匯總zbf8一基礎(chǔ)講義

AuditandStudentservice:Hotline:4006-026-018JoinusonQQ：：4006026 .-2Chapter1 ernance..........................................................................................-2Chapter2Statutoryauditandotherassuranceservice.........................................................-9-Chapter4Acceptingauditappointments...........................................................................-31Chapter5Internalaudit......................................................................................................-35PARTBnningandriskassessment................................................................................-39Chapter6Riskassessmentandresponsestoassessedrisks...............................................-39Chapter7Auditstrategy,auditnningand ation.............................................-46-PartCInternalcontrol................................................................................................................-60Chapter9Internalcontrol..................................................................................................-60Chapter10Typesofcontrol...............................................................................................-69PartDAuditevidence(ISA500)...............................................................................................-80Chapter11Auditsampling,CAATandusingtheworkofothers......................................-80-Chapter12Substantiveprocedure.....................................................................................-89Chapter13Auditnot-for-profitorganizationsandsmallorganisations...........................-109-Chapter14Auditreviewandfinalization........................................................................-110-Chapter15Reports...........................................................................................................-119PARTAAuditframeworkand SeparationOwnershipandBoardofdirectorsvs.BoardofInsimplewords,BODisresponsibleformanagingandcontroltheoperationof BeforeimplementationofC.G.theBODconsistsoftheexecutivedirectorsonly.Decisionmadebyconsensus(simplemajority)throughthemeetingof ’smembersorequityshareholdersaretheowners Decisionmadebyvotingrightattachedtoeachcategoryofshareholders,throughthegeneralmeeting(AGM;EGM)Insmallprivatecompaniesthedirectorsarealsoshareholdersmostlikely.However,forthelargepubliccompaniesespeciallyinmodernUKandUScapitalmarkettheshareholdersarenormallynotdirectors,Therebythesituationofseparationofownershipandcontrolaroused.Agency‘Agent’—BODPrincipalsdelegaterightorauthoritytoagents.Agentsshouldactinthebestinterestofprincipals.E.g.thedirectorsdonotactinthebestinterestofshareholdersinsteadofsatisfyingtheownself-interestasresultofsacrificetheshareholderinterest.ofinterestAccordingtoLaw,therightsofappointmentexternalauditorliewithshareholder.However,inpractice,theexecutivedirectorsmakethe mendlistofexternalauditorforshareholder’sapproving.Thispracticemayaffecttheindependenceofexternalauditor.ExecutivedirectorsmaypaythemselvesexcessiveExecutivedirectorsmayselecttheincapablecandidatessittingintheTherearealsomanytypes sofInvestmentHowtosolvetheagencyIntroducingtheroleofexternalThepurposeofanauditistoenhancethedegreeofconfidenceofintendedusersinthefinancialstatements.Thisisachievedbytheexpressionofanopinionbytheauditoronwhetherthefinancialstatementsareprepared,inallmaterialrespects,inaccordancewithanapplicablefinancialreportingframework.Asthebasisfortheauditor’sopinion,ISAsrequiretheauditortoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefrommaterialmisstatement,whetherduetofraudorerror.Finally,communicatetheresulttoshareholderthroughexternalauditOnlydependentonexternalauditorisnotenoughtosolveAkindofdetectionIntroductionstheroleofnon-executivedirector(majority)DefinitionofNEDs:Theyaredirectorswhoattendtotheboardmeetings,andcommitteemeetingswhenrequiredanddonotinvolveintheday-to-dayrunningoforganization.Insimplewords,theNEDrepresentshareholder’sinterestandsitinthehelwhilemonitoringtheexecutiveNon-executivesbringvaluableexperiencetoa ,buttheymustalsoexercisetheirindependentjudgementoverthewholeboard.Henceonlyindependentnon-executiveswithrelevantexperienceandskillsshouldbeappointedtotheboardConsistofmajorityofNEDsinordertodetermineremunerationandrelatedtoexecutiveNodirectorshouldbeinvolvedinsettingtheirownremunerationasthismayresultinexcessivelevelsofpaybeingset.Thereshouldbeafairandtransparentinceforsettingremunerationlevels.Thenon-executivedirectorsshoulddecideontheremunerationoftheexecutives.Thefinancedirectororchairmanshoulddecideonthepayofthenon-executives.IndependentNED’sremunerationshouldbeunrelatedtotheperformanceofthesotheyshouldbepaidafixedfeewhichisnotprofitrelatedConsistofmajorityofNEDsinordertoselectsuitablecandidatestositintheboardandevaluatetheindividualdirectorperformance.AlldirectorsincludingNEDsmustbesubjecttore-electionatregularintervalsnotexceedingthreeyearsComprisedofatleastthreeindependentnon-executives,oneofwhomshouldhaverelevantfinancialexperience.Thedetailfunctionsofauditcommitteeisasbelow:referto2.5FunctionandbenefitsofauditTheywillbringconsiderableexternalexperiencetotheboardaswellaschallengingthedecisionsofexecutivedirectorsandcontributingtoindependentThefinancedirectorwillbenefitinthathewillbeabletoraiseconcernsanddiscussaccountingissueswiththeauditcommittee.Itwillhelptoimprovethequalityofthefinancialreportingofthe;whilstthealreadyhasafinancedirector,theauditcommitteewillassistbyreviewingthefinancialTheestablishmentofanauditcommitteecanhelptoimprovetheinternalcontrolenvironmentofthe .Theauditcommitteeisabletodevotemoretimeandattentiontoareassuchasinternalcontrols.Ifthehasaninternalaudit(IA)department,thenestablishinganauditcommitteewillalsoimprovetheindependenceofIA.Theauditcommitteecanalsoprovideadviceonriskmanagementtotheexecutivedirectors.Theycancreateaclimateofdisciplineandcontrolandreducetheopportunityforfraud,andincreasepublicconfidenceinthecredibilityandobjectivityofthefinancialstatements.Theauditcommitteewillassumeresponsibilityforappointingandliaisingwiththeexternalauditfirm,thusensuringtheindependenceoftheexternalauditorespeciallyincasesofdisputewithmanagement.Conclusionof2.2to2.5Balancethepower(structure)ofBoardofAnappropriatecombinationofexecutiveandnon-executivedirectorsontheboardandmendsthatatleasthalftheboardshouldcomprisenon-executivedirectorsCleardivisionofresponsibilityattheheadofa betweenthechairmanandthechiefexecutive.Itrequiresthatnooneindividualhasunfetteredpowersofdecision.Thechairmanhastomeetthesameindependencecriteriaasnon-executivedirectorsandshouldnotbeaformerchiefexecutiveofthesame exceptinexceptionalTheresponsibilityofboardofdirector(preconditionsfortheISA210AgreeingtheTermsofAuditEngagementsrequiresauditorstoonlyacceptanewauditengagementwhenithasbeenconfirmedthatthepreconditionsforanauditarepresent.Toassesswhetherthepreconditionsforanauditarepresent,auditormustdeterminewhetherthefinancialreportingframeworktobeappliedinthepreparationof’sfinancialstatementsisacceptable.Inconsideringthis,theauditorshouldassessthenatureoftheentity,thenatureandpurposeofthefinancialstatementsandwhetherlaworregulationsprescribestheapplicablereportingframework.Inaddition,theymustobtaintheagreementof’smanagementthatacknowledgesandunderstandsitsresponsibilityforthePreparationofthefinancialstatementsinaccordancewiththeapplicablefinancialreportingframework,includingwhererelevanttheirfairpresentation;Forsuchinternalcontrolasmanagementdeterminesisnecessarytoenablethepreparationoffinancialstatementswhicharefrommaterialmisstatement,whetherduetofraudorerror;andToprovideauditorwithaccesstoallrelevantinformationforthepreparationofthefinancialstatements,anyadditionalinformationthattheauditormayrequestfrommanagementandunrestrictedaccessto swithinfromwhomtheauditordeterminesitnecessarytoobtainauditevidence.ImportanceofinternalInternalcontrolsareessentialtomanagement,astheycontributereliabilityoffinancialefficiencyandeffectivenessofcompliancewithlawsandregulationsandriskassessmentofmaterialDirectors'responsibilitiesforinternalTheultimateresponsibilityfora 'ssystemofinternalcontrolslieswiththeboardofdirectors.Itshouldsetproceduresofinternalcontrolandregularlymonitorthatthesystemoperatesasitshould.Partofsettingupaninternalcontrolsystemwillinvolveassessingtherisksfacingthebusiness,sothatthesystemcanbedesignedtoensurethoserisksareavoided.Oncethedirectorshavesetupasystemofinternalcontrol,theyareresponsiblereviewingitregularlytoensurethatitstillmeetsitsTheboardmaydecidethatinordertocarryouttheirreviewfunctionproperlytheyhavetoemployaninternalauditfunctiontoundertakethistask.Whendecidingwhetheraninternalauditfunctionisrequired,directorswillneedtoconsidertheextentandcomplexityofsystemsandcontrolsIftheboarddoesnotseetheneedforaninternalauditfunction,intheUK,theUKCorporateernanceCoderequirescompaniestoconsidertheneedforoneannually,sothattheneedforinternalauditisregularlyreviewed.ThesameCodealso mendsthattheboardofdirectorsreportsonitsreviewof 'sriskmanagementandinternalcontrolssystemsaspartoftheannualTypesofinternalcontrolRelatedtofinancialMakesurethatthefinancialstatementsshowtrueandfairRelatedtooperationofMakesurethat ’soperationachieves‘3E’or‘valueformoney’Economy–KeethecostofresourcesusedtoaEfficiency–Therelationshipbetweentheoutputfromgoodsandservicesandtheresourcesusedtoproducethem.Effectiveness–Howwelltheorganisation’sobjectiveshavebeenConclusionof ernanceisthesystembywhichcompaniesaredirectedandcontrolled.AccordingtotheUKCorporateernanceCodethe‘purposeof ernanceistofacilitateeffective,entrepreneurialandprudentmanagementthatcandeliverthelong-termsuccessofthe ernanceconsiderstheresponsibilitiesofdirectors,howtheofdirectorsshouldberunandstructured,theneedforgoodinternalcontrolsandtherelationshipwithexternalauditors.Itisimportantforcompaniestoconsidergoodcorporate ernanceprinciplesasoftenitismanagementorthosechargedwith ernancewhorunthe,buttheownersaretheshareholdersandtheyarenotinvolvedintherunningofthebusiness.Fortheseshareholderstheironlyopportunitytoraiseconcernsisattheannualgeneralmeeting,whichonlyoccursonceayearandoftenattendanceislow.Shareholdersneedtoensurethattheirneedsaretakenintoaccountbymanagement,andthatthereisaprocessinceforthemtobeinformedastohowthebusinessisoperating.CommunicationswithThoseChargedwithernance(ISASpecificresponsibilitiesofthosecharged Thosecharged ernanceareresponsibleforthestrategicdirectionofthe–obligationsrelatedtotheaccountabilityoftheentity.Thisincludesoverseeingthefinancialreportingmotionofgood riskassessmenttheestablishmentandmonitoringofinternalcompliancewithapplicablelawandimplementationofcontrolstopreventanddetectfraudandWhyitisimportantthatauditorscommunicatethroughouttheauditwiththosechargedwith InaccordancewithISA260CommunicationwithThoseChargedwithernance,itisimportantfortheauditorstoreporttothosechargedwith ernanceasithelpsinthefollowingways:Itassiststheauditorandthosechargedwith ernanceinunderstandingmattersrelatedtotheaudit,andindeveloaconstructiveworkingrelationship.Thisrelationshipisdevelopedwhilemaintainingtheauditor’sindependenceandIthelpstheauditorinobtaining,fromthosechargedwith ernance,informationrelevanttotheaudit.Forexample,thosechargedwith ernancemayassisttheauditorinunderstandingtheentityanditsenvironment,inidentifyingappropriatesourcesofauditevidenceandinprovidinginformationaboutspecifictransactionsorIthelpsthosechargedwith ernanceinfulfillingtheirresponsibilitytooverseethefinancialreportingprocess,therebyreducingtherisksofmaterialmisstatementofthefinancialMatterstobecommunicatedtothosecharged Theauditor’sresponsibilitieswithregardstoprovidinganopiniononthefinancialstatementsandthattheyhavecarriedouttheirworkinaccordancewithInternationalStandardsonAuditing.TheauditorshouldexinthennedapproachtotheauditaswellastheauditAnykeyauditrisksidentifiedduringthenningstageshouldbeInaddition,anysignificantdifficultiesencounteredduringtheauditshouldbeAlsosignificantmattersarisingduringtheaudit,aswellassignificantaccountingDuringtheauditanysignificantdeficienciesintheinternalcontrolsystemidentifiedshouldbecommunicatedinwritingorverbally.Thosechargedwith ernanceshouldbenotifiedofanywrittenrepresentationsrequiredbytheauditor.Othermattersarisingfromtheauditthataresignificanttotheoversightofthefinancialreportingprocess.Ifanyedfraudsareidentifiedduringtheaudit,thesemustbeIftheauditorsareintendingtomakeanymodificationstotheauditopinion,theseshouldbecommunicatedtothosechargedwith Forlistedentities,aconfirmationthattheauditorshavecompliedwithethicalstandardsandappropriatesafeguardshavebeenputinceforanyethicalthreatsidentified.TheobjectiveofF.S(statutory/external/independent)Thepurposeofanauditistoenhancethedegreeofconfidenceofintendedusersinthefinancialstatements.Thisisachievedbytheexpressionofanopinionbytheauditoronwhetherthefinancialstatementsareprepared,inallmaterialrespects,inaccordancewithanapplicablefinancialreportingframework.Inthecaseofmostgeneralpurposeframeworks,thatopinionisonwhetherthefinancialstatementsarepresentedfairly,inallmaterialrespects,orgiveatrueandfairviewinaccordancewiththeframework.AnauditconductedinaccordancewithISAsandrelevantethicalrequirementsenablestheauditortoformthatopinion.TheresponsibilityofexternalAsthebasisfortheauditor’sopinion,ISAsrequiretheauditortoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefrommaterialmisstatement,whetherduetofraudorerror.Reasonableassuranceisahighlevelofassurance.Itisobtainedwhentheauditorhasobtainedsufficientappropriateauditevidencetoreduceauditrisk(thatis,theriskthattheauditorexpressesaninappropriateopinionwhenthefinancialstatementsaremateriallymisstated)toanacceptablylowlevel.However,reasonableassuranceisnotanabsolutelevelofassurance,becausethereareinherentlimitationsofanauditwhichresultinmostoftheauditevidenceonwhichtheauditordrawsconclusionsandbasestheauditor’sopinionbeingpersuasiveratherthanconclusive.TherightandlegalprocessofexternalAccesstoallinformationofwhichmanagementand,whereappropriate,thosechargedwithernanceareawarethatisrelevanttothepreparationofthefinancialstatementssuchasrecords,ationandothermatters;Additionalinformationthattheauditormayrequestfrommanagementand,whereappropriate,thosechargedwithernanceforthepurposeoftheaudit;andUnrestrictedaccessto swithintheentityfromwhomtheauditordeterminesitnecessarytoobtainauditevidence.LegalInthevastmajorityofcasesthe ’sshareholdersappointtheexternalauditors.InpracticetheBoardofDirectorswillproposeanauditfirm,whichissubjecttoapprovalbytheshareholders.(ThroughAGM)InrarecasestheauditorsareapprovedbytheBoardofdAGeneralMeetingmustbecalledsothattheshareholderscanvoteontheproposal.TheauditorshavealegalrighttosendawrittenexnationtotheshareholdersorspeakattheGeneralMeeting.Oncetheauditorshavebeenremoved,theymustissueaStatementofCircumstances.Thisstatementexinsthespecificreasonsfortheresignationorremoval.Or,iftherearenoreasons,thistoomustbestatedviaStatementwithnosuchcircumstances.Ifanauditorresigns,theyshoulddosoinwritingandtheymaywishtospeaktotheshareholderstoexintheirreasons.Thelawgivestheauditortwospecificrightsinthiscase:(1)Therighttosendawrittenexnationtoshareholders(awrittenrepresentation);and(2)TherighttorequestaGeneralMeetingwheretheymayspeaktotheOncetheauditorshaveresignedtheymustissueaStatementofCircumstancesStatementwithnosuchHowtodotheF.Saudit(achieveobjectiveandfulfilledtheTrueandfairview(fairlyCompliancewith(IASandrelevantInrepresentingthatthefinancialstatementsareinaccordancewiththeapplicablefinancialreportingframework,managementimplicitlyorexplicitlymakesassertionsregardingtherecognition,measurement,presentationanddisclosureofthevariouselementsoffinancialstatementsandrelateddisclosures.Assertionsusedbytheauditortoconsiderthedifferenttypesofpotentialmisstatementsthatmayoccurfallintothefollowingthreecategoriesandmaytakethefollowingforms:AssertionsaboutclassesoftransactionsandeventsfortheperiodunderOccurrence—transactionsandeventsthathavebeenrecordedhaveoccurredandpertaintotheentity.Completeness—alltransactionsandeventsthatshouldhavebeenrecordedhavebeenrecorded.Accuracy—amountsandotherdatarelatingtorecordedtransactionsandeventshavebeenrecordedappropria Cutoff—transactionsandeventshavebeenrecordedinthecorrectaccountingAssertionsaboutaccountbalancesattheperiodRightsandobligations—theentityholdsorcontrolstherightstoassets,andliabilitiesaretheobligationsoftheentity.Completeness—allassets,liabilitiesandequityintereststhatshouldhavebeenrecordedhavebeenrecorded.Valuationandallocation—assets,liabilities,andequityinterestsareincludedinthefinancialstatementsatappropriateamountsandanyresultingvaluationorallocationadjustments(likeARimpairment)areappropriayrecorded.Assertionsaboutpresentationandmattershaveoccurredandpertaintotheentity.Completeness—alldisclosuresthatshouldhavebeenincludedinthefinancialstatementshavebeenincluded.Classificationandunderstandability—financialinformationisappropriaypresentedanddescribed,anddisclosuresareclearlyexpressed.Accuracyandvaluation—financialandotherinformationaredisclosedfairlyandatappropriateamounts.Substantiveprocedure(substantiveAnauditproceduredesignedtodetectmaterialmisstatementsattheassertionTransactionaudit(byusingonlysubstantiveSystemaudit(testofcontrolandsubstantiveRiskbasedBaseontheassessedriskdesignfurtherauditprocedures(testofcontrolor/andsubstantivetest)ISA330CommunicatetheauditfindingsandopiniontoshareholderISA700705LimitationofF.STheauditorisnotexpectedto,andcannot,reduceauditrisktozeroandcannotthereforeobtainabsoluteassurancethatthefinancialstatementsarefrommaterialmisstatementduetofraudorerror.Thisisbecausethereareinherentlimitationsofanaudit,whichresultinmostoftheauditevidenceonwhichtheauditordrawsconclusionsandbasestheauditor’sopinionbeingpersuasiveratherthanconclusive.Theinherentlimitationsofanauditarisefrom:Sampling–itisnotpracticalforanauditortotest100%oftransactionsandsotheyhavetoapplysamplingmethodologiesinselectingbalances/transactionstotest.Therefore,therecouldbeanerrorinanitemnotselectedfortestingbytheauditor.Subjectivity–financialstatementsincludejudgementalandsubjectiveareasandthereforetheauditorisrequiredtousetheirjudgementinassessingwhetherthefinancialstatementsaretrueandfair.Inherentlimitationsofinternalcontrolsystems–aninternalcontrolsystemisoperatedbypeopleandhenceisliabletohumanerror.Inaddition,thereisthepossibilityofcontrolsoverridebymanagementandofcollusionandfraud.Itisimpossibletoremovealloftheseinherentlimitationsandastheauditorreliesontheinternalcontrolsystems,thiscanreducetheusefulnessoftheaudit.Historicinformation–theauditreportisoftenissuedsometimeaftertheyearend,andsothefinancialinformationcanbequitedifferenttothecurrentposition.Inthecurrentmarketcewherecompanies’financialpositionscanchangequitequickly,theauditopinionmaynolongerberelevantasitisoutofdate.ThestatusofInternationalStandardsonInternationalStandardsonAuditing(ISAs)areissuedbytheInternationalAuditingandAssuranceStandardsBoard(B)andprovideguidanceontheperformanceofanISAsonlyapplytotheauditofhistoricalfinancialinformation.Theyarewritteninthecontextofanauditoffinancialstatementsbyanindependentauditor.TheISAscontainbasicprinciplesandessentialprocedurestogetherwithrelatedguidanceintheformofexnatorymaterialandappendices.ItisnecessarytoconsiderandunderstandtheentiretextofanISAtounderstandandapplythebasicprinciplesandessentialprocedures.ThebasicprinciplesandessentialproceduresofanISAaretobeappliedinallcases.IfinexceptionalcasestheauditordeemsitnecessarytodepartfromanISAtoachievetheoverallaimoftheaudit,thenthisdeparturemustbejustified.IntheeventthatISAsdifferfromlocallegislationinaspecificcountry,ISAsdooverridelocalTheconceptofTRUEandFAIRTrue–Informationisfactualandconformswithrealityinthattherearenofactualerrors.Inadditionitisassumedthattobetrueitmustcomplywithaccountingstandardsandanyrelevantlegislation.Lastlytrueincludesdatabeingcorrectlytransferredfromaccountingrecordstothefinancialstatements.Fair–Informationisclear,impartialandunbiased,andalsoreflectsinlycommercialsubstanceofthetransactionsoftheAssuranceEngagement-Anassuranceengagementisoneinwhichanassuranceprovider(practitioner)expressesaconclusiondesignedtoenhancethedegreeofconfidenceoftheintendedusers,otherthantheresponsibleparty,aboutthe oftheevaluationormeasurementofasubjectmatteragainstsuitablecriteria.TheelementsofanassuranceengagementSuitablecriteria.Thesubjectmatterisevaluatedormeasuredagainstcriteriainordertoreachanopinion.Anassurancereport.Areportcontainingthepractitioner'sopinionisissuedtotheintendeduser.Evidence.Sufficientappropriateevidenceneedstobegatheredtosupporttherequiredlevelofassurance.Asubjectmatter.Thisisthedatatobeevaluatedthathasbeenpreparedbytheresponsibleparty.Athreepartyrelationship.Thethreepartiesaretheintendeduserrequiringassurancereport,theresponsibleparty(responsibleforpreparingthesubjectmatter)andthepractitioner,whowillreviewthesubjectmatteragainstthecriteriaandprovideassurance.TypesofassuranceIfalotofdetailedworkisperformedonthesubjectmatter,theassuranceprovidercanconcludewhetherornotthesubjectmatterhasbeenproperlyprepared.Reasonableassuranceisahighlevelofassurancesoahighlevelofreliancecanbeceduponit.Positiveassurancehoweverisnota100%guarantee.Anexampleofreasonableassuranceisgiveninthestatutoryauditreport.Intheirconclusionauditorssay‘inouropinionthefinancialstatementsgive(ordonotgive)atrueandfairviewofthestateofthe ’saffairs’.Ifasmalleramountofworkisperformedonthesubjectmatter,thepractitionergatherssufficientevidencetobesatisfiedthatthesubjectmatterisusible;inthiscasenegativeassuranceisgivenwherebythepractitionerconfirmsthatnothinghascometohisattentionwhichindicatesthatthesubjectmattercontainsmaterialmisstatements.ThisisamuchlowerlevelofassuranceandisknownasLimitedassurance.Obviouslylessrelianceshouldbecedonnegativeassurance.ExampleoflimitedForecast(e.g.cashflowReviewofF/S(InternationalStandardonReviewEngagementReviewengagementsareoftenundertakenasanalternativetoanaudit,andinvolveapractitionerreviewingfinancialdata,suchassix-monthlyfigures.ThiswouldinvolvethepractitionerundertakingprocedurestostatewhetheranythinghascometotheirattentionwhichcausesthepractitionertobelievethatthefinancialdataisnotinaccordancewiththefinancialreportingframeworkAreviewengagementdifferstoanexternalauditinthattheproceduresundertakenarenotnearlyascomprehensiveasthoseinanaudit,withproceduressuchasyticalreviewandenquiryusedextensively.Inaddition,thepractitionerdoesnotneedtocomplywithISAsastheseonlyrelatetoexternalaudits.Natureofsubjectmatter(beithistoricoraTheextenttowhichtheauditprocedurescarriedRelevantThefollowinglistsetsouttheclarifiedISAsthatthistutorialisbasedonandothersexpectedtobeexaminableforF8.200OverallobjectivesoftheindependentauditorandtheconductofanauditinaccordancewithInternationalStandardsonAuditing210Agreeingthetermsofauditengagements230Auditation240Theauditor'sresponsibilitiesrelatingtofraudinanauditoffinancialstatements250Considerationoflawsandregulationsinanauditoffinancialstatements260Communicationwiththosecharged 265Communicatingdeficienciesininternalcontroltothosechargedwith ernanceand300nninganauditoffinancial315(revised)Identifyingandassessingtherisksofmaterialmisstatementthroughunderstandingtheentityanditsenvironment320Materialityinnningandperforminganaudit330Theauditor'sresponsestoassessedrisks402Auditconsiderationsrelatingtoanentityusingaserviceorganisation450Evaluationofmisstatementsidentifiedduringtheaudit500Audit501Auditevidence–specificconsiderationsforselecteditems505Externalconfirmations510Initialauditengagements–opening520ytical530Audit540Auditingaccountingestimates,includingfairvalueaccountingestimates,andrelated560Subsequent570Going580Written610(revised)Usingtheworkofinternalauditors620Usingtheworkofanauditor'sexpert700Forminganopinionandreportingonfinancial705Modificationstotheopinionintheindependentauditor's706Emphasisofmatterparagraphsandothermatterparagraphsintheindependentauditor'sreport710ComparativeInformation–correspondingFiguresandComparativeFinancial720Theauditor'sresponsibilitiesrelatingtootherinformationinscontainingauditedfinancialstatementsISAE3000AssuranceengagementsotherthanauditsorreviewsofhistoricalfinancialinformationTheUKCorporateernanceCode(RevisedSept2012)asanexampleofacodeofbestpractice.ACCA’sCodeofEthicsandGoing8.AccountingPolicies,ChangesinAccountingEstimatesand10.EventsaftertheReporting16.IntangibleRulesbasedvs.conceptualframeRuledriven-BlackandPrinciplebased–principles,threatsandsafeguards–professionalFundamentalprinciplesofIFAC;ACCAcodeofethicandconductTobestraightforwardandhonestinallprofessionalandbusinessTonotallowbias,ofinterestorundueinfluenceofotherstooverrideprofessionalorbusinessjudgements.ProfessionalcompetencyanddueTomaintainprofessionalknowledgeandskillatthelevelrequiredtoensurethatareceivescompetentprofessionalservices,andtoactdiligentlyandinaccordancewithapplicabletechnicalandprofessionalstandardsTorespecttheityofinformationacquiredasaresultofprofessionalandbusinessrelationshipsand,therefore,no