performs tests to confirm the occurrence of sales this will also provide some assurance about the existence of receivables.Although the auditor may perform other tests specifically focussed on existence.

The assertions listed in ISA 315(Revised)are as follows:

Assertions about classes of transactions and events and related disclosures for the period under audit

(i)Occurrence–the transactions and events that have been recorded or disclosed,have occurred,and such transactions and events pertain to the entity.

(ii)Completeness–all transactions and events that should have been recorded have been recorded and all related disclosures that should have been included in the financial statements have been included.

(iii)Accuracy–amounts and other data relating to recorded transactions and events have been recorded appropriately,and related disclosures have been appropriately measured and described.

(iv)Cut–off–transactions and events have been recorded in the correct accounting period.

(v)Classification–transactions and events have been recorded in the proper accounts.

(vi)Presentation–transactions and events are appropriately aggregated or disaggregated and clearly described,and related disclosures are relevant and understandable in the context of the requirements of the applicable financial reporting framework.

Assertions about account balances and related disclosures at the period end

(i)Existence–assets,liabilities and equity interests exist.

(ii)Rights and obligations–the entity holds or controls the rights to assets,and liabilities are the obligations of the entity.

(iii)Completeness–all assets,liabilities and equity interests that should have been recorded have been recorded and all related disclosures that should have been included in the financial statements have been included.

(iv)Accuracy,valuation and allocation–assets,liabilities and equity interests have been included in the financial statements at appropriate amounts and any resulting valuation or allocation adjustments have been appropriately recorded and related disclosures have been appropriately measured and described.

(v)Classification–assets,liabilities and equity interests have been recorded in the proper accounts.

(vi)Presentation–assets,liabilities and equity interests are appropriately aggregated or disaggregated and clearly described,and related disclosures are relevant and understandable in the context of the requirements of the applicable financial reporting framework.

Interpretation of assertions and appropriate audit procedures

In many cases the meaning of the assertions is fairly obvious and in preparation for their FAU or AA exam candidates are reminded of the importance to learn and be able to apply the use of assertions in the course of the audit.Particularly,candidates need to be able to identify and explain the assertions,identify which assertion is being tested by a particular audit procedure and to describe audit procedures for relevant assertions in testing a specific transaction or balance,bearing in mind that the relevant disclosures should also be considered when deriving appropriate procedures.

Below is a summary of the assertions,a practical application of how the assertions are applied and some example audit procedures relevant to each.

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