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Audit of Accounting Estimates (Including Impairment & Provisions), Fraud & Error and Audit Opinions
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.
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Audit Quality and Documentation
INTRODUCTION
ISA 220 (Revised) was revised to strengthen and modernise an audit firm’s approach to carrying out quality audits. It sets out the
specific responsibilities of the auditor regarding quality management at the engagement level and the related responsibilities of the engagement partner.
ISA 230 sets out the auditor’s responsibility to prepare audit documentation for an quality audit of financial statements, namely
the record of audit procedures performed, relevant audit evidence obtained, and conclusions reached. Appropriate audit documentation, albeit does not guarantee quality, plays an important contributing role in determining Audit Quality.
Understanding Internal Controls and Test of Control
INTRODUCTION
The objective of the auditor is to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement, through appropriately responding to Audit Risks identified.
The auditor will need to obtain an Understanding of Internal Controls to identify and assess Control Risks and thereafter respond by determining and deciding on the further audit procedures to be performed. These procedures include Tests Of Control and
Substantive Procedures.
The strategic choice of different types of audit procedures determines the effectiveness and efficiencies of an audit and ensure
that Sufficient and Appropriate Evidence is obtain to support an appropriate Audit Opinion.
Audit of Specialised Industries – Construction & Property Development
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.