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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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PLANNING & RISK ASSESSMENT IN AUDITS OF FINANCIAL STATEMENTS
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 …
CONSIDERATIONS OF SPECIFIC ITEMS IN AN AUDIT (ISA 501), EXTERNAL CONFIRMATIONS (ISA 505) AND INITIAL AUDIT ENGAGEMENTS (ISA 510)
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 …
MODIFIED AUDIT OPINION VS MODIFIED AUDIT
The Auditor’s Report is the auditor’s primary means of communication with an entity’s stakeholders as such, it has to be meaningful and …