ACCA P7 (INT) Advanced Audit & Assurance - Study Text - 2010 (Emile Woolf Publishing)
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Index
© EWP Go to www.emilewoolfpublishing.com for Q/As, Notes & Study Guides 475
IFRS1First‐timeadoptionofInternational
FinancialReportingStandards 199
IFRS2Share‐basedpayments 199
IFRS3Businesscombinations 236
IFRS5Non‐currentassetsheldforsaleand
discontinuedoperations 199
IFRS6Explorationforevaluationofmineral
resources 199
IFRS7Financialinstruments:Disclosures 197
IFRS8
Operatingsegments 200
Improperuseofinformation 57
Independence 42
Informationsystem 116
Inherentrisk 129
Insiderdealing 67
Inspection 160
Insuranceclaims 288
Integrity 40,42
Interimfinancialinformation(IFI) 258
Internalaudit 187,292
services 52
types 295
Internalbusinessrisks 109
Internalcontrolsystems 115,130
Internalcontrols 117
use 118
InternationalAuditandAssuranceStandards
Board(IAASB) 26
InternationalAuditingPracticeStatement
(IAPS)1013 151
InternationalFederationofAccountants
(IFAC) 25
InternationalFrameworkforAssurance
Engagements 269
InternationalStandardonReview
Engagements 255
InternationalStandardsonAssurance
Engagements(ISAEs) 27,269
InternationalStandardsonAuditing
(ISAs) 26,27
InternationalStandardsonQuality
Control(ISQCs) 27,28
Internationalstandard‐settingprocess 26
Intimidationthreat 43
Inventories 212
Investigativeprocedures 289
Involvementofthegroupauditorinthe
workperformedbycomponentauditors243
ISA210Agreeingthetermsofaudit
engagements 31,100
ISA220Qualitycontrol
foranauditof
financialstatements 79,239
ISA230Auditdocumentation 249
ISA250Considerationoflawsandregulations
inanauditoffinancialstatements 37,362
ISA260Communicationwiththose
chargedwithgovernance 249,333
ISA300Planninganauditoffinancial
statements 126
ISA315Identifying
andassessingthe
risksofmaterialmisstatementthrough
understandingtheentityandits
environment 108,114,363
ISA320Auditmateriality 141
ISA330Theauditor’sproceduresinresponse
toassessedrisks 128,363
ISA402Auditconsiderationsrelatingto
anentityusingaserviceorganisation 300
ISA500Audit
evidence 157
ISA510Initialauditengagements
–openingbalances 218,329
ISA530Auditsampling 163
ISA540Auditofaccountingestimates 190,363
ISA550Relatedparties 173
ISA560Subsequentevents 225
ISA570Goingconcern 229,331
ISA600Specialconsiderations–audits
ofgroupfinancial
statements 238
ISA610Usingtheworkofinternalauditors 187
ISA620Usingtheworkofanauditor’sexpert 184
ISA700Forminganopinionandsreporting
onfinancialstatements 63,306
ISA705Modificationstotheopinionin
theindependentauditor’sreport 306,317
ISA706 314
ISA
710Comparativeinformation–
correspondingfiguresandcomparative
financialstatements 220
ISA710Comparativeinformation–
correspondingfiguresandcomparative
financialstatements 218,329
ISA720Otherinformationindocuments
containingauditedfinancialstatements 31,221
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ISAE3000Assuranceengagementsotherthan
auditsandreviewsofhistoricalfinancial
information 270
ISAE3400Theexaminationofprospectivefinancial
information 281
ISQC1 81
ISRE2400Engagementstoreviewfinancial
information 255
ISRE2410Reviewofinterimfinancialinformation
performedbytheindependentauditorofthe
entity 258
ISRS
4400Engagementstoperformagreed‐upon
proceduresregardingfinancialinformation 262
ISRS4410Engagementstocompilefinancial
information 264
ITsystemsservices 52
J
JebFastenersvMarksBloom(1980) 72
Jointauditors 244
K
Keyperformanceindicators:KPIs 372
L
Lawoftort 68
Legalprivilege 289
Legalregulation 24
Letterofinstruction 242
Letterofrepresentation 180,181
Levelofassurance 18
Liabilitygap 62
Liabilityintort 70
Limitationonscope 317
Limitedlevelofassurance 270
Limitedliabilitypartnerships 76
Limitingliability 76
Longassociationofsenior
personnelwith
assuranceclients 46
Lowballing 98
M
Managementcontrols 117
Managementrepresentations 180
Management’sresponsibilityforthe
financialstatements 308
Managerreview 87
Materialbutnotpervasive 318
Materialmisstatement 65,317
Materialnon‐adjustingevents 225
Materiality 141,240
Materialitythresholds 141,216
Microcomputersystems 149
Misstatements:evaluationof 216
Modifiedauditreport:ISAs705and
706 314
Modifiedopinions 317
Moneylaundering 33,289
globaldimension 36
guidancefromprofessionalbodies 35
obligations 34
regulation 34
ReportingOfficer 34
Monitoringofcontrols 118
N
Nationalandinternationalstandards 26
Negativeassurance 20
Negligence 70
Negligenceinvestigation 288
Negligent(or‘careless’)auditing 68
Newauditappointment 92
Non‐adjustingeventsafterthereporting
period 225
Non‐auditassuranceengagements 19
Non‐auditservices 50,347
Non‐auditwork 47
Non‐auditwork:ACCAandIFAC
guidance 51
Non‐compliancebyaclientcompany 37;
actionbytheauditor 37
Index
© EWP Go to www.emilewoolfpublishing.com for Q/As, Notes & Study Guides 477
Non‐currentassets 213
Non‐paymentoffees 99
Non‐significantcomponents 242
O
Objectivesoftheauditor 29
Objectivity 40,42
Obligatorydisclosure 56
Observation 160
Obtainingandchargingforprofessionalwork
95
Obtainingprofessionalwork 95
Occurrence:assertion 160
On‐linesystems 149
Openingbalances 329
Openingbalancesandpriorperiod
comparatives 218
Operationalaudits 296
Opinionparagraph 320
Otherinformationpublished
withtheaudited
financialstatements 221
Othermatterparagraph 316
Out‐of‐courtsettlements 73
Outsourcing 297
Outsourcingofinternalauditservices 50
Outsourcingtheinternalauditfunction 298
P
Partner’sreview 87
PatriotAct2001 36
Payroll 208
Peerreview 86
Performancegap 62
Performancemeasurement 275
Permanentfile 169
PFIassuranceengagement 282
Physicalcontrols 117
Planningandcontrollingagroupaudit 240
Positiveassurance 269
Postauditreview 86
Practicedescriptions 96
Professionalcompetenceandduecare
69,41
Professionaletiquetteletter 91
Professionalindemnityinsurance(PII) 75,352
Professionalregulation 25
Professionalscepticism 65
Professionalstandards 26
Profitforecast 283
Projection 281
Prospectivefinancialinformation(PFI) 280
Provisionbyauditorsofnon‐auditservices 50
Provisionofotherservices(non‐auditwork) 47
Publicinterest 24
Purchases
andpayables 207
Q
Qualifiedopinion
limitationonscope 320
materialmisstatement 321
Qualitycontrol 78
inlargefirmsandsmallfirms 88
procedures 50,79
specifictoindividualengagements 85
systeminauditfirms 78
Qualityofauditevidence 159
R
Reasonableassurance 65
Reasonablelevelofassurance 269
Recalculation 160
Referringclients 53
Regulationforgoodcorporategovernance 30
Regulationofauditandassuranceservices 24
Relatedparties:ISA550 173
Relatedpartytransactions 173
Relianceoninternalcontrols 120
Relianceontheworkoftheinternalauditor:
ISA610
187
Reperformance 160
Reportofworkperformed 242
Responsibilitiesofindividualauditorsand
auditpractices 49
Paper P7: Advanced audit and assurance (International)
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Responsibilitiesoftheprofession 50
Responsibilities:auditors 31
Responsibilities:directors 31
Revenueandreceivables 205
Review 20
Reviewbyaspecialist‘Auditreview
department’ 86
Reviewbytheengagementpartner 87
Reviewengagements 252
Reviewofauditwork 86
Reviewoffinancialstatements 256
Reviewstageoftheaudit 216
Revised
accounts 341
Rightoflien 93
Riskassessmentandinternalcontrol 364
Riskassessments 274
Riskevaluation 112
Risk‐basedapproach 105
Risk‐basedapproachtoauditing 128
Roleoftheauditor:ISA560 225
Rotation 49,350
S
Safeguardingindependence 49
Safeguards 59
Sampling:ISA530 163
Sarbanes‐Oxley 25
Sarbanes‐OxleyAct2002 347
Scope 309
Secondopinions 49
Secondpartnerreview 86
SecuritiesandExchangeCommission(SEC) 347
Segregationofduties 117,118
Self‐interestthreat 43
Self‐reviewthreat 43
SeriousOrganisedCrimeAgency(SOCA)
34
SET(secureelectronictransmission) 277
Shareissues 59
Significantcomponents 239
Skillandcare 69
Smallcompanies:auditexemption 357
Smallcompanyaudits 356
Smallerentities 121
Socialandenvironmental
auditevidence 372
matters 362
reportsandaudits 368
Socialpolicies 369
Socialreportsandaudits 370
Special
purposeauditreports 337
Specialistvaluations 48
Standardsgap 62
Statementoffinancialpositionapproach 121
Statutoryaudit 18
Strategydocument 126
Submissiondocument 97
Subsequentevents 226
ISA560 224
Substantiveaudittesting 152
Substantivetestingapproach 105
Substantivetests 119,121
Sufficientevidence 158
Supervisionofauditstaff
86
Systemsreliability 277
Systems‐basedapproach 105,114
nature 114
T
Take‐overbids 59
Taxationservices 52
Technicalstandards 41
Temporarystaffassignments 47
Tendering 96
Tenderingprocess 97
Testdata 153
Testforoverstatement 162
Testforunderstatement 162
Testsofcontrol 119,153,156
Testsofdetail 156
Threatstoindependence 43
closebusinessrelationships 45
employment
withassuranceclients 45
familyandpersonalrelationships 45
financialinterests 43
loansandguarantees 45
recentservicewithassuranceclients 45
Index
© EWP Go to www.emilewoolfpublishing.com for Q/As, Notes & Study Guides 479
servingasanofficerordirectoron
theboardofassuranceclients 46
Topdownapproach 108
Tort 70
Transactioncycles 204
Transnationalaudit 354
TransnationalAuditCommittee(TAC) 354
Trueandfairview 20,305
U
UKMoneyLaunderingRegulations2003 34
Unauditedsupplementaryinformation 313
Unmodifiedauditreport 306
Usingtheworkofanexpert:ISA620 184
V
Valuationandallocation:assertion 161
Valueformoney(VFM)audits 276,293
VFMengagement 276
Voluntarydisclosure 57
W
Walk‐throughtests 118
WebTrust 278
Workingpapers 57
Workingpapers 168
Writtenrepresentations:ISA580 180
Paper P7: Advanced audit and assurance (International)
480 Go to www.emilewoolfpublishing.com for Q/As, Notes & Study Guides © EWP
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