ISAs – Knowsia

AAA – May 2017 – L3 – Q5 – Audit Reporting

Explain the IAASB Clarity Project's objective and describe new requirements in various revised ISAs.

Question

You are an Audit Manager of Lobito James & Co., a firm of Chartered Accountants. You are aware of some significant changes and new requirements in the Revised ISAs as a result of the IAASB Clarity Project issued in October 2008 that are expected to impact the following audit procedures:

(a) Communicating with those charged with governance (ISA 260).
(b) Materiality in planning and performing an audit (ISA 320).
(c) Audit considerations relating to an entity using a service organisation (ISA 402).
(d) Evaluation of misstatements identified during an audit (ISA 450).
(e) External confirmation (ISA 505).
(f) Auditing accounting estimates, including fair value, accounting estimates and related disclosures (ISA 540).
(g) Related parties (ISA 550).

You are required to:

i. Explain the objective of the IAASB Clarity Project. (1 Mark)

ii. Explain TWO new requirements in each of the revised ISAs listed above. (14 Marks)

Answer

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Tags: Audit Requirements, Audit Standards, Auditing Procedures, IAASB Clarity Project, ISAs
Level: Level 3

Topic: Audit Reporting

AAA – Nov 2016 – L3 – Q4b – Current Issues

Discuss IAASB’s Clarity project on ISAs concerning the audit of SMEs.

Question

In the audit of financial statements, auditors are required to comply fully with the International Standards on Auditing (ISAs). In general terms, the International Auditing and Assurance Standards Board (IAASB) takes the view that “an audit is an audit and should be conducted in line with the same auditing standards.” In 2009, IAASB issued a Q&A publication on matters relevant to the audit of SMEs—“applying ISAs proportionately with the size and complexity of an entity.”

Required:
Discuss the IAASB’s Clarity project on ISAs in relation to the audit of SMEs. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Clarity Project, IAASB, ISAs, SME Audits
Level: Level 3

Topic: Current issues
Series: NOV 2016

AAA – May 2017 – L3 – Q5 – Audit Reporting

Explain the IAASB Clarity Project's objective and describe new requirements in various revised ISAs.

Question

You are required to:

i. Explain the objective of the IAASB Clarity Project. (1 Mark)

ii. Explain TWO new requirements in each of the revised ISAs listed above. (14 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Requirements, Audit Standards, Auditing Procedures, IAASB Clarity Project, ISAs
Level: Level 3

Topic: Audit Reporting

AAA – Nov 2016 – L3 – Q4b – Current Issues

Discuss IAASB’s Clarity project on ISAs concerning the audit of SMEs.

Question

Required:
Discuss the IAASB’s Clarity project on ISAs in relation to the audit of SMEs. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Clarity Project, IAASB, ISAs, SME Audits
Level: Level 3

Topic: Current issues
Series: NOV 2016

Question Tag: ISAs

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AAA – May 2017 – L3 – Q5 – Audit Reporting

Explain the IAASB Clarity Project's objective and describe new requirements in various revised ISAs.

You are required to:

AAA – Nov 2016 – L3 – Q4b – Current Issues

Discuss IAASB’s Clarity project on ISAs concerning the audit of SMEs.

AAA – May 2017 – L3 – Q5 – Audit Reporting

Explain the IAASB Clarity Project's objective and describe new requirements in various revised ISAs.

You are required to:

AAA – Nov 2016 – L3 – Q4b – Current Issues

Discuss IAASB’s Clarity project on ISAs concerning the audit of SMEs.

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AAA – May 2017 – L3 – Q5 – Audit Reporting

Explain the IAASB Clarity Project's objective and describe new requirements in various revised ISAs.

You are required to:

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AAA – Nov 2016 – L3 – Q4b – Current Issues

Discuss IAASB’s Clarity project on ISAs concerning the audit of SMEs.

You're reporting an error for "AAA – Nov 2016 – L3 – Q4b – Current Issues"

AAA – May 2017 – L3 – Q5 – Audit Reporting

Explain the IAASB Clarity Project's objective and describe new requirements in various revised ISAs.

You are required to:

You're reporting an error for "AAA – May 2017 – L3 – Q5 – Audit Reporting"

AAA – Nov 2016 – L3 – Q4b – Current Issues

Discuss IAASB’s Clarity project on ISAs concerning the audit of SMEs.

You're reporting an error for "AAA – Nov 2016 – L3 – Q4b – Current Issues"

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Customer

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