ACCA Paper F8 Audit and Assurance Complete Text British library cataloguinginpublication data A catalogue record for this book is available from the British Library. Published by: Kaplan Publishing UK Unit 2 The Business Centre Molly Millars Lane Wokingham Berkshire RG41 2QZ ISBN 9781784152161 © Kaplan Financial Limited, 2015 The text in this material and any others made available by any Kaplan Group company does not amount to advice on a particular matter and should not be taken as such. No reliance should be placed on the content as the basis for any investment or other decision or in connection with any advice given to third parties. Please consult your appropriate professional adviser as necessary. Kaplan Publishing Limited and all other Kaplan group companies expressly disclaim all liability to any person in respect of any losses or other claims, whether direct, indirect, incidental, consequential or otherwise arising in relation to the use of such materials. 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No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Kaplan Publishing. ii KAPLAN PUBLISHING Contents Page Chapter Introduction to assurance Chapter Rules and regulation 17 Chapter Ethics and acceptance 31 Chapter Risk 77 Chapter Planning 115 Chapter Evidence 145 Chapter Systems and controls 185 Chapter Procedures 251 Chapter Completion and review 309 Chapter 10 Reporting 353 Chapter 11 Corporate governance 385 Chapter 12 Internal audit 411 Chapter 13 Summary of key ISAs 435 Chapter 14 Summary of IFRSs 449 Chapter 15 Additional practice questions 465 KAPLAN PUBLISHING iii iv KAPLAN PUBLISHING chapter Intro Paper Introduction v How to Use the Materials These Kaplan Publishing learning materials have been carefully designed to make your learning experience as easy as possible and to give you the best chances of success in your examinations. 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Review your performance by key topics and chart your achievement through the course relative to your peer group Ask your local customer services staff if you are not already a subscriber and wish to join. viii KAPLAN PUBLISHING Syllabus for December 2015 and June 16 Paper background The aim of ACCA Paper F8, Audit and Assurance, is to develop knowledge and understanding of the process of carrying out the assurance engagement and its application in the context of the professional regulatory framework. Objectives of the syllabus • Explain the concept of audit and assurance and the functions of audit, corporate governance, including ethics and professional conduct, describing the scope and distinguishing between the functions of internal and external audit • Demonstrate how the auditor obtains and accepts audit engagements, obtains an understanding of the entity and its environment, assesses the risk of material misstatement (whether arising from fraud or other irregularities) and plans an audit of financial statements • Describe and evaluate internal controls, techniques and audit tests, including IT systems to identify and communicate control risks and their potential consequences, making appropriate recommendations • Identify and describe the work and evidence obtained by the auditor and others required to meet the objectives of audit engagements and the application of the International Standards on Auditing • Explain how consideration of subsequent events and the going concern principle can inform the conclusions from audit work and are reflected in different types of audit report, written representations and the final review and report Core areas of the syllabus • • • • • KAPLAN PUBLISHING Audit framework and regulation Planning and risk assessment Internal control Audit evidence Review and reporting ix Syllabus objectives and chapter references We have reproduced the ACCA's syllabus below, showing where the objectives are explored within this book. Within the chapters, we have broken down the extensive information found in the syllabus into easily digestible and relevant sections, called Content Objectives. These correspond to the objectives at the beginning of each chapter. Syllabus learning objective A AUDIT FRAMEWORK AND REGULATION The concept of audit and other assurance engagements (a) Identify and describe the objective and general principles of external audit engagements. [2] Ch (b) Explain the nature and development of audit and other assurance engagements. [1] Ch (c) Discuss the concepts of accountability, stewardship and agency. [2] Ch (d) Define and provide the objectives of an assurance engagement. [1] Ch (e) Explain the five elements of an assurance engagement. [2] Ch (f) Describe the types of assurance engagement. [2] Ch (g) Explain the level of assurance provided by an external audit and other review engagements and the concept of true and fair presentation. [1] Ch External audits (a) Describe the regulatory environment within which external audits take place. [1] Ch (b) Discuss the reasons and mechanisms for the regulation of auditors. [1] Ch (c) Explain the statutory regulations governing the appointment, rights, removal and resignation of auditors. [1] Ch (d) Explain the regulations governing the rights and duties of auditors. [1] Ch (e) Describe the limitations of external audits. [1] Ch x KAPLAN PUBLISHING Additional practice questions (b) Roberts Materiality The amount of $10,000 represents only 2% of the stated profit before tax of $500,000 and does not, in itself, appear to be material in terms of its impact on the financial statements. Unfortunately, however, the potential losses may be very much more significant than the figure of $10,000, since other claims are now pending, and the auditor may have to conclude that the whole legal matter is potentially material. Relevant accounting principles There is clearly a contingent liability in respect of potential claims arising from the product defect. The potential loss which is material should be accrued in the financial statements where it is probable that future events will confirm the loss and that the loss can be estimated with reasonable accuracy (except where the possibility is remote). Form of audit report There is clearly uncertainty with regard to the outcome of the pending claims and the potential liability which they represent. The auditor will have to decide whether or not the possibility of loss is likely or remote. Management has apparently chosen to ignore both the actual loss (which is not individually material) and the potential loss (which may well be material). If the auditor can be convinced that management’s view is acceptable and the disclosure in the notes is adequate, then a modification may be completely avoidable. The auditor should be aware, however, that items which are not material when considered individually may well have a cumulative effect which is material in total. If the auditor does not believe that the management’s view is acceptable, or does not think that the disclosure is adequate, then a qualified (except for) opinion due to a material misstatement is probably sufficient. However, if the auditor believes that the claims are likely to be successful and are likely to be substantial then it may be necessary to issue an adverse opinion (FS do not show a true and fair view). A 'basis for' paragraph will be required to explain the reason for the modified opinion (whether adverse or qualified). This will go above the opinion paragraph 510 KAPLAN PUBLISHING chapter 15 (c) Griffiths Materiality The fall in value is clearly material. In fact, the auditor would probably have to view the matter as pervasive, because providing for the loss would have the effect of converting a profit before tax of $250,000 into a loss of $50,000. Relevant accounting principles Longterm investments should be written down where there has been an impairment in value. Falls in the value of one asset must not be offset against increases in the value of another asset. Each asset has to be considered separately. The directors should ensure adequate allowance is made for all known liabilities (expenses and losses). The accounting treatment adopted, offsetting known losses against unrealised profits, is unacceptable. As the company admits that a permanent fall in value has taken place, it should make full allowance against the loss. Further, as the other trade investments (with reputedly high realisable values) are permanent investments not held for resale, the accounting treatment adopted for them could be amended. Form of audit report As mentioned above, it is likely that the auditor would have to view the misstatement as both material and pervasive. The auditor will probably be forced to give an adverse opinion, stating that the financial statements do not show a true and fair view. A 'basis for' paragraph will be required to explain the reason for the adverse opinion. This will go above the opinion paragraph KAPLAN PUBLISHING 511 Additional practice questions (d) Evans Materiality The $10,000 represents 10% of the reported profit before tax, and so would appear to be material. However, the actual materiality of this item in relation to profit is, in fact, a somewhat judgemental matter. The auditor would probably conclude that the possible error in calculating the $10,000 was not material in relation to the profit of $100,000, since the amount of any error will probably be substantially less than the full amount included in the accounts. Further since the accounting records were only destroyed for the early part of the year, the auditor would still be able to confirm the calculations for the later part of the year. In these particular circumstances, therefore, the auditor may consider that the amount of any error (which is likely to be considerably less than $10,000) is not material. Relevant accounting principles It is perfectly acceptable for the company to add the cost of its own labour and materials in the construction of the warehouse, since these have been used to create a capital asset. This is following the ‘matching’ or ‘accruals’ concept as set out in IAS 1 and applied in IAS 16. Form of audit report The accounting treatment is generally acceptable and the amount of any error is not likely to be considered material, the auditor will probably be able to give a standard unmodified audit report i.e. The FS show a true and fair view. 512 KAPLAN PUBLISHING chapter 15 Test your understanding 12 Audit reports (a) Preparation of financial statements The directors are normally required to prepare the financial statements of the company using the appropriate law of their country and in accordance with the International Accounting Standards (IASs). The auditors are normally required to check or audit those financial statements, again in accordance with the legislation of their country and the International Standards on Auditing. Fraud and error The directors are responsible for preventing and detecting fraud and error in the financial statements, no matter how immaterial this may be. Auditors are responsible for giving an opinion on whether the financial statements show a true and fair view; in other words that the financial statements are materially correct. Auditors are not required to detect immaterial fraud or error. Disclosure The directors must ensure that there is adequate disclosure of all matters required by statute or IASs in the financial statements. The auditor will check that disclosure provisions have been complied with, and where certain disclosures have not been made, provide this information in the audit report. Going concern The directors are responsible for ensuring that the company will continue in operational existence for the foreseeable future, and report to the members in the published financial statements if this is unlikely to be the case. The auditor will check the accuracy of the directors’ workings and assumptions and if these are considered incorrect or inappropriate, then the audit report may be modified to bring the situation to the attention of the members of the company. (b) Review of audit report extract The paragraphs may not meet the requirements of ISA 700 for the following reasons: The use of the term Auditing Standards is not clear, because the report does not state which auditing standards have been used. This provides uncertainty regarding the actual standard of work performed. KAPLAN PUBLISHING 513 Additional practice questions The assessment of estimates and judgements made by the directors normally relates to significant amounts only, rather than all of those estimates and judgements. The use of the word all implies that the audit was more thorough than it probably was. Replacing the word all with the word significant will show that there was some limit to the audit testing and that this was probably focused on material amounts only. Stating that time was a factor in obtaining information and explanations for the audit is not correct as this implies some factor which could have been avoided and that the audit may therefore be incomplete. The auditor has to plan the audit carefully and ensure that all the information and explanations considered necessary are obtained to form an opinion, not simply stop work when time runs out. The auditor does not confirm that the financial statements are free from material misstatement as this implies a degree of accuracy that the auditor simply cannot provide. Making the statement could also leave the auditor liable to claims from members or third parties should errors be found in the financial statements later. Rather than make such a categorical statement, the auditor provides reasonable assurance that the financial statements are free from material misstatement, which clearly implies that audit techniques are limited. The disclaimer regarding errors severely affects the credibility of the auditor’s opinion by stating that the directors are responsible for all errors as this could imply that the auditor has done little or no work. Directors’ responsibilities are clearly outlined in another section of the report, and this statement appears to extend those responsibilities making the audit report overall less clear. As the auditor is not required to audit the whole of the annual report of a company, it is inappropriate to refer to disclosure in that report when checking overall adequacy of presentation. Adequacy of presentation can only be confirmed regarding items actually audited, which is basically the financial statements. 514 KAPLAN PUBLISHING chapter 15 (c) Positive vs negative assurance A positive assurance report means that the auditor has carried out sufficient work to be able to state that financial information is free from material error. A negative assurance report means that nothing has come to the attention of the auditor, which indicates the financial information being reported on has errors in it. However, the extent of the work carried out is normally less, which means that less reliance can be placed on this report. The advantages of providing negative assurance include: KAPLAN PUBLISHING – The user of the financial information receives some comfort that the information is plausible, even though that assurance is less than positive assurance – The report adds some credibility to the financial information because it has been reviewed by a professional accountant – For the preparer, the report will be more cost effective than obtaining a full positive assurance report 515 Additional practice questions Test your understanding 13 Fraud (a) Internal audit function: risk of fraud and error (i) Internal audit can help management manage risks in relation to fraud and error, and exercise proper stewardship by: – commenting on the process used by management to identify and classify the specific fraud and error risks to which the entity is subject (and in some cases helping management develop and implement that process); – commenting on the appropriateness and effectiveness of actions taken by management to manage the risks identified (and in some cases helping management develop appropriate actions by making recommendations); – periodically auditing or reviewing systems or operations to determine whether the risks of fraud and error are being effectively managed; – monitoring the incidence of fraud and error, investigating serious cases and making recommendations for appropriate management responses (ii) In practice, the work of internal audit often focuses on the adequacy and effectiveness of internal control procedures for the prevention, detection and reporting of fraud and error. Routine internal controls (such as the controls over computer systems and the production of routine financial information) and nonroutine controls (such as controls over yearend adjustments to the financial statements) are relevant (iii) It should be recognised however that many significant frauds bypass normal internal control systems and that in the case of management fraud in particular, much higher level controls (those relating to the high level governance of the entity) need to be reviewed by internal audit in order to establish the nature of the risks, and to manage them effectively 516 KAPLAN PUBLISHING chapter 15 (b) External auditors: fraud and error in an audit of financial statements (i) External auditors are required by ISA 240 The Auditor’s Responsibilities Relating to Fraud to consider the risks of material misstatements in the financial statements due to fraud. Their audit procedures will then be based on that risk assessment. Regardless of the risk assessment, auditors are required to be alert to the possibility of fraud throughout the audit and maintain an attitude of professional scepticism, notwithstanding the auditors’ past experience of the honesty and integrity of management and those charged with governance. Members of the engagement team should discuss the susceptibility of the entity’s financial statements to material misstatements due to fraud (ii) Auditors should make enquiries of management regarding management’s assessment of fraud risk, its process for dealing with risk, and its communications with those charged with governance and employees. They should enquire of those charged with governance about the oversight process (iii) Auditors should also enquire of management and those charged with governance about any suspected or actual instance of fraud (iv) Auditors should consider fraud risk factors, unusual or unexpected relationships, and assess the risk of misstatements due to fraud, identifying any significant risks. Auditors should evaluate the design of relevant internal controls, and determine whether they have been implemented (v) Auditors should determine an overall response to the assessed risk of material misstatements due to fraud and develop appropriate audit procedures, including testing certain journal entries, reviewing estimates for bias, and obtaining an understanding of the business rationale of significant transactions outside the normal course of business. Appropriate written representations should be obtained (vi) External auditors are only concerned with risks that might cause material error in the financial statements. External auditors might therefore pay less attention than internal auditors to small frauds (and errors), although they must always consider whether evidence of single instances of fraud (or error) are indicative of more systematic problems KAPLAN PUBLISHING 517 Additional practice questions (vii) It is accepted that because of the hidden nature of fraud, an audit properly conducted in accordance with ISAs might not detect a material misstatement in the financial statements arising from fraud. In practice, routine errors are much easier to detect than frauds (viii)Where auditors encounter suspicions or actual instances of fraud (or error), they must consider the effect on the financial statements, which will usually involve further investigations. They should also consider the need to report to management and those charged with governance (ix) Where serious frauds (or errors) are encountered, auditors need also to consider the effect on the going concern status of the entity, and the possible need to report externally to third parties, either in the public interest, for national security reasons, or for regulatory reasons. Many entities in the financial services sector are subject to this type of regulatory reporting and many countries have legislation relating to the reporting of money laundering activities, for example. (c) Nature of risks arising from fraud and error: Stone Holidays (i) Stone Holidays is subject to all of the risks of error arising from the use of computer systems. If programmed controls do not operate properly, for example, the information produced may be incomplete or incorrect. Inadequate controls also give rise to the risk of fraud by those who understand the system and are able to manipulate it in order to hide the misappropriation of assets such as receipts from customers (ii) All networked systems are also subject to the risk of error because of the possibility of the loss or corruption of data in transit. They are also subject to the risk of fraud where the transmission of data is not securely encrypted (iii) All entities that employ staff who handle company assets (such as receipts from customers) are subject to the risk that staff may make mistakes (error) or that they may misappropriate those assets (fraud) and then seek to hide the error or fraud by falsifying the records (iv) Stone Holidays is subject to problems arising from the risk of fraud perpetrated by customers using stolen credit or debit cards or even cash. Whilst credit card companies may be liable for such frauds, attempts to use stolen cards can cause considerable inconvenience 518 KAPLAN PUBLISHING chapter 15 (v) There is a risk of fraud perpetrated by senior management who might seek to lower the amount of money payable to the central fund (and the company’s tax liability) by falsifying the company’s sales figures, particularly if a large proportion of holidays are paid for in cash (vi) There is a risk that staff may seek to maximise the commission they are paid by entering false transactions into the computer system that are then reversed after the commission has been paid KAPLAN PUBLISHING 519 Additional practice questions 520 KAPLAN PUBLISHING Index A D Absolute assurance 157 Detection risk 84 Accepting new audit engagements 49 Deviations 161 Accountability Directional testing 252 Accounting estimates 286 Disciplinary action 33 Advocacy 36, 45 Documenting systems 195 Agency Documentation 127 Analytical procedures 87, 150 Application controls 193 E Appointment of auditors 24 Elements of assurance Appropriate evidence 147 Eligibility as auditor 23 Ascertaining the system 195 Emphasis of matter paragraph 360 Assurance Engagement letters 52 Assurance engagements 4, 21 Ethics 32 Audit committees 393 Evaluation of misstatements 161, 329 Audit documentation 127 Exemption from audit 22 Audit evidence 146 Expectation gap Audit opinion 320, 360 Audit plan 120 F Audit procedures 149 Familiarity 36, 43-44 Audit report 320, 354, 388 Fiduciary relationship Audit risk 78, 83 Final audits 122 Audit risk: exam focus 90 Financial statement assertions 148 Audit software 164 Flowcharts 195 Audit strategy 118 Fraud and error 122 Auditor’s duties 26 Fundamental ethical principles 33 Auditor’s rights 25 B Bank and cash 253 G General controls 194 Going concern 315 Basis for paragraphs 364 Benefits of an audit H Block selection 158 Haphazard selection 158 C I Cash cycle 215 IAASB 19 Code of ethics 32 IFAC 18 Computer assisted audit techniques (CAATs) 163 Independence 32 Components of internal control 188 Inherent risk 83 Conceptual framework 32 Intangible assets 260 Confidentiality 34, 46 Integrity 34 Conflicts of interest 48 Interim audits 121 Control activities 191 Internal audit 170, 411 Control objectives 198, 202, 209, 213, 215 Internal audit reports 421 Control risk 84, 149 Internal control 125, 149, 186 Corporate governance code 386 Internal control questionnaire 195 Internal control evaluation 195 Intimidation 36, 45 KAPLAN PUBLISHING I.1 Index Inventory 261 Inventory system 212 ISAs 19, 117 ISA 200 6, 78, 85, 436 ISA 210 50, 53, 437 ISA 230 127, 437 ISA 240 122, 437 ISA 250 125, 438 ISA 260 369, 438 ISA 265 217, 369, 399, 439 ISA 300 116, 439 ISA 315 78, 85, 188, 195, 440 ISA 320 79, 441 N Narrative notes 195 Need for assurance 6, 10 Need for regulation of auditors 18 Negative assurance Nomination committee 390 Non-current assets 207, 257 Non-current liabilities 256 Non-sampling risk 84 Not-for-profit organisations 288 O ISA 330 153, 441 Objective of an external audit 5, ISA 402 173 Objectives of an auditor 78 ISA 450 78, 326, 441 Objectivity 33 ISA 500 146, 442 Other matter paragraph 362 ISA 501 261, 281 Outsourcing of internal audit 418 ISA 505 273 Overall review of evidence 328 ISA 520 87, 443 ISA 530 157, 162, 443 P ISA 540 286, 444 Payables and accruals 274 ISA 560 310, 444 Payroll 283 ISA 570 316, 444 Payroll system 209 ISA 580 323, 444 ISA 610 170, 445 ISA 620 169, 446 ISA 700 354, 357, 360, 388, 446 ISA 705 360, 363, 447 ISA 706 360, 447 ISA 720 362, 447 L Laws and regulations 125 Legal requirements for audits 22 Limitations of audit Limitations of controls 187 Limited assurance 5, M Management letter 218 Materiality 79 Misstatement 78 Moderate assurance Modified audit reports 360 Monetary unit selection 158 Performance materiality 82 Permanent file 130 Perpetual inventory systems 267 Pervasive 363 Planning 116 Positive assurance Preconditions for an audit 50 Prepayments 274 Professional behaviour 33 Professional clearance 51 Professional competence and due care 34 Professional scepticism 85, 117 Provisions 280 Public interest 47 Purchases 285 Purchases system 202 Q Qualified opinion 360, 363 R Random selection 158 Ratios 88 Reasonable assurance Receivables 269 I.2 KAPLAN PUBLISHING Index Relevance of evidence 147 Reliability of evidence 147 Relying on internal audit 170 Relying on the work of others 168 Removal of auditors 24 Remuneration committee 390 Reporting to those charged with governance 217, 369 Resignation of auditor 25 Response to risk assessment 84 Revenue 284 Review engagements Rights of auditors 25 Risk assessment 78, 85 U Uncorrected misstatements 330 Unmodified report 355 Understanding the entity 85 Using an auditor’s expert 169 V Value for money 419 W Working papers 128 Written representations….323 Risk committee 391 Risk management 398 Risk of material misstatement 83 S Safeguards 37-46 Sales system 198 Sampling 156 Sampling risk 84, 158 Segregation of duties 192 Self-interest 36, 37-40 Self-review 38, 41-42 Service organisations 173 Share capital and reserves 282 Significant deficiencies 218 Smaller entities 287 Stakeholders 11 Statement of profit and loss 283 Stewardship Stratification 158 Subsequent events 310 Substantive procedures 149 Sufficient evidence 146 Systematic selection 158 Systems and controls 186-216 T Test data 163, 197 Testing the system 197 Tests of controls 149, 265 Tests of detail 150 Threats to objectivity 36 Tolerable misstatement 162 True and fair 10 KAPLAN PUBLISHING I.3 Index I.4 KAPLAN PUBLISHING ... earlier papers. Expandable Text – Expandable text provides you with additional information about a topic area and may help you gain a better understanding of the core content. Essential text users can access this additional content online (read it ... background The aim of ACCA Paper F8, Audit and Assurance, is to develop knowledge and understanding of the process of carrying out the assurance engagement and its application in the context of the professional regulatory framework. ... Detailed study guide and syllabus objectives (2) Description of the examination (3) Study skills and revision guidance (4) Complete text or study notes (5) Question practice The sections on the study guide, the syllabus objectives, the