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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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PERFORMING AN ISA AUDIT – MODULE 1 (ISA 200, ISA 210, ISA 500)
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.
AUDIT COMPLETION PROCEDURES
With the economy in distress due to the COVID-19 pandemic and global instability, one of the most challenging tasks for Auditors in financial reporting is the Audit Completion Process which includes the Evaluation of Final Misstatements, Evaluation of Subsequent Events and the Use of Going Concern Assumption, Management ‘s integrity and their representations, and the impact on the Audit Conclusion.
DETERMINING MATERIALITY IN AUDIT
Materiality is fundamental to an audit and is applied in planning and performing audits, as well as evaluating the effect of misstatements on the accounts.