Events

INTRODUCTION
Aside from the manufacturing sector, the key industries in Malaysia consist of construction, and property development activities. As these are specialised industries, the accounting requirements set out by approved accounting standards is unique and requires proper understanding to ensure that key transactions and activities in these three sectors are properly accounted for. Being specialised industries,the audit of entities in these two sectors are also unique, which requires properly designed audit procedures to address key concerns arising from these activities and appropriate audit evidence that will enable the auditor to express an opinion given the circumstances.

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 revised and redrafted ISA 600 also places enhanced responsibility on the group engagement team/partner, from accepting a group audit engagement, group-wide risk assessment & planning, obtaining sufficient & appropriate audit evidence and group reporting.

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 ompetency 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 using test of controls, analytical procedures and other substantive procedures.

INTRODUCTION
ISQM 1 (together with ISA 220 (revised) and ISQM 2) strengthen and modernise 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 it performs. ISQM 1 applies to all firms that perform engagements under the IAASB’s international standards.

INTRODUCTION
The corner stone 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 so as 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.

Agreed-upon procedures (AUP) engagements are widely used. The demand for AUP engagements continues to grow, particularly in relation to the need for increased accountability in relation to funding and grants. ISRS 4400 (Revised), Agreed- Upon Procedures Engagements, has been revised to respond to such trends and to promote consistent interpretation and performance of an AUP engagement by practitioners.

Developing an effective and efficient audit approach which is responsive to audit risks requires planning and selecting audit procedures which provide an appropriate level of assurance.

Identify the requirements of the respective ISAs and learn how to consider and select the necessary audit procedures during the planning stage, fieldwork and completion stages to accumulate information and evidence to most efficiently and effectively address audit risk and provide relevant and reliable audit evidence.

Developing an effective and efficient audit approach which is responsive to audit risks requires planning and selecting audit procedures which provide an appropriate level of assurance.

Identify the requirements of the respective ISAs and learn how to consider and select the necessary audit procedures during the planning stage, fieldwork and completion stages to accumulate information and evidence to most efficiently and effectively address audit risk and provide relevant and reliable audit evidence.