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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.

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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.

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Audit of Group Financial Statements – ISA 600 (Revised & Redrafted)

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.

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Audit of Related Parties, Going Concern, Subsequent Events and Completion Procedures

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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