ACA Assurance Latest 2023 Already Passed 5 key elements of audit 1. 3 party involvement 2. subject matter (f/s) 3. suitable criteria (e.g. UK CGC) 4. evidence 5. written report
ISA 200 - what are the objectives of auditors? - obtain reasonable assurance f/s are free from material misstatement (fra...
ACA Assurance Latest 2023 Already Passed 5 key elements of audit ✔✔1. 3 party involvement 2. subject matter (f/s) 3. suitable criteria (e.g. UK CGC) 4. evidence 5. written report ISA 200 - what are the objectives of auditors? ✔✔- obtain reasonable assurance f/s are free from material misstatement (fraud or error) - express opinion whether f/s prepared in accordance w/ financial reporting framework Exemption from statutory audit ✔✔- CA 2006 exempts small p. ltd. if 2/3: -> 50 employees or less -> turnover £10 .2m or less -> gross assets £5.1m or less Auditor requirements ✔✔basic: - employment by firm controlled by qualified persons - CA2006 no officers/employees of company or partner of above qualified auditors: - membership of recognised supervisory body Money laundering check (client due diligence) ✔✔- req. per. Money Laundering Regulations 2007 - client id docs retained 5 yrs ISA 210: mandatory contents of engagement letter (6) ✔✔- auditor's and management's responsibilities - scope of work (stat/non -stat) - form of reports (reasonable/limited) - written confirmation of firm's acceptance of engagement - level of access to books & records (full = audit & limited = review engagement) - reporting framework ISA 210: optional contents of engagement letter (5 ) ✔✔- limitations of engagement - confidentiality/restricted use of report - reliance on internal controls - basis of fee calculations - restrictions on auditor's liability Key components of audit strategy ✔✔- understanding the entity and its environment - materiality - risk assessment - nature, extent & timing of audit procedures - direction, supervision & review of work ISA 315 - what 6 things are important in understanding the entity and its environment? ✔✔- industry, regulatory, financial reporting framework - nature of the entity - accounting policies - objectives and strategies & business risks that may result in mate rial misstatement - measurement of entity's financial performance
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller StellarScores. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
