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ACCOUNTING & AUDITING OF CONSTRUCTION CONTRACTS & PROPERTY DEVELOPMENT ACTIVITIES UNDER MPERS, INCLUDING KEY SHORTCOMINGS FROM PRACTICE REVIEW
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 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.
AUDIT EVIDENCE AND SAMPLING
Auditors shall design and perform audit procedures in such a way as to enable the auditor to obtain sufficient appropriate audit evidence to be able to draw reasonable conclusions on which to base the auditor’s opinion. Audit evidences obtained must be relevant to the assertions and the risks identified during the Risk Assessment Process.