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INTRODUCTION
One of the major cornerstones in auditing is documentation,
which lays down the basis and evidence for an auditor to
express and most importantly, supports the audit opinion
rendered. ISA 230 (Revised) Audit Documentation requires an
auditor to have sufficient and appropriate audit records to
support the basis for the auditor’s report and evidence so as
to ensure that the audit was performed in accordance with
approved Standards on Auditing, as well as applicable legal,
regulatory and professional requirements. It is therefore
imperative that the auditor documents his approach, work
done and findings in an appropriate and timely manner.

INTRODUCTION
Professional and technical competency is one of the corner stone of the audit profession. As adequate job knowledge is vital for any audit staff to perform their task effectively and efficiently, professional accounting bodies have made professional competency mandatory for its members. Auditing standards and auditing manuals have also provided guidance for auditors to perform their audit in a proper manner.

INTRODUCTION
Professional and technical competency is one of the corner stone of the audit profession. As adequate job knowledge is vital for any audit staff to perform their task effectively and efficiently, professional accounting bodies have made professional competency mandatory for its members. Auditing standards and auditing manuals have also provided guidance for auditors to perform their audit in a proper manner.

This session will focus on the auditing approach and techniques for auditing assets of an entity – comprising property, plant & equipment, inventories, investment properties, investments, receivables and impairment of assets. Key requirements of the accounting standards (MFRS and MPERS) will also be covered as well as important areas for audit documentation.

INTRODUCTION
One of the standards that saw significant changes when the Clarified Standards were issued is ISA 600 on the auditor’s responsibility for group financial statements, including considerations when working with components and component auditors. Many best practices in the past relating to group audits have now become explicit requirements as a result of the change to this standard. The 2023 revised ISA 600 now places enhanced responsibility on the group engagement team/partner; from accepting a group audit engagement including dealing with restrictions placed on the group auditor, group-wide risk assessment & planning, determination & scoping of components, obtaining sufficient & appropriate audit evidence and group audit documentation.
The revised ISA 600 is applicable for audits of group financial statements beginning on or after 15 December 2023.

INTRODUCTION
Professional and technical competency is one of the cornerstones of the audit profession. As adequate job knowledge is vital for any audit staff to perform their task effectively and efficiently, professional accounting bodies have made professional competency mandatory for its members. Auditing standards and auditing manuals have also provided guidance for auditors to perform their audit in a proper manner using tests of controls, analytical procedures and other substantive procedures.

INTRODUCTION
The cornerstone of an efficient and effective audit is the planning stage, which unfortunately have been overlooked by public practitioners over the years. This had amongst others, resulted in the inability to identify key risk areas and issues early in the audit, poor prioritisation of significant audit areas and under/over auditing. The Clarity Project had “revitalised” the standards relating to audit planning and risk assessment to emphasize the role of planning and risk in the audit process by enhancing the requirements, including related documentation. Increased scrutiny by regulators and professional bodies on public accounting practices has also elevated the importance of planning and risk assessment as a crucial element of the audit approach. The recent Practice Review Report 2024 issued by the MIA had also identified poor or lacking fraud risk assessment as a major deficiency in their findings.

INTRODUCTION
The design and implementation of a firm’s system of quality management (SQM) under ISQM 1 has been effective since 15 December 2022. ISQM 1 (together with ISA 220 (revised) and ISQM 2) strengthens and modernises an audit firm’s approach to quality management by addressing an evolving and increasingly complex audit ecosystem, including growing stakeholder expectations and a need for quality management systems that are proactive and adaptable. The standard encourages firms to design a system of quality management that is tailored to the nature and circumstances of the firm and engagements performed. ISQM 1 which replaces ISQC 1, applies to all firms that perform engagements under the IAASB’s international standards.

INTRODUCTION
Professional and technical competency is one of the cornerstones of the audit profession. As adequate job knowledge is vital for any audit staff to perform their task effectively and efficiently, professional accounting bodies have made professional competency mandatory for its members. Auditing standards and auditing manuals have also provided guidance for auditors to perform their audit in a proper manner.

INTRODUCTION
In 2004, the International Auditing and Assurance Standards Board (“IAASB”) undertook a comprehensive endeavor to further enhance and clarify the existing ISAs. This journey came to its pinnacle point in 2009, when finally the Clarity Project was completed with 36 clarified auditing standards aimed not only to improve understandability of the ISAs but also to encourage consistent application and elevate the quality of audits performed, which have come under severe scrutiny over the recent years.