AAA Revision

AAA REVISION DECEMBER 2022 EXAM
03
RECAP THE SYLLABUS

04
EXAM FORMAT
• A three-hour and 15 minutes examination
• Section A: A case study worth 50 marks (Technical 40/Professional 10)
(Set at the planning stage of the audit: Single Co or
Group Co or Several audit clients)
MAINLY FROM SYLLABUS SECTION A, B, C & D
Business Risk/Audit Ethics &

Principal Audit Professional
Risk/Risk of Material
Procedures Issues
Misstatement
05
EXAM FORMAT
• Section B: Two compulsory questions worth 25 marks each
ONE QUESTION MAINLY FROM SYLLABUS SECTION E:
Completion, Review & Reporting
 Assess Going Concern
 Impact of Subsequent Events
 Evaluating Identified Misstatements & the
Corresponding Effects on Auditor’s Report
THE OTHER QUESTION IS FROM SYLLABUS SECTION A, B, C

&F
06
SECTION A: REGULATORY
ENVIRONMENT
• Money laundering
 Definition  Money laundering offended by
Accountants:
 Stages: Placement; Layering; Integration
 Tipping off
 Anti-money Laundering Procedures:
 Failure to report suspicious ML
 Appoint MLRO
activities
 Customer Due Diligence or KYC
 Arranging acquisition or use of
 Train Staff criminal property
 Records Keeping  Handling proceeds of criminal
activities & advising on the use of
 Internal Control
such proceeds
07
SECTION A: REGULATORY
ENVIRONMENT
• Laws & Regulations
ISA 250 Considerations of Laws & Regulations in an Audit of Financial Statements
 Laws that has direct effect on FS, e.g. tax regulations

 Auditor responsible to obtain SAAE to ensure amounts are determined according to
laws & regulations
 Law that does not has direct effect on FS, e.g. health & safety laws
 Auditor responsibility is limited to specific audit procedures to identify non-
compliance with those laws & regulations: Enquiry with Mgt; Inspect correspondence
with relevant regulatory authority
08
SECTION B: PROFESSIONAL &

ETHICAL CONSIDERATIONS
• Ethics
• Fraud & Errors
• Professional Liability
09

• ETHICS
International Ethics Standards Board for Accountants (IESBA) – Code of
Ethics for Professional Accountants
 Five Fundamental Principles
 Integrity
 Objectivity
 Confidentiality
 Professional Competence & Due Care
 Professional Behaviours
10

• ETHICS
International Ethics Standards Board for Accountants (IESBA) – Code of
Ethics for Professional Accountants
 Five Ethical Threats
 Self-interest threat
 Self-review threat
 Familiarity threat
 Advocacy threat
 Intimidation threat
11

• ETHICS
Independent rules (apply to case study)
Question format: Comment on ethical and professional issues raised & recommend any
actions to be taken by audit firms
 Ethical issues & Recommend actions

 Identify the ethical threat in the scenario & explain it
 Evaluate the significant of the threat
 Write any safeguards to eliminate or reduce the threat to acceptable level
12

• Fraud & Error
 ISA 240 The Auditor’s Responsibilities in relation to Fraud in an Audit of
FS
 Obtain reasonable assurance that FS are free from material misstatement, whether
caused by fraud or error
 Maintain professional skepticism throughout the audit
 Consider the possibility of management override of controls
 Identify & assess RMM due to fraud and determine overall responses to address
those risks
 Discussion within audit team particularly emphasis on how & where FS may be
susceptible to fraud
13

• Fraud & Error
Two types of fraud
 Fraudulent financial reporting
 Manipulation or alterations of accounting records & documents
 Misrepresentations or omissions of events, transactions or other significant
information in FS
Intentional misapplication of accounting policies
 Misappropriation of assets
 Stealing physical assets
Diverting business cash into private bank account
Payment to fictitious suppliers
14

• Professional liability
 Why auditor being sued by audit client?
 Expectation Gap (Absolute assurance (100%) Vs Reasonable assurance (95%))
 Audit firm has deep pocket due to Professional Indemnity
 How to manage Professional Liability?

 Perform audit with professional standards
 Implement both firm-wide & individual engagement QC procedures
Client acceptable procedures (customer due diligence)
Clear state responsibilities of auditors and of management in an Engagement Letter
Limited liability agreement
15
SECTION C: PRACTICE
MANAGEMENT
• Professional Appointments
• Advertising
• Tendering
• Quality Management
16
SECTION C: PRACTICE
MANAGEMENT
• Professional Appointment
 Matters to consider before accepting audit appointment/re-appointment?
 Fees
Competence
Pre-conditions: Acceptable financial reporting framework; Mgt’s responsibilities to
FS
Conflict of interests
Independence
Resources
Risk
Communication with previous auditor
17
SECTION C: PRACTICE
MANAGEMENT
• Advertising
 Advertising Rules
 IESBA’s Code does not prohibit auditor from advertising for professional services
Adv should be honest and truthful
Adv should not do the following:
• Make exaggerated claims for services offered, qualifications possessed or
experience gained, or
• Make disparaging remarks of the work of other professional firms
Firm should also comply with any local rules & regulations
18
SECTION C: PRACTICE
MANAGEMENT
• Advertising
 Can firm use ACCA Logo?
 Yes, firm has at least one ACCA member as a partner
 But firm must not change its positioning, size & color
 Can use ‘Chartered Certified Accountants’, ‘ACCA Practice’ as the name of firm?
Yes, when firm has at least half of partners are ACCA members and they control at
least 51% of voting rights under the partnership agreement
19
SECTION C: PRACTICE
MANAGEMENT
• Tendering
 What matters should be included in the tender document?
 Brief outline about firm
Area of expertise
Audit approach
QC & Ethics
Key staff
Provisional audit fees
Audit deadline
Other services
20
SECTION C: PRACTICE
MANAGEMENT
 ISA 220 Quality Management for an Audit of Financial Statements
 Leadership responsibility ➔ Engagement Partner
Ethical requirements
Acceptance & continuation of audit appointment
Assignment of engagement team
Engagement performance: Direction, Supervision, Review, Consultation
Monitoring
21
SECTION C: PRACTICE
MANAGEMENT
 ISQM 1 Quality Management for Firms that perform Audit & Review of
Financial Statements & Other Assurance and Related Services
Engagements
 Leadership responsibility ➔ Firm’s CEO
Human Resources
Assignment of engagement team ➔ Especially Engagement Partner
Engagement performance: Direction, Supervision, Review, Consultation
Monitoring:
(i) Ongoing evaluation of system of QM
(ii) Periodic inspection of selection of completed engagements
22
SECTION D: PLANNING &
CONDUCING OF HISTORICAL
FINANCIAL
• Business Risk
INFORMATION
• Risk of Material Misstatement (RMM)
• Audit Risk (AR)
• Principal Audit Procedures
• Using the Work of Others
• Group Audit
23
FINANCIAL
• Business Risk
INFORMATION
 Business risk is the risk that fails to achieve organization’s objectives
 Business risk is all risks facing management of the company including
operational risk, financial risk & compliance risk.
 Eg of business risks:
 Loss of major customers
 Emergence of successful competitor taking company’s market shares
 Foreign exchange risk for new oversea transactions
 Significant deficiency in internal control
24
FINANCIAL INFORMATION
 Eg of business risks are:  Eg of business risks are:
 Poor profitability & liquidity issues  Rapid expansion plan – Risk of
overtrading
 Losing key members of staff from
accounting department  Risk of damage to brand name
 Operating in fashion or high-tech or  Cash-based business – Risk of fraud
competitive industry
 Regulated industry & reliance on
 Declining demand for main product licence for commercial production
 Reliance on single supplier  Lack of management focus on long-
term strategy
 Reliance on key customer contracts
 Court case – bad publicity
 High level of debt with covenant
attached
25
• Risk of material misstatement (RMM)
 RMM is the risk that FS could include material misstatement before audit
 RMM includes two components – Inherent Risk (IR) & Control Risk (CR)
 RMM = IR x CR
 Examples of Inherent Risk
 Expansion into new locations
 Events or transactions that involve significant accounting estimates
 Application of new accounting standards
 Development of new products or services
26
 Examples of Inherent Risk
 Going concern & liquidity issues including lost of significant customers
 Operations that are subject to a high degree of regulation
 Lack of management integrity
 Director’s bonus based on achievement of target profit
 Company under the process of loan application or floatation
 Complex group structure
27
 Examples of Control Risk
 Lack of personnel with appropriate accounting and financial reporting skills
 Changes in key personnel including departure of key management
 Deficiencies in internal control especially not addressed by management
 Installation of significant new IT systems related to financial reporting
28
FINANCIAL
• Audit Risk (AR)
INFORMATION
 AR is the risk of auditor giving inappropriate audit opinion on the FS
 AR includes two components – RMM & Detection Risk (DR)
 AR = RMM x DR
 Examples of DR:
 First year audit, ie new audit client
 Tight audit deadline
 Failing to apply professional skepticism
 Inadequate supervision & review of the audit work performed
29
FINANCIAL
• Audit Risk (AR)
INFORMATION
 Examples of DR:
 Incorrect sample size
 Incorrect sampling techniques
30
• Using the work of others
 ISA 620 Using the Work of an Auditor’s Expert
 Once it is decided that an auditor’s expert is required, the approach should be
discussed with Mgt. of the entity.
 If Mgt. unwilling or unable to engagement an expert, auditor should consider
engaging an expert themselves unless SAAE can be obtained .
31
 Competence, Capability & Objectivity of Auditor’s Expert
 Competence – The expert should be a member of a relevant professional body.
The auditor should also consider the individual’s experience and reputation in
their field.
 Objectivity – The expert should not be a personal relationship or too much
financial dependence to the audit client
32
 Assessing the Work of Auditor’s Expert
Auditor should assess whether the expert’s findings is properly reflected
in the FS or supports FS assertions.
 Source data used
 Assumptions & methods used
 Reasons for any changes in assumptions & methods
 Whether the results of expert’s work in line with the auditors’ overall knowledge
of the business & the results of other audit procedures
33
 ISA 610 Using the Work of Internal Auditors
 Evaluation of the reliability of internal auditors
 Objectivity
 Technical competence: members of relevant professional body; adequate
technical training
 Work carried out with due professional care and work are properly planned,
supervised, reviewed and documented
 Effective communication between internal auditor & external auditor
34
 Direct assistance
 Direct assistance refers to the use of internal auditors to perform audit procedures
under the direction, supervision and review of the external auditor.
 The use of internal auditor could lead to savings in terms of time & cost for the
audit client.
35
 ISA 610 prohibits the use of internal auditor to provide direct assistance
in the following areas.
 Involve making significant judgements
 Related to higher assessed RMM
 Related to work with which internal auditors have been involved
 Related to decisions the external auditor makes regarding the internal audit
function & the use of its work or direct assistance
36
 It is essentially important that external auditor directs, supervises and reviews the work
performed by internal auditors.
 ISA 610 requires the external auditors to check back to the underlying audit evidence
for at least some of the work performed by the internal auditors.
 Once the external auditors have evaluated the extent to which internal auditors can be
used to provide direct assistance, they must communicate the nature and extent of
the planned use of direct assistance to those charged with governance.
37
SECTION E: COMPLETION,
REVIEW & REPORTING
• Subsequent Events
• Going Concern
• Completion & Final Review
• Auditor’s Report
• Reports to Those Charged With Governance & Management
38
REVIEW & REPORTING
 ISA 560 Subsequent Events
Reportin Auditor’s FS Issue

g Date Report Date Date
Period 1 Period 2 Period 3
39
REVIEW & REPORTING
Period 1: Between Reporting Date & Auditor’s Report Date
Auditor has an active duty to perform the following subsequent events procedures:
Reviewing procedures Mgt. has established to ensure that subsequent events are
identified
Reading minutes of the meetings of shareholders, the board of director, and audit
committee, held after period end.
Reading the entity’s latest available interim financial statements.
Inquiring or extending previous oral or written inquires, of the entity’s legal counsel
concerning litigation and claims.
40
REVIEW & REPORTING
Period 2: Facts discovered after Auditor’s Report Date but before FS Issued Date
 Auditor has no active duty to perform subsequent events procedures.
 But if auditor aware any facts that requires FS to be amended, then it should enquiry
how Mgt. intends to address them in the FS that are issued.
Period 3: Facts discovered after FS Issued Date
 Auditor has no active duty to perform subsequent events procedures.
 But if auditor aware any facts that requires FS to be amended, then it should discuss
with Mgt. how this is going to be addressed.
41
REVIEW & REPORTING
• Going Concern
 ISA 570 Going Concern
Responsibilities of the auditor
 Obtain SAAE whether Mgt use of going concern assumption when preparing FS is
appropriate;
 Conclude whether significant uncertainty relating to going concern;
 Determine the impact of the auditor’s report
42
REVIEW & REPORTING
• Going Concern
 Implications for the Auditor’s Report
Going concern basis appropriate but material uncertainty exists
(a) Adequate disclosure is made in FS:
 Issue Unmodified Opinion,
 Add a section titled ‘Material Uncertainty Related to Going Concern’ placed
immediately after the ‘Basis for Opinion’ in the Auditor’s Report to:
• make reference to Notes to the FS where details disclosure are made;
• state the material uncertainty events or conditions;
• State the audit opinion is not modified in respect of the matter
43
REVIEW & REPORTING
• Going Concern
Going concern basis appropriate but material uncertainty exists

(b) No adequate disclosure is made in FS:
 Issue Qualified (except for) Opinion or Adverse Opinion,
 In the ‘Basis for Qualified or Adverse Opinion’ Section, placed immediately
after the opinion paragraph, explain the inadequate disclosure of going
concern in FS.
44
REVIEW & REPORTING
• Going Concern
Use of Going Concern basis is inappropriate
 Issue Adverse Opinion;
 Explain the reasons for the adverse opinion in the paragraph entitled ‘Basis for
Adverse Opinion’. This paragraph is placed immediately after the opinion
paragraph.
45
REVIEW & REPORTING
• Going Concern
Reasons why directors are reluctant to provide going concern disclosures
 They do not think going concern is impacted
 Operational problems – customers and suppliers
 Operational problems – loss of staff
 Trigger further financial distress
 Do not want to highlight the difficulty facing the company which reflects their
performance – to protect their own interest
46
REVIEW & REPORTING
• Going Concern
Indicators in making an assessment of Going Concern
 Emergence of a highly successful competitor
 Adverse key financial ratios
 Declining profitability and implication
 Poor liquidity – inability to pay suppliers, employees and overheads
 Poor liquidity – breach of loan covenant and implication
 Success of new product is not guaranteed
47
REVIEW & REPORTING
• Going Concern
Audit procedures to assess whether a company is Going Concern
 Obtain a copy of the loan agreement and confirm that the covenant has been
breached. Check the terms of the loan and confirm that the amount and timing of
the repayment are accurate.
 Obtain a copy of cash flow forecast and review the nature of the cash flows and the
reasonableness of any assumptions made. Discuss the findings with the FD.
 Obtain a written representation from management confirming the management’s
opinion that the business is a going concern.
 Perform a subsequent event review, to determine whether there are any further
information that suggest that the company is not a going concern.
48
REVIEW & REPORTING
 ISA 700 Forming an Opinion and Reporting on Financial Statements
Auditor should give an unmodified opinion where:
 There is no material misstatements in FS, and
 Auditor ability to obtain SAAE
49
REVIEW & REPORTING
 Elements of Unmodified Report  Elements of Unmodified Report
 Title  Report on Other Legal & Regulatory
 Addressee Requirement
 Opinion  Name of Engagement Partner
 Basis for Opinion  Signature
 Key Audit Matters  Auditor’s Address
 Responsibilities of Mgt & TCWG  Date of Auditor’s Report
 Auditor’s Responsibilities
50
REVIEW & REPORTING
 ISA 705 Modifications to the Opinions in the Independent Auditor’s
Report
Auditor should give an Modified Report where:
 There is material misstatements in FS, and
 Auditor inability to obtain SAAE
51
REVIEW & REPORTING
 Types of Modified Opinion
 Qualified (Except for) Opinion
 Adverse Opinion
 Disclaimer of Opinion
52
REVIEW & REPORTING
Misstatement
Material but not Pervasive Material & Pervasive
Qualified (Except for)

Adverse Opinion
Opinion
53
REVIEW & REPORTING
Evidence
Material but not Pervasive Material & Pervasive
Qualified (Except for) Disclaimer of

Opinion Opinion
54
REVIEW & REPORTING
 ISA 706 EOM & OM in the Auditor’s Report
EOM:
 A matter is appropriated presented or disclosed in FS; and
 In auditor’s judgement, it is fundamental to user’s understanding of FS
 Where to put EOM in Auditor’s Report
 Immediately after the ‘Basis for Opinion’ paragraph; and
 Either before or after the ‘Key Audit Matters’ section
 Clear reference the matter can be found in the FS
 State auditor’s opinion is not modified regarding this matter
55
REVIEW & REPORTING
 ISA 706 EOM & OM in the Auditor’s Report
OM:
 A matter that is not included in FS; and
 In auditor’s judgement, it is relevant to user’s understanding of the audit, the
auditor’s responsibilities or the auditor’s report
 Where to put EOM in Auditor’s Report
 Immediately after the ‘Basis for Opinion’ paragraph; after any “EOM” paragraph,
and after any “Key Audit Matter” section;
56
REVIEW & REPORTING
 ISA 701 Communicating Key Audit Matters in the Independent
Auditor’s Report
KAM:
 Those matters that are significance in the audit of FS of current period.
 They are selected from matters communicated with TCWG
 Factors to determine KAM include:
 Areas of higher assessed RMM
 Significant auditor judgements relating to areas in FS
 Significant events or transactions occurred during period
57
REVIEW & REPORTING
 ISA 701 Communicating Key Audit Matters in the Independent
Auditor’s Report
Communicating KAM:
 Explain why the matter is considered as KAM;
 How the matter was addressed in the audit;
 Place KAM section immediately after the ‘Basis for Opinion’ paragraph in the
auditor’s report
 Auditor does not provide a separate opinion on these matters
58
REVIEW & REPORTING
 ISA 720 The Auditor’s Responsibilities Relating to Other Information
Other Information:
 Information included in annual report or integrated report except Audited FS &
Auditor’s Report
 E.g. Chairman Statement; CEO’s Report; Sustainability Report; Corporate
Governance Report; Financial Summary
59
REVIEW & REPORTING
 ISA 720 The Auditor’s Responsibilities Relating to Other Information
 Responsibilities of Auditor:
 Read other information;
Identify material inconsistency between Audited FS & Other Information;
If material inconsistency exists between them, determine which of them
need to be amended;
If FS require to amend but Mgt. refuse to do so, then FS is materially
misstated, then issue Modified Opinion on FS
If Other Information requires to amend but Mgt. refuse to do so, auditor’s
report can still unmodified, but place ‘Other Information’ section in the
report and state other information is material misstated.
60
SECTION F: OTHER
ASSIGNMENTS
• Prospective Financial Information (PFI)
• Key Performance Indicators (KPIs)
• Due Diligence Review
• Forensic Accounting
61
SECTION F: OTHER
ASSIGNMENTS
 ISAE 3400The Examination of Prospective Financial Information
 E.G of PFI:
– Cash flow forecast
– Budgeted SOPL
– Budgeted SOFP
– Business plan
Natures of assumptions used:
– Best estimate
– Hypothetical
62
SECTION F: OTHER
ASSIGNMENTS
 Matters to be considered before accepting PFI engagement
 Independence & Safeguards
Competence & Resources
Nature of assumptions – do not accept if assumptions are unrealistic
Intended use of the report
Elements to be included: only SOPL or SOPL & SOFP
63
SECTION F: OTHER
ASSIGNMENTS
 Matters to be included in the Engagement terms
 Management responsibilities
The intended use of the PFI
Period covered by the PFI
Elements to be included: only SOPL or SOPL & SOFP
Nature of assumptions used in the PFI
The planned contents of the assurance report
Confirming the fee and billing arrangements
Confirming the deadline for completion of engagement
64
SECTION F: OTHER
ASSIGNMENTS
 Main Content of PFI Report
 Identification of PFI;
Reference to ISAE;
Statement of Mgt’s responsibilities;
Opinion
Caveats
65
SECTION F: OTHER
ASSIGNMENTS
 Examining procedures on Cash Flow Forecast (General procedures)
 Agreement of the opening cash position to the cash book and bank reconciliation
 Recalculation of cash flow forecast in order to check its arithmetic accuracy
 Discuss the key assumptions made by the client management in the preparation of the
forecast and assess the consistency of the assumptions with the auditor’s knowledge
of the business
 The competence and experience of client staff who have prepared the forecast should
be assessed.
 Obtain a written representations from management confirming the reasonableness
and completeness of the assumptions they have made in preparing forecast.
66
SECTION F: OTHER
ASSIGNMENTS
 Examining procedures on Forecast SOPL & SOFP (General procedures)
 The arithmetic accuracy of the forecast SOPL should be confirmed
 Confirmation of the accounting policy used in the forecast statements are consistent
with those used in the audited FS and that they comply IFRS.
 The competence and experience of the client staff who have prepared the forecasts
should be assessed.
 Obtain written representation from management confirming the reasonableness and
completeness of the assumptions they have made in preparing forecasts.
 Discuss the key assumptions with management assessing their reasonableness and
consistency with the audit firm’s knowledge and understanding of the client.
67
SECTION F: OTHER
ASSIGNMENTS
 ISAE 3000Assurance Engagements Other than Audits & Reviews of
Historical Financial Information
 Social KPIs:
– Donation to charity
– Average training spend per employee
– Number of accidents in the work place
Environmental KPIs:
– CO2 emissions
– Energy use
– $ investment in environmental-friendly equipment
68
SECTION F: OTHER
ASSIGNMENTS
 Matters to be considered before accepting KPIs engagement
Competence
Resources
 Fee
Profitability
Level of Risk
Commercial Consideration
69
SECTION F: OTHER
ASSIGNMENTS
 Recommend procedures to verify draft KPIs
 E.g. the number of serious accidents in the work place
E.g. average annual training spend per employee
(1 mark per procedure recommended)

70
SECTION F: OTHER
ASSIGNMENTS
 Nature of DD Review
– An investigation into the potential acquisition target company
– Report to a potential investor of fact findings
Scope of work
– Enquiry;
– Analytical review on historical financial information & PFI
71
SECTION F: OTHER
ASSIGNMENTS
 Benefits of DD Review
– Avoid of making wrong investment decision
– Identify all potential assets & liabilities of the target company and provide a value
place of them
– Identify any operational issues of the target company
– Additional benefits if service is performed by external specialist:
 Time-efficient
 Objectivity & lack of biasness
 Credible DD report
 Higher quality work
72
SECTION F: OTHER
ASSIGNMENTS
 Matters to be considered before accepting due diligence review
engagement
Competence
Resources
 Fee
Profitability
Level of Risk
Commercial Consideration
73
SECTION F: OTHER
ASSIGNMENTS
 Matters to be agreed with Mgt in an Engagement Letter

– Objectives of service to be performed
– Mgt’s responsibilities
– Nature & scope
– Form of report
– Timing
– Access to information
74
SECTION F: OTHER
ASSIGNMENTS
 Objectives of Forensic Investigation
 Decided fraud or mistake
Investigate who committed fraud, ie fraudster (if fraud occurred)
Quantity financial loss suffered
75
SECTION F: OTHER
ASSIGNMENTS
 Matter to be consider before accepting Forensic Investigation
engagement
 Independence – self-interest, self-review & advocacy threat
Professional competence & due care -
Resources
76
SECTION F: OTHER
ASSIGNMENTS
 Steps in investigating a suspected fraud
 Type of fraud
How the fraud happened
How long fraud has been operating
Gather evidence – relevant & sufficient
Produce forensic investigation report
Act an expert witness
Recommendation on improvements in internal systems & controls

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AAA REVISION DECEMBER 2022 EXAM

RECAP THE SYLLABUS

Business Risk/Audit Ethics &

THE OTHER QUESTION IS FROM SYLLABUS SECTION A, B, C

 Laws that has direct effect on FS, e.g. tax regulations

SECTION B: PROFESSIONAL &

SECTION B: PROFESSIONAL &

SECTION B: PROFESSIONAL &

SECTION B: PROFESSIONAL &

 Ethical issues & Recommend actions

SECTION B: PROFESSIONAL &

SECTION B: PROFESSIONAL &

SECTION B: PROFESSIONAL &

 How to manage Professional Liability?

Reportin Auditor’s FS Issue

Going concern basis appropriate but material uncertainty exists

Material but not Pervasive Material & Pervasive

Qualified (Except for)

Material but not Pervasive Material & Pervasive

Qualified (Except for) Disclaimer of

(1 mark per procedure recommended)

 Matters to be agreed with Mgt in an Engagement Letter

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