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Summary AAA IFRS Risk Audit Procedures Audit Financial Statement Notes
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  • ACCA Advanced Audit and Assurance
  • Institution
  • Self Study
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  • ACCA P7 Advanced Audit and Assurance (International)

A useful study notes that summarize the hot topic key words, IFRS standards, risks, audit procedures and provide a holistic view in auditing the financial statement. This is my personal notes that had helped me in acing the ACCA Advanced Audit and Assurance exam. I summarize this from all the past ...

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  • Unknown
  • December 27, 2018
  • December 28, 2018
  • 23
  • 2018/2019
  • Summary

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  • acca
  • aaa
  • audit
  • acca advanced audit and assurance
  • p7
  • advanced audit and assurance

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  • ACCA Advanced Audit and Assurance
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ACCA ADVACED AUDIT AND ASSURANCE
IFRS | Risks | Audit Procedure | Audit Evidence | Audit Financial Statement | Audit Report

This is a key summary of most the standards that being examined, when students notice the key word in the case study, they
can automatically think of the standards and possible misstatement. This document is useful for student to tackle question in:
Audit Planning, Risk Assessment, Audit Evidence, Matters to Considered (*Tips: Try to earn as much as possible from these in Section A
that consist 50%) Also, one of the key hot topic Audit Report that would normally form one of the questions in Section B, is also included
in this note.

, Key words Accounting Standard Risk of Misstatement Audit Procedure Evidence
IAS 2 Inventories
Inventory • Valued at the lower of • Without impairment reviewed, • Ascertain that selling price after • Breakdown of
(especially fast-moving cost and net realisable net realisable is lower but the the reporting date is more than cost
industry) value. inventory is still being recorded unit costs. components
at cost → inventory overstated • Attending stock count & • Sales invoice
New Product reconciling stock from F/S • Stock count
actual stock taking figure sheet
Inventory in multiple • Management
locations representation

IAS 12 Income Tax
Tax expense, DTL, DTA, • DTA is recognised • Risk of overstatement if the • Obtain future forecast to justify
Capital allowance only to the extent that amount is not a recoverable asset. future taxable profits
there is probable &
sufficient taxable • Some of the DTA has been • Verify reasonableness of
profit will be available utilised this year, risk that if the assumptions & forecast
against which the remaining DTA is no longer
unused tax loss / tax recoverable, amount would need • Check for adequacy of
credits c/f can be to be written off. disclosure
utilised.
deferred tax asset is recognised for deductible temporary differences, unused tax losses and unused tax credits to the extent that it is probable that taxable profit w ill be available against wh ich the deductible temporary differences can be utilised, unle ss the deferred tax asset arises from




IAS 16 PPE
Develop New production • Probable FEB inflow • Not recognise / not done • Valuation
line (asset is controlled – correctly, over/understatement of Report
Acquire … risk & reward, right to assets • Asset Register
use) • If seller retains control, R&R not Title
• Cost measured reliably pass, shld not recognise as an • Sales
asset, instead record the cost of Agreement
right to use. Operating exp are (Disposal)
over/understated/ • Asset Listing
and Breakdown
Dispose property

, • Gain should be • Risk that gain included in
(if it is a revalued asset) disclosed separately in revenue → revenue overstated
SOPL • Revaluation surplus including in
• Balance of revaluation operating profit / loss
surplus should be • PBT misstated
transferred directly to
RE.
(OCI → OCEq → RE)
Revaluation • Enquiry mgt the methods used
• Valuation incorrect to determine the FV of asset
• Carrying amount of the • Extra depreciation not charged → • Recalculation depre to confirm
revalued assets should NCA & profit overstated additional depre is being
not differ materially charged on the FV uplift
from its FV at the • Request for the collaborated
reporting date. evidences
(Valuation from expertise,
Reference from similar assets
UL)


• Enquiry mgt the reasons of
Change in PPE useful life change and justify the
• Subject to mgt bias → intention appropriateness change in
• Estimated based on the to boost profit estimated useful life.
FEB embodies in the • Depre may have been incorrectly
asset calc due to inappropriate
• Change in useful life assessment of remaining useful • Perform AP by carrying on the
are change in life. reasonable test on the
estimates, accounted depreciation charge
for prospectively. • Review the sales proceeds to
• affect future original external evidences such
depreciation and asset as sales agreement
Component accounting carrying value. • Trace the sales proceeds to
• Various components have not bank in slip
been accounted using the concept • Perform AP to recalculate the
• Significant parts are significant components and accuracy of gain and loss on
required to be depreciated over a specific useful disposal
life. Fail to determine sig comp

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