ACCA is the global body for professional accountants Worldwide, with 219,000 qualified members & 527,000 students, world’s best and most highly sought
Definition: ‘Mistakes, including omissions, are supposed to be material if they, alone or on the whole, could reasonably be expected to affect the economic decisions of users taken on the basis of the financial statements. In assessing the level of materiality there are a number of sections that should be examined. Firstly the auditor must…
Client acceptance or continuance audit Steps before the acceptance of an audit client Client Acceptance or Continuance– Need to Know when to say no or yes. Asking the right questions from the client while considering new clients or continuance of existing clients, is a key first step for establishing a quality audit and relationship between the auditor and client.
International Code of Ethics for Professional Accountants ACCA AA & AAA Conceptual Framework What is Auditor Independence? Auditors are expected to provide an unbiased opinion on the work that they have performed. An auditor who has a lack of independence or has threats to auditor independence, his audit report useless to those who rely on…
Here are Fundamental principles of ethics described by ACCA to be followed by all ACCA members, Students must be memorized all of them, this can be tested straightforward and in MCQ’s in CBE. AA & AAA 5 Fundamental principles of ethics described by ACCA Integrity The auditor should be straight forward & honest in all…
How to Pass ACCA AAA Advanced Audit and Assurance, Answering Techniques How to Pass ACCA AAA Regulatory Environment Syllabus Area A, B & C Law and Regulations Money Laundering Professional and Ethical Considerations Code of Ethics Fraud and Error Professional Liability Practice Management Quality Obtaining and accepting professional assignments Commonly Tested Requirements Comment on the…
Appointment Removal & Role Of An Auditor Appointment Removal & Role Of An Auditor. an auditor is a compulsory requirement for all companies to operate in the majority all over the world. So here are a few rules… The Auditor’s duties Fundamental duties are to: – An opinion that shows whether the financial statements give…
What is assurance & Types of Assurance Engagement What is Assurance Engagement: Assurance Engagement Definition: Any assignment/engagement which has five elements(Below) becomes an assurance engagement Five Elements of an Assurance Engagement [table id=32 /] An assurance engagement will require a three-party relationship comprising: a) The intended user who is the person who requires the assurance…
How to pass SBL – Tips and Techniques This is a technical article on how to pass SBL and SBL Tips and Techniques for students. One of the issues students face in the exams is to handle the case study in the allotted time. To handle this exam effectively and efficiently, You, must plan your…
True and Fair presentation Definition Financial statements are produced by the Board of directors which give a true and fair view of the entity’s results. The auditor in reviewing these financial statements gives an opinion on the truth and fairness of them. Although there is no definition in the International Standards on Auditing of true…
What is Audit and Inherent Limitation of Audit Audit: The practitioner examines the subject matter made available by the responsible party, matches it to the suitable criteria using evidence and reports to the intended users. (Audit also have inherent limitation) see below. OR An audit is an Independent Examination of Financial Statements. Background: Company is…
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