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ACCA AA关键审计事项
文章来源：ACCA全球官网
发布时间：2021-09-27 14:08
阅读：983次
Relevant to ACCA Qualification exams AA and AAA
The International Auditing and Assurance Standards Board(IAASB)finalised its project on auditor reporting in 2015,which resulted in a set of new and revised standards on auditor reporting as well as revised versions of ISA,570Going Concern and a number of other International Standards on Auditing(ISAs).
Candidates attempting Audit and Assurance(AA)and Advanced Audit and Assurance(AAA)are required to have a sound understanding of these standards.
This article will focus primarily on:the requirements of ISA 701,Communicating Key Audit Matters in the Independent Auditor’s Report;how ISA 701 interacts with the other reporting standards(ISA 705 and 706);and the reporting requirements in ISA 570(Revised),Going Concern.
Candidates often find auditor’s reports a challenging part of the syllabus and in preparation for exams it is imperative that candidates can:
describe the different elements of the auditor’s report(particularly relevant for AA candidates)
determine the most appropriate type of audit opinion in a given scenario,often through an explanation of why a certain opinion is appropriate which will test the application of the candidate’s knowledge
understand the issues that may arise during the course of an audit that could require an Emphasis of Matter or Other Matter paragraph to be included in the auditor’s report,and
identify Key Audit Matters(KAM)that are required to be disclosed in an auditor’s report.
Candidates will not be expected to draft an auditor’s report in either AA or AAA,but may be asked to present reasons for an unmodified or a modified opinion,or the inclusion of an Emphasis of Matter paragraph.Candidates attempting AA may be required to identify and describe the elements of the auditor’s report and therefore candidates should ensure that they have a sound understanding of ISA 700,Forming an Opinion and Reporting on Financial Statements.AAA questions may require a candidate to determine whether a transaction,or a series of transactions and events or other issues arising during the audit,gives rise to a KAM and should also be prepared to critique the content of a KAM section of an auditor’s report.AA candidates should be able to discuss what should be included in the KAM section to ensure the auditor’s report is compliant with ISA 701.
Candidates may also be presented with extracts from an auditor’s report and be asked to critically appraise the extracts,or challenge the proposed audit opinion.Candidates are therefore reminded to ensure they have a sound understanding of the relevant Syllabus and Study Guide and ensure the revision phase in the lead-up to the examination includes plenty of exam-standard question practise,particularly if this is an area of the syllabus which a candidate finds challenging.
Key Audit Matters(KAM)
In January 2015 the IAASB issued ISA 701,Communicating Key Audit Matters in the Independent Auditor’s Report.This standard is required to be applied to the audit of all listed entities.The objectives of ISA 701 are for the auditor to:
determine those matters which are to be regarded as KAM;and
communicate those matters in the auditor’s report.
The term‘key audit matters’is defined in ISA 701 as:
‘Those matters that,in the auditor’s professional judgment,were of most significance in the audit of the financial statements of the current period.Key audit matters are selected from matters communicated with those charged with governance.’(1)
Determination of KAM
The definition in paragraph 8 of ISA 701 states that KAM are selected from matters which are communicated with those charged with governance.Matters which are discussed with those charged with governance are then evaluated by the auditor who then determines those matters which required significant auditor attention during the course of the audit.There are three matters which the ISA requires the auditor to take into account when making this determination:
Areas which were considered to be susceptible to higher risks of material misstatement or which were deemed to be‘significant risks’in accordance with ISA 315(Revised),Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment.
Significant auditor judgments in relation to areas of the financial statements that involved significant management judgment.This might include accounting estimates which have been identified by the auditor as having a high degree of estimation uncertainty.
The effect on the audit of significant events or transactions that have taken place during the period.
The auditor must determine which matters are of most significance in the audit of the financial statements and these will be regarded as KAM.
Communicating KAM
Once the auditor has determined which matters will be included as KAM,the auditor must ensure that each matter is appropriately described in the auditor’s report including a description of:
Why the matter was determined to be one of most significance and therefore a key audit matter,and
How the matter was addressed in the audit(which may include a description of the auditor’s approach,a brief overview of procedures performed with an indication of their outcome and any other key observations in respect of the matter).
相关阅读：【ACCA AA审计目标和风险评估】
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