AUDIT PROCESS

Framework.............................................................................................................................................

PRE-ENGAGEMENT ACTIVITIES AND OVERALL PROCESS

ISQC 1...............................................................................................................................................
ISA 200..............................................................................................................................................
ISA 210..............................................................................................................................................
ISA 220..............................................................................................................................................
ISA 230..............................................................................................................................................
ISA 600..............................................................................................................................................

PLANNING

ISA 300..............................................................................................................................................
ISA 315..............................................................................................................................................
ISA 320..............................................................................................................................................
ISA 450..............................................................................................................................................
ISA
ISA
ISA
 Framework

Assurance engagement engagement in which practitioner aims

to obtain sufficient app evidence in order to
express a conclusion designed to
enhance degree of confidence in
intended users, other than responsible party
about outcome of measurement / evaluation
of underlying subject matter against criteria

Practitioner

3 party
relationship

Responsible party Intended users

Subject Matter:
Historical financial
position, financial
- historical financial performance / condition performance, cash
for which subject matter info may be flows
recognition, measurement, presentation +
disclosure represented in FS

Auditor reduces engagement risk to an

Audit acceptably low level in circumstances of
the engagement as basis for auditor's
conclusion
Auditor's conclusion is expressed in form
that conveys the auditor's opinion on the
outcome of the measurement / evaluation
of the FS against criteria
Assurance
engagements
Not absolute assurance since samples are
used to test certain aspects of the FS.

Other Review
Explain why reasonable assurance, and not absolute assurance is issued for audit engagement:
Reducing engagement risk to 0 is very rarely attainable / cost beneficial as a result of:
• Use of selective testing
• Inherent limitations of internal control
• Fact that much of evidence available to practitioner is persuasive rather than conclusive
• Use of professional judgement in gathering + evaluating evidence + forming conclusions

Not all engagements by auditors are assurance engagements:

Other frequently performed engagements:
• Agreed-upon procedures + compilation engagements
• Preparation of tax returns where no assurance conclusion is expressed
• Consulting / advisory engagements
PRE-ENGAGEMENT ACTIVITIES AND OVERALL PROCESS
 ISQC 1

Engagement Quality partner / other person in firm / suitable qualified external

Control Reviewer person / team made up of such individuals
none of whom is part of ET
with sufficient + app experience + authority to
objectively evaluate the significant judgements
the ET made + conclusions it reached in formulating report

Human
Leadership
resources

Acceptance +
continuance of
client Engagement
relationships + performance
specific
engagements

Firm shall establish +

maintain system of
Relevant quality control that
ethical includes policies + Monitoring
requirements procedures that
address the following
elements:
 ISA
200

Objectives of auditor: ¹²³

Not absolute level
Inherent limitations
ISA require auditor to obtain¹reasonable assurance
about whether FS as whole are free from
material misstatement (MM) whether

Sufficient
= how much
Appropriate
= quality

MM:
amount, classification, presentation, disclosure of reported FS item

amount, classification, presentation, disclosure that is required for item to be in acc with applicable financial reporting

due to fraud / error high level assurance

+when
- auditor obtained sufficient + appropriate
audit evidence to reduce audit risk
to an acceptable level

Auditor’s requirements to meet objectives

1. Comply with the ethical requirements

2. Plan and perform the audit with professional scepticism
3. Plan and perform the audit with professional judgement
4. Obtain sufficient and appropriate audit evidence
5. Conduct the audit  ISAs

Those charged with governance acknowledge + understand responsibility:

1. Preparation FS  IFRS
2. Internal controls necessary to prepare FS that are free from MM
3. Provide auditor with:
a. Access to all info relevant for preparation FS
b. Additional info that auditor request from management
c. Unrestricted access to persons
 auditor auditor auditor

AR RoMM DR
Risk that auditor Risk that procedures
expresses an performed by auditor
inappropriate audit to reduce audit risk
opinion when FS are to an acc low level,
will not detect MM
materially misstated @ Assertion level @ FS level

Assessed to determine RoMM that relate Nature, timing and extent of

the nature, timing and pervasively to auditor's procedures that are
extent of further audit FS as whole determined by auditor to audit
procedures necessary to + risk to acc low level
obtain sufficient potentially affect many
appropriate audit assertions Enhance effectiveness of
evidence audit procedure:
- Adequate planning
- Proper assignment of
personnel to engagement
team
- Application of prof.
scepticism
Control risk - Supervision + review of audit
work performed
Risk
assertion about a class of that MM that
transaction, occurs
account in assertion
balance about class
or disclosure of /transaction,
to MM, account balance
, before consideration of anyorrelated
disclosure, / i, will not be prevented / detected / corrected on timely basis by entity's internal control
controls
Exist independently from audit of FS

r some assertions Effectiveness of design, implementation and maintenance of internal control by management to address identified risks that threaten the achievement of entity's objective
ex calc
Internal control:
Entity's risk

Reduce RMM
Eliminate RMM ? inherent limitations
stances
evelopments * Human errors/mistakes
nt working capital to continue operations
*Circumvention of controls by collusion/inappropriate management override
ry characterized by large nr of business failures
 RoMM   detection risk accepted   persuasive audit evidence required

assessed risks  audit evidence required

quality evidence  evidence required

Audit enhances degree confidence of intended users

²How? of opinion by auditor on whether FS prepared (in all material aspects)  applicable financial
reporting framework

Prepared by management of entity with  from

those charged with governance

Materiality
applied by auditor
in:

Planning + performing audit Evaluating effect of identified

misstatements on audit and of uncorrected
ISA require auditor to: misstatements (omissions)

1 Exercise professional judgement +

maintain professional scepticism Material if/ influence economic decisions of
users taken on basis of FS
2 Identify + assess RoMM
how? understand entity + environment +
internal control [ISA 315]

3 Obtain sufficient + appropriate audit

evidence
how? designing + implementing
appropriate responses to assessed risks

4 Form audit opinion on FS

how? based on conclusions drawn from
audit evidence
depend on applicable reporting framework

5 ³Report opinion on FS + communicate in

acc with findings
 ISA
210

Only accept / continue engagement when basis upon which it is to be performed has been agreed,
through:

1 Establishing whether preconditions 2 common understanding

for audit are present auditor  management

Determine if FS framework applied = acceptable

Obtain agreement of management that it acknowledges + understands responsibility

for preparation of FS IFRS, incl. fair

presentation
for internal control (as management
determines necessary) to enable
preparation of FS that are free of MM
provide auditor with

hin entity from

Additional
whom
Access
info
auditor
info
thatdetermines
relevant
auditor request
to prep
it necessary
from
of FSmanagement
(records/doc/other
to obtain audit
for purpose
evidence
matters
of audit
 Engagement letter

Objective + Responsibilities Responsibilities ID of app Reference to Statement that

scope of audit of auditor of management financial expected form there may be
of FS reporting and content of circumstances
framework for any reports in which report
prep of FS issued by may differ from
auditor expected form
and content
Recurring audits  assess circumstances require terms of audit engagement to be revised
 need to remind entity of existing terms?

terms of engagement:
- auditor≠ agree to  terms of audit engagement where there is no reasonable justification to do so
- prior to completing audit, auditor is requested to  audit engagement to an engagement that conveys
lower level of assurance, auditor shall determine whether there is reasonable justification to do so

Format at end of chapter

- Must be able to explain when an engagement letter should be issued
- Must be able to list and explain the contents of an engagement letter
- Must be able to write / criticize an engagement letter
 ISA
220

Objective of auditor:

Implement quality control procedures @ engagement level = provide with reasonable assurance:
• Audit  professional standards + legal and regulatory requirements
• Report issued is appropriate in circumstances
 ENGAGEMENT
PARTNER

ENGAGEMENT
PARTNER

Engagement
performance

Acceptance +
Leadership continuance of
Assignment of
responsibili-ties Relevant ethical client
Independence engagement
for quality on
Direction, requirements relationships
audits Engagement Quality teams
and audit
supervision and Reviews Consultation
Control Review
performance engagements

Engagement
Resp. for direction, Quality Control
supervision, Remain alert (through For audits of FS of Reviewer
Resp
) for reviews Resp. ET -
performance of AE + make inquiries listedSatisfied
entitiesthat app
+ other
being
for performed in
evidence of non- undertaking app on
Form conclusion procedures reg. Satisfied that ET + any
in compliance with audit acceptance
engagements +
Resp. for overall acc compliance
with FIRM'S with consultation
complianceon
with experts part
Perform of team,
objective
prof. standards + for which firmofhas
continuance client
quality of each audit REVIEW POLICIES
relevant ethical difficult / contentious
INDEPENDECE collectively
evaluation haveofapp
applicable legal +
engagement (AE) requirements by REQUIREMENTS that determined
relationshipsthat
+ AE competence
regulatory
+ PROCEDURES matters
EQCR is required:
have been followed significant +
members of apply to AE capabilities to:
requirements engagement team judgements made
[ISQC 1] by ET
(ET)

On/before date of Evaluation involve:

Determine that
auditor's report - EQCR has been
Satisfied that
review audit doc + Obtain relevant appointed
members of ETinfo
Resp. for auditor's discuss withapp
Determine ET action
 from firm to ID + Perform AE in acc with
have undertaken
report bein app in satisfied
when that of ET
members evaluate prof. standards +
app consultation
circumstances sufficient
have app with
not complied circumstances
during course of+ applicable
Discussionlegalofand
evidence hasethical
relevant been relationships that regulatory
significant matters
requirements engagement
create threat to
obtained to support withrequirements
engagement
conclusions independence partner
Discuss significant
matters with EQCR

Review of FS and
proposed auditor's
Evaluate
Satisfied thatinfo on ID
nature report
breaches
+ scopeof+ firm's Not date the auditor's Enable auditor's report
independence
conclusions areto that is app in
determine whether
report until circumstances to be
agreed with party
create threat to completion of issued
consulted for AE
independence EQCReview
Review of selected
audit doc relating to
significant
judgements

Take app action to

eliminate / reduce
Determine
threats to an Evaluation of
conclusions
acceptable level by conclusions reached
resulting
applyingfrom such
safeguards in formulating the
consultations have
Report to firm auditor's report
been implemented
ISA
230
ISA
600
ISA
240
ISA
250
PLANNING
 ISA 300

1st ISA in planning phase

Auditor @ beginning current audit:

-Perform procedures [ISA220] – continuance client relationship + specific audit engagement
-Evaluate compliance ethical requirements + independence [ISA220]
-Establish understanding of engagement terms [ISA210]

Planning audit involves:

- Establishing overall audit strategy for engagement
- Developing audit plan

Assisting selection of
Helping auditor engagement team
properly organize + members with app.
manage audit levels of capabilities
engagement = + competence to
performed in respond to
effective + efficient anticipated risks +
manner proper assignment of
work to them
Facilitating direction
Helping auditor + supervision of
identify + resolve engagement team
potential problems on members
timely basis
Review of their work

Helping audit to Assisting in

devote app. attention Adequte planning benefits coordination of work
to important areas of audit of FS done by auditors of
audit components / experts

1 2 3
Audit strategy  sets scope, timing and direction of audit
In establishing overall audit strategy  auditor shall:

• ID characteristics of engagement that define scope

• Ascertain reporting objectives of engagement  plan timing of audit + nature of communications
required
• Consider factors that are significant in directing engagement team’s efforts (in auditor’s prof.
judgement)
• Consider results of preliminary engagement activities
• Consider whether knowledge gained on other engagements performed by engagement partner for
entity is relevant
• Ascertain nature + timing + extent of resources necessary to perform audit

Audit plan includes description of:

• Nature + timing + extent of planned RAP

• Nature + timing + extent of planned further audit procedures @ assertion level
• Other planned audit procedures that are required to be carried out so that the engagement complies
with the ISA’s
 Characteristics of Engagement

Financial reporting framework

on which financial info to be audit Industry specific reporting
has been prepared requirements Expected audit coverage
Nr. + locations of components to be
reports mandated by industry
regulators inc
Inc. need for recon to other financial
reporting frameworks

Nature of control relationships

Nature of business segments to be
Extent to which components are between parent + its components
audited
audited by other auditors = determine how groep is
=Need for specialized knowledge
consolidated

Whether entity has internal audit

funcion
Reporting currency to be used Need for statutory audit of In which areas + to what extent can
standalone FS in add. to audit for work of funcion be used
Inc. need for currency translation consolidation purposed In which areas + to what extent can
internal auditors be used for direct
assistance for audit

Entity's use of service org. + how Effect of IT on audit procedures

auditor may obtain evidence Expected use of audit evidence Availability of data
concerning design / operation of obtained in previous audits Expected use of computer-assisted
controls performed by them audit techniques

Availability of client personnel + data

Vraag 5.4

Doel: Beheermaatreeltoets en stawingstoetse

Voer nie beheermaatreeltoetse by al die kliente uit nie:

-Slegs verwagting
-Kry ook stawingsbenaderings waar beheermaatreeltoetse nie uitgevoer hoef te word nie
 ISA 315

Business risk risk resulting from significant conditions/ events/ circumstances/

actions/ interactions  affect entity’s ability to achieve objectives +
execute strategies

Internal control process designed, implemented, maintained

by those charge with governance, management or other personnel
to provide reasonable assurance about the
achievement of entity’s objectives with regard to
reliability of financial reporting,
effectiveness + efficiency of operations,
and compliance with applicable laws + regulations

Significant risk identified + assessed RoMM that requires special audit

consideration (in auditor’s judgement)

Risk assessment audit procedures performed to obtain reasonable understanding

procedures of entity + environment + internal control to
RAP identify + assess RoMM

Provide sufficient
app audit evidence on
which to base opinion
RoMM
on own!consists
of risk @ FS
level + risk @ ISA 315
Assertion level
Discuss this step
 Identify RoMM (prev. mentioned under
how? Understand entity + environment + internal control ISA 200)
Referred to as RAP

 Assess RoMM
how? Evaluate whether they relate more pervasively to
FS as whole + potentially affect many assertions

 Relate ID risks to what can go wrong @ assertion level

 Consider likelihood of misstatement Inquiries

Incl. possibility of multiple misstatements

RAP

Observation + Analytical
inspection procedures
 THE AUDITOR SHALL OBTAIN AN UNDERSTANDING OF:

Entity's risk assessment

Entity + its environment Entity's internal control
process

Relevant industry, Controls relevant to audit Does entity have process

regulatory + other external are likely to relate to for:
factors (applicable financial reporting - not all
financial reporting controls are however ID business risks relevant to
framework) relevant to audit financial reporting objectives

Estimating significance of risks

Nature of entity
Auditor uses prof.
judgement whether Assessing likelihood of their
control, / , is occurrence
Operations
relevant to audit
Deciding about actions to
Ownership + governance address those risks
structures

Types of investments that Evaluate design of these

entity is making + plans to controls
make (investments in special-
purpose entities) Determine whether they
have been implemented
How? Perform procedures
The way entity is structured + in addition to inquiry of
how it is financed
entity's personnel

To enable auditor to
understand the classes of
transactions, accounts,
balances + disclosures to Obtain understanding of
be expected in FS control environment:

Entity's selection +
application of accounting Evaluate whether
policies + reasons for management has created +
change maintained culture of honesty
+ ethical behaviour

Evaluate whether entity's

accounting policies are app
for its business + consistent Evaluate whether strengths in
with applicable financial control enivornment
reporting framework + collectively provide app
accounting policies used in foundation for other
relevant industry components of internal control

Entity's objectives +
strategies + those related
business risks that may
result in RoMM

Measurement + review of
entity's financial
performance
 THE AUDITOR SHALL OBTAIN AN UNDERSTANDING OF:
Control Activities Relevant
Information System Monitoring of Controls
to Audit

Classes of transactions To assess RoMM @ Entity use to monitor

assertion level internal control
+
Procedures by which Design further audit How entity initiates remedial
transactions are initiated/ procedures to respond action to deficiencies in its
recorded/ processed/ controls
corrected

How entity has responded

to risks Nature of internal audit
Related accounting records function's responsibilities
+ supporting info + specific
accounts in FS

How info system captures

events + conditions

Financial reporting process

used to prepare FS
+
Significant accounting
estimates + disclosures

Controls surrounding journal

entries
Risks that require special audit consideration

Significant risks
Risk= risk of fraud?

Degree of subjectivity Risk = related to recent

in measurement of significant economic,
financial info related to accounting / other
risk? developments?

Significance
of risks
Consider:

Risk = involves
significant transactions
Complexity of
that are outside normal
transactions?
course of business for
entity?

Risk = involves
significant transactions
with related parties?

What will auditor do?

Obtain understanding of entity’s controls, incl. control activities, relevant to that risk
 RAP

Inquiries Analytical procedures Observation + inspection

Entity's operations
ID aspects of entity of which auditor
was unaware
May assist in assessing risk to
provide basis for designing +
implementing responses

Documents (business plan +

strategies) + records + internal
control manuals

Include financial + non-financial info Reports prepared by management (¼

(relationship between sales + square management reports / interim FS /
footage of selling space / volume minutes of meetings)
goods sold)

Entity's premises + plant facilities

ID existence unusual transactions /

events / amounts / ratios / trends
Assist in ID RoMM

Analytical procedures use data

aggregated at high level
 results only provide broad initial
indication of RoMM
? other info gathered + results of
analytical procedures = assist
auditor
ISA 200 PAR a 36 – a 39 – risiko op staatsvlak en stellingsvlak
ISA 200 PAR 13 (11)(i) – definisies inherente risiko
ISA 200 par A42
Par 44

Wat is al my bronne
Waaroor gaan ek inligting inwin

Ouditeur wil inherente kontrole risiko laag hê – ouditprosedures wat hy moet uitvoer gaan minder wees

Wanneer sal inherente risiko laag wees?

Eenvoudige kliënt
Goeie korporatiewe beheer
Maklike transaksies
Goeie bestuur
- LAAG WANNEER STELSELS GOED IS
Ouditeur moet dit goed dokumeteer oor hoekom hy minder ouditprosedures uitvoer as ander firma of
ander kliënt – skryf al die faktore hierbo in werkspapier
Nog nie besig om ouditbewyse te kry om mening uit te spreek nie – nog nie besig om FS te oudit nie
Besig om werk makliker te maak deur te bepaal hoeveel prosedures moet uitgevoer word op die FS

Debiteure van R1.3 miljoen in FS

As ouditeur wil ek hierdie bedrag toets
Hoeveel gaan ek toets? Hang af van inherente en kontrole risiko
Direkte impak oor hoeveel prosedures ek hier gaan uitvoer
Effektiwiteit van kontroles gaan impak hê op R1.3 miljoen debiteure – dink aan stelsels se kontroles
Behoorlike kredietaansoeke en limiete om seker te maak debiteure koop nie te veel – gaan dan nie
probleem hê met verhaalbaarheid van R1.3miljoen nie
Glad nie interne kontroles nie – kontrole risiko gaan op
Verskaf nie bewyse oor debiteure nie – kry slegs idee van hoeveel toetse en prosedures uitgevoer moet
word

RAP - gee dit ouditbewyse van FS om mening uit te spreek?

Nee!
Bepaal net hoeveel prosedures moet uitgevoer word – wat is grootte van steekproef
Slegs om risiko’s te identifiseer
Verwys na ISA330 – Test of controls

Stawinstoetse – toets Rand bedrae – toets R1.3miljoen van debiteure

Wat is test of control?

Toets operating effectiveness

Navrae opsigself nie baie goeie bewyse nie

- “Werk die kontrole?” Bestuur sê JA – gaan nooit regtig weet of dit die waarheid is nie

Word die kontrole regdeur die jaar effektief gedoen

Test of controls deel van ontdekkingsrisiko

Nie genoeg om ouditmening uit te spreek nie

Test of controls saam met substantive procedures nodig om ouditmening uit te spreek

Kan nie test of controls uitvoer as kontroles nie effektief is nie – gaan dan net substantive procedures
toets

Aanvaar UFS as kliënt:

2 risiko’s:
- studente gaan UCT/Potch toe (nie vir ouditeur risiko nie)

- brand EDU gebou af tydens stakings (belangrik vir ouditeur omdat dit FS affekteer)

Besigheidsrisiko sluit altyd ouditrisiko in

 ASSERTIONS ABOUT CLASSES OF TRANSACTIONS AND EVENTS, AND RELATED
DISCLOSURES [SPL]

Transactions + events are app aggregated + disaggregated + clearly

described
P resentation related disclosures are relevant + understandable
in context of requirements of applicable financial reporting framework

Amounts + other data relating to recorded transactions + events

A ccuracy have been recorded app
related disclosures have been app measured + described

C lassification Transactions + events have been recorded in proper accounts

All transactions + events that should have been recorded have been
recorded,
C ompleteness all related disclosures that should have been included in the FS have been
included

C utoff Transactions + events have been recorded in correct accounting period

Transactions + events that have been recorded, have occurred, and

O ccurrence such transactions pertain to the entity

ASSERTIONS ABOUT ACCOUNT BALANCES, AND RELATED DISCLOSURES [SFP]

Assets, liabilities + equity interest are app aggregated + disaggregated +

clearly described
P resentation related disclosures are relevant + understandable
in context of requirements of applicable financial reporting framework

1
A ccuracy 2
Assets, liabilities
3
+ equity interests have been
4
included in FS @ app
Due to the fact that (info from scenario), the (assertion) is at risk, because (info from scenario) might
amounts
V aluation
not be correctly (info from scenario) valuation / allocation adjustments have been properly recorded
resulting
A llocation related disclosures have been app measured + described

C lassification Assets, liabilities + equity interests have been recorded in proper accounts

All assets, liabilities + equity interests that should have been recorded have
been recorded
C ompleteness all related disclosures that should have been included in FS have been
included

E xistence Assets, liabilities + equity interests exist

R ights Entity holds / controls the rights to assets

O bligations liabilities are obligations of entity
ISA 320

Wat is wesenlik?
Gee nie formule nie – ontwikkel in praktyk

Par A4

Verwys na module uitkomste in studiegids oor % (kwantitatiewe aanwysers van wesenlikheid)

Moet tabel ken – word nie gegee in toetse en eksamens nie

Par A6

Hoe bereken ek wesenlikheid?

1 Kies stel FS
- Kies begrote FS
Is begrote FS betroubaar?
- Verlede jaar se geouditeerde FS (werklik)
- Werklike jaar tot datum syfers vir huidige jaar
2 Kies komponent in FS
3 Bepaal range

Groter wesenlikheid – minder transaksies om te toets

Hoër risiko kliënt – kies kleiner wesenlikheid – maak op vir risiko van wanvoorstellings deur meer
ouditprosedures uit te voer

Laer risiko kliënt – kies hoër wesenlikheid – minder ouditprosedures

ISA 330

Beheermaatreëlstoetse –
kontroles werk effektief
As daar nie wesenlike veranderinge in stelsel plaasgevind het nie, hoef nie vir oorblywende tydperk uit te
voer nie

Par 13
Voorwaardes om ou ouditbewyse te gebruik NB!
Beheeromgewing moet gunstig wees – houding van bestuur rakende interne kontroles
Algemene kontroles nie goed – kan nie op toepassingskontroles staatmaak nie
Help nie as goeie stelseldokumentasie ens het en algemene kontroles is nie goed nie

Par 15
Mag nie terugval op 3 jaar vergunning nie. Geld slegs vir risiko areas wat nie beduidende risiko insluit
nie. Beduidende risiko en tydens beplanningsfase verwagting geskep dat kontroles uitgevoer gaan
word, dan moet dit uitgevoer word

Par 17
Afwykings
Par 11.9 in Auditing Notes – aankope en betalingsiklus

Tydens beheermaatreeltoetse kom agter daar is nie kruisverwysings tussen dokumente nie – kyk na
uitsonderingsverslag wat deur bestuurder nagesien word. Bestuur identifiseer of elke rekwisisie ‘n
aankoopbestelling het

Voorkomend – rekwisisie en aankoopbestelling verwys na mekaar

Opsporend - na die tyd optel as rekwisisie en aankoopbestelling nie kruisverwys is nie
Toets beide bg kontroles

Gaan altyd stawingstoetse uitvoer maak nie saak wat risiko is nie

Mag nie stawende analitiese prosedures uitvoer as daar ‘n beduidende risiko is nie

Gaan altyd oorblywende tydperk moet dek by stawingstoetse (laaste paar maande)
ISA 330 Bl 7
2Tipes benaderings vir ouditproses
- Gekombineerd
- Slegs stawingsbenadering
Daar is nie beheermaatreëlstoetsbenadering of kontrole benadering NIE!!

Hoë gerekenariseerde kliënt – konsekwente verwerking

Moet goeie algemene kontroles wees en goeie rekenaarstelsel wees
Beheermaatreeltoets 1 keer uitvoer en hy werk – neem aan hy werk altyd goed MITS bg kontroles goed
is
ISA 500

Aard van ouditprosedures – ISA 500 A14

Teorievrae:

Praktiese vrae – berekeninge van wesenlikheid + risiko of finansiële vlak en staatsvlak

Kort teorie vrae in 300, 315, 330

Verduidelik verskil tussen beheermaatreëltoetse en stawingstoetse deur praktiese voorbeelde te gee

Leeruitkomste
ISA 330

Stem jy saam met stelling wat gemaak is?

Volgende stellings gemaak: jy kan as jy risiko-beoordelingsprosedures uitvoer, slegs op navrae

staatmaak?
Ja, dit word toegelaat. Nie besig met ouditbewyse nie

MAAR

As beheermaatreeltoetse uitgevoer word kan net navrae gedoen word?

Nee

Hoe reageer ouditeur op beduidende risiko? Wat is respons?

Respons = hoe reageer jy. Sluit beheermaatreëltoetse en stawingstoetse in
Vra nie wat beduindende risiko is nie
ISA 330
Beheermaatreëlstoetse – Voer nie altyd uit as daar nie beduidende risiko is nie. Slegs indien verwagting
geskep is dat kontroles werk. Toets elke 3 jaar, maar as dit ‘n beduidende risiko is, moet dit elke jaar
getoets word
Stawingsprosedures – moet detail toetse gebruik, mag nie analitiese prosedures gebruik nie

Onderskei:
Toets van detail – indien beduidende risiko
Stawende analitiese prosedure
ISA 230-240 NIE GEKOPPEL AAN SPESIFIEKE STAP NIE
ISA 250

ISA 505 – OUDITRESPONS – DEB BEVESTIGING

ISA 510 – NUWE KLIENT – HELE PROSES – NIE SPESIFIEKE STAP NIE

ISA 520 – ANALITIESE PROSEDURES – STAWINGSPROSEDURES + AFHANDELINGSFASE

GAAN NIE OOR ANALITIESE PROSEDURES TYDENS BEPLANNING NIE

ISA 530 – SLEGS GEDEELTE

ISA 580 – DEEL VAN OUDITBEWYSE – OUDITRESPONS

KORT TEORIE VRAE – VLAK 1

ISA 230

Geen nuwe ouditprosedures na datum wat ouditverslag moet klaar wees nie
ISA 240

Verwys terug na ouditproses:

-Tydens beplanning met risikobeoordelingsprosedures – doen navrae bestuur. Doen navrae oor
spesifieke goed. Is bestuur bewus van bedrog? Wat is hulle prosedures om bedrog op te spoor? Ens
[P16-19] Oorweeg wanneer jy besig is met ISA 315

- [P26] Aanname dat daar by alle kliënt risiko is vir bedrog by inkomste erkenning

- [P28] Oorhoofse respons en spesifieke respons vir bedrog [ISA 330]

P31-32
Lae vlak werknemers sal eerder steel as bedrog pleeg. Bedrog kom meer op boonste vlakke voor.
Rapporteer aan eksterne partye (rapporteerbare onreëlmatigheid). Hoe gaan aandeelhouers die
boodskap kry dat direksie betrokke is by bedrog? Gaan nie skoon ouditverslag uitreik nie. Kan nie
skoon ouditverslag uitreik as daar rapporteerbare onreëlmatigheid is. Bedrog gaan nie noodwendig oor
randwaarde nie – het dalk geen wanvoorstellings opgetel wat mening beïnvloed nie. Direkteur steel
R1000 – ongeag bedrag wat gesteel is – het nie sy fidusiêre plig nagekom nie. Het rapporteerbare
onreelmatigheid gebaseer op direkteur wat nie sy fidusiêre plig nakom nie.

P40
Val weg indien dit direksie self is wat by bedrog betrokke is – verwys dan na P43
ISA 250
P5
Hoe verder wetgewing verwyder is – hoe moeiliker is dit om nie-nakoming op te tel

P6
Onderskei tussen wetgewing
MPY WET = beïnvloed direk
BV. NIE-NAKOMING VAN BEROEPSVEILIGHEID = indirekte invloed

Benadering verskil!
Makliker om direkte wetgewing te oudit

Ouditprosedures wat uitgevoer kan word om nie-nakoming van indirekte wetgewing te toets?
-Dagvaardigings / regsbriewe van prokureurs
-Kommunikasie van regering
-Media

P10
Ouditeur moet mpywet oudit
Indien daar enige nie-nakoming is van indirekte wetgewing WAT WESENLIKE EFFEK OP FS HET
Reageer toepaslik op nie-nakoming [reeds nie-nakoming opgespoor – NOCLAR volgens professionele
gedragskode]
ISA 510
Begin by vorige ouditeure se werkspapiere, ouditverslag
Eerste keer oudit – kan nie dan na werkspapiere kyk nie
Kry afgetekende FS van vorige jr en bevestig dat saldo’s reg oorgedra is
Is rek beleid konsekwent toegepas
EAT – Begins + Aankope – Verkope = Einds
Moontlik dat huidige jr se prosedures bevestiging gee oor beginsaldo – gebruik dit
Gebruik steekproef van beginsaldo

Kan nie doen met voorraad nie

Moet addisionele ouditprosedures uitvoer
Kan nie heeltemal van vooraf toets nie – doen redelikheidstoetse
Hoe toets beginsaldo van voorraad?
Waar kry ek meeste bewyse?
Voorraadtelling – gaan nie oortel nie! Verwys na dokumentasie – vra werkspapiere, geskrewe
instruksies, verslae van voorraadtelling.
Kyk na redelikheid, doen navrae, bevestig dis reg ingelees

P13
Modifikasie van ouditopinie
Vorige ouditeure se opinie kan impak hê op huidige jr se opinie ook
Gekwalifiseerde verslag in vorige jr
Wanvoorstellings kan nou oorgedra word – as dit so groot was kan dit impak hê op huidige jr
ISA 520
Tipes ouditrespons? ISA 330
-Beheermaatreëltoetse
-Stawingstoetse (stawende detailtoetse en stawende analitiese prosedures)

Watter stawingsprosedures wil jy graag doen? Stawende analitiese prosedures – makliker en vinniger.
Kan nie altyd doen nie:
- Mag nie as daar beduidende risiko is nie
- Water en elektrisiteit / huurinkomste – kies een maand en toets in detail – lynitems wat jy kan voorspel

P6 nuut – finale analitiese prosedures. Nie besig om ouditbewyse te verkry nie

Doel van finale analitiese ouditprosedure?
- Redelikheidstoets – toets of dit wat geoudit is, sin maak
Verkope neem toe met 20%, maar debiteure neem slegs toe met 4%. Hoekom? Was meer aggressief
met deb.invordering – maak nou sin

Maak algemene gevolgtrekking gebaseer op begrip van entiteit

Industrienorme vergelyk

PA6-8
Wanneer kan analitiese prosedures gebruik word?
-Werknemers
-Rente inkomste

Kan nie gebruik met bruto wins nie

PA9
Nie goeie kontroles by kliënt nie – voer nie beheermaatreeltoetse uit nie. Voer meer proseduers uit van
beter gehalte. Voer prosedures naby aan jaareinde uit. Soek ouditbewyse wat meer gerusstelling
verskaf – beweeg meer na detailtoetse. Kyk dus na aard, tydstip

OUDITRESPONS BAIE BELANGRIK VIR STR. VOLGENDE JR MEER PRAKTIES. BAIE

BELANGRIKE TEORIE!!!!!
ISA 530
Steekproewe
Def – audit sampling
ISA 500 Daar is wel sekere gevalle waar 100% getoets word – waar lynitem uit min items bestaan / daar
is redes hoekom (risiko) / aard is so dat dit maklik is om almal te toets
Def – stratifikasie (h) = hele populasie in kleiner groepe te verdeel volgens karaktereienskappe
(monetêre waarde). Verkope bedrag toets in FS – vat hele populasie en sorteer in groepe volgens
waarde. Toets elke groep apart want jy wil soveel as moontlik toets. Kies steekproef uit elke groep en
toets afsonderlik.
Voordele en nadele in stratifikasie.
Nadele – as jy foute / wanvoorstellings optel
Kies 10 transaksies uit 3 groepe. Populasie gr1 = 3200, gr2 = 1200, gr3 = 980.
Ekstrapoleer fout – as 2 van 10 transaksies in gr1 verkeerd is (20%) – is aanname dat 20% van 3200
ook wanvoorstellings het. Nie noodwendig waar nie. Ekstrapoleer fout vir elke groep van populasies
Hoop dat daar nie foute gaan wees in hoogste groep nie.

Kan ook opdeel volgens aard van transaksies

Toets iPads desktops, ens
ISA 580
Bestuursverklarings
Onderskei tussen 580 en 505.
ISA505 - Eksterne bevestigings gaan oor debiteure – bevestig direk van debiteure oor saldo – deel van
ouditbewyse wat van baie hoë standaard is. Toets bestaan en waardasie.
ISA580 – Nie ouditbewyse waarop ouditmening uitgespreek kan word nie. Vervang nooit ouditbewyse
nie. Moet kry voordat oudit afgeteken moet word

Bestuursverklaring – ouditeur berei voor en kliënt teken af. Nie deel van ouditbewyse nie!!
Moet verkry voordat oudit afgeteken kan word – deel van ouditlêer
Word geteken deur direksie
Wat gebeur as hulle weier om te teken – kan nie ouditverslag afteken nie. Daar is niks opgetel wat wys
dat daar wanvoorstellings is nie, en bestuur weier om te teken = bestuur het iets om weg te steek. Kan
wel lei tot verandering in ouditopinie. Kan lê in deel wat nie getoets is nie.
Nie onderhandelbaar – moet teken!

P19
Stappe as bestuurverklaring nie geteken word nie
Oorweeg integriteit van bestuur as hulle weier om te teken sonder geldige rede

Hoe kan dit gevra word?

Gee scenario oor stellings wat gemaak word. Bevestig of dit reg/verkeerd is + lewer kommentaar
daarop

Bestuursverklaring vervang nie ouditbewyse nie.

Verduidelik wat is belangrikste verskil tussen bestuursverklaring en eksterne bevestiging

- Eksterne bevestiging – onafhanklike ouditbewyse
- Bestuursverklaring - Interne bevestiging, maar nie ouditbewyse nie
PERFORMING
 ISA 265

Auditor R to communicate to those charged with governance: deficiencies in internal control

 express opinion on effectiveness

1. Control designed, implemented, operated  UNABLE to prevent, detect, correct mis

OR
1. ID ≥1 deficiencies
2. Control to prevent, detect, correct misstatements in FS MISSING

2. Determine whether /

= significant deficiency
[based on audit work
performed]

3. Communicate in writing
 management significant
deficiencies
[timely basis]
Significant
deficiencies:
PA5-A7