ACCA P7 Int UK Slides 2014 15

Topics: Auditing, Financial audit, Audit Pages: 75 (498 words) Published: May 8, 2015
ACCA P7 (INT & UK)

Chapter 1

REGULATION IN A GLOBAL
ECONOMY
2

3

4

5

Corporate governance

6

Chapter 2

CODE OF ETHICS AND
CONDUCT
7

8

9

10

11

12

Chapter 3

PROFESSIONAL
APPOINTMENTS
13

Acceptance considerations

14

15

16

17

18

Chapter 4

QUALITY CONTROL
19

20

21

Chapter 5

ADVERTISING, PUBLICITY,
OBTAINING PROFESSIONAL
WORK AND FEES
22

23

Chapter 6

TENDERING
24

Reasons for changing auditors

25

Tendering
Advantages of Tendering
• More efficient auditing
• Auditing can be a loss
leader

26

Disadvantages of Tendering
• Loss of long-term
relationships between
clients and auditors
• Market choice reduced by
increased concentration
• Lowballing
• Companies may
constantly change auditors
to reduce costs further

Tender proposal contents
• The basis of the fee.
• Nature, purpose and legal requirements of an audit.
• Client requirements and how the audit firm will meet
them.
• Audit methodology.
• Outline of firm and personnel.
• Assumptions made, e.g. deadlines, geographical
coverage, work performed by client.
• Ability of firm to offer other services.

27

Chapter 7

MONEY LAUNDERING
28

Money laundering

29

Client identification procedures

30

Chapter 8

PROFESSIONAL
RESPONSIBILITIES AND
LIABILITIES
31

ISA 250 Laws and regulations
Director’s Responsibilities
• To ensure the entity
complies with relevant
laws and regulations.
• To establish effective
arrangements for
preventing and detecting
non-compliance.

32

Auditor’s Responsibilities
• Obtain sufficient appropriate
audit evidence about
compliance with all relevant
laws and regs.
• To consider risk of noncompliance with laws &
regulations when seeking
mgt reps & forming audit
opinion.

33

Negligence
1. Duty of care was owed
2. Duty of care was breached
3. Loss was suffered as a result of the breach

34

Chapter 9

PLANNING, MATERIALITY AND
ASSESSING THE RISK OF
MISSTATEMENT
35

ISA 300 Planning

36

37

Materiality

38

Chapter 10

GROUP AND TRANSNATIONAL
AUDITS
39

Group audits

40

41

Chapter 11

EVIDENCE
42

43

44

45

46

Chapter 12

COMPLETION
47

48

Subsequent events

49

Going concern

50

51

Chapter 13

AUDITOR’S REPORTS
52

53

Types of modified opinions

54

Material NOT
Pervasive

Material AND
Pervasive

Material
Misstatement

Qualified Opinion
‘Except for’

Adverse Opinion
‘FS don’t show a true
and fair view’

Inability to Obtain
Sufficient Appropriate
Evidence

Qualified Opinion
‘Except for’

Disclaimer of Opinion
‘We do not express
an opinion’

Chapter 14

REPORTS TO THOSE
CHARGED WITH
GOVERNANCE
55

56

Chapter 15

OTHER ASSIGNMENTS
57

58

Other assignments

59

60

Due diligence
• Minimising the risk of making a bad investment
• Providing assurance to the purchaser of a company
before the investment is made
• Aims to find information relevant to the acquisition that would affect the decision whether to purchase and the
purchase price

61

Chapter 16

PROSPECTIVE FINANCIAL
INFORMATION
62

63

Chapter 17

AUDIT OF SOCIAL,
ENVIRONMENTAL &
INTEGRATED REPORTING
64

Environmental and social auditing

65

Chapter 18

FORENSIC AUDITS
66

67

Chapter 19

OUTSOURCING
68

69

70

Outsourcing of internal audit

71

Chapter 20

UK SYLLABUS ONLY INSOLVENCY
72

Chapter 19

UK SYLLABUS ONLY
INSOLVENCY
73

Chapter 21

INT SYLLABUS ONLY AUDIT OF PERFORMANCE
INFORMATION IN THE PUBLIC
SECTOR AUDIT
74

75
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Acca P7 Notes Essay
  • ACCA Paper F8 Slides
  • UK 2014 Research Paper
  • Acca P7 Dec- 2012 Answers Essay
  • Acca Exam P7 June 2013 Essay
  • Assignment 1 2014 15 Essay
  • Assignment 2014 15 Essay
  • Acca Essay

Become a StudyMode Member

Sign Up - It's Free