F8 AA

F8考试详细介绍了对财务报表的整个审计流程，提供了ACCA F8考试的详细介绍，包括考试内容、题型和考试结构，可供参考！

Framework and regulation

• 1. Concept & other assurance engagement
  • rights of auditors/ in accordance with ISA
    • To access all accounting books and records at all times
      • 审计师有权获取所有会计账簿和记录；为收集充分适当的审计证据及确认其财报是否符合会计准则的要求，审计师必须获取被审计单位的会计账簿及相关记录
    • To insist that financial statements are corrected if they are not presented fairly, in all material respects
      • 若财务财报在重大方面不公允，审计师坚持要求其更正。在审计过程中，审计师只能提请管理层修改报表，并没有权利自己修改或更正报表中的错误，如果管理层坚持不修改，且错报影响重大，审计师有权考虑修改审计意见
    • To receive notice of all general meetings
    • To attend and be heard at all board meetings on matters of concern to the auditor
      • 审计师无权参与公司内部管理相关的会议，如董事会的会议，只有权力参加股东大会
      • share meeting is OK
    • To receive all information and explanations from management necessary for the proper conduct of the audit
  • inherent limitations
    • Information is largely historical and therefore does not reflect future events or transactions
    • Most audit evidence is persuasive rather than conclusive
    • A substantial degree of classification and aggregation in the financial statements means that detailed information is lost
    • The audit does not consider other information contained in the financial statements such as the directors` report
      • 审计师在执行审计过程中，有责任考虑其他信息对财报的影响，尤其是当其他信息与财报反应的信息发生冲突，且有证据表明财报信息存在重大错报
  • ISAs
    • 1. IFAC member bodies may adopt ISAs or use them as a basis for national standards
      • 国际审计准则委员会的成员可以使用国际审计准则，也可以以国际审计准则为基础来制定当地的审计标准
    • 2. Countries that adopt ISAs cannot modify them
      • 审计师在执行审计过程中，可以修改国际审计准则来满足国家的法律法规要求
    • 3. ISAs override national standards and regulations for external audits
      • 审计师在执行工作时要优先满足所在国家的法律法规
    • 4. Compliance with ISAs ensures compliance with national standards
      • 国际审计准则和当地审计准则可能存在冲突
• 2. Cor Gov & Internal control
  • Audit Committee
    • appoint and liasing with the external auditors
      • only SHers can appoint external auditors
    • appinted by nomination committee
    • recommend sppointment / reappointment / removal of external auditors
• 3. Professional ethics & Quality mgt
  • Ethical threats
    • Self-interest threat 自身利益威胁
      • risk in financial or other interest to appropriately influence
    • Self-review threat 自我评价威胁
      • E.A +I.A 同时承接业务
    • Advocacy threat 过度推介威胁
      • 审计->IPO : 帮client promote SHers
    • Familiarity threat 密切关系威胁
      • long or close relationship
    • Intimidation threat 外在压力威胁
      • time or perceived pressure not act diligently
  • Threats arising from
    • Financial matters
      • 1 Financial interests
        • self-interest threat
          • Ownership of shares in a client: 持有甲方 SHers
          • • Shareholder
          • • An audit team member
          • • An immediate family member of the audit team member
        • Safeguards
          • • Disposal of shares 抛股
          • • Remove individual from audit team 辞人
          • • Independent partner review 第三方独立复核
          • • Inform audit committee 告知 AC
      • 2 Loans and guarantees
        • self-interest threat
          • Bank
            • • Loans/guarantees to the firm
              • Safeguards
                • • No threat if the amount is immaterial金额小 and on normal terms
                  • no. time i% 担保条款
                • • If material, external quality review should be carried out
            • • Loans to an audit team member or their immediately family
              • Safeguards
                • • No threat if under normal lending procedures, terms and conditions
                • < normal is OK >
          • Not Bank
            • • Loans / guarantees to the firm
              • Loans to an audit team member or their immediately family
            • Safeguards
              • • No safeguard can reduce the threat unless the loan is immaterial.
              • < 非银行机构的借贷 no safeguards unless no. is small / immmaterial >
              • 不允许发生非银行间的借贷，本质上为经济交易
      • 3 Fees
        • self-interest
          • Overdue fees (逾期费用)
            • Safeguards
              • • No further work to be done if there is overdue fees
              • 逾期费用不允许开展审计费用
          • Contingent fees (或有收费)
            • Safeguards
              • • Contingent fees are not allowed in an audit engagement
              • < e.g profits * rate%= fees >
        • self-interest intimidation
          • High percentage of fees (高占比收费)
            • 3 terms
              • a public interest entity/ listed Cor
              • the total fees from the client >= 15%
              • >= 2 consecutive yrs
          • Safeguards
            • • Pre-issuance review and post-issuance review relate to high percentage of fees 增加复核制度
            • • Discuss with those charged with governance about this issue TCWG
          • 补充
            • Terms of review
              • • A hot / pre-issuance review 发行前复核
                • a peer review carried out before the auditor`s report is signed.
              • • A cold / post-issuance review 发行后复核
                • a peer review carried out after the auditor`s report is signed.
              • • A peer review 同行评审
                • a review of an audit file carried out by another partner in the assurance firm.
      • 4 Gifts and Hospitality
        • self-interest familiarity intimidation
          • Auditors may feel obliged to give a favorable opinion and acceptance of gift may also be perceived as a bribe
          • Safeguards
            • Reject if the gifts and hospitality is significant
    • Employment and other relationships 关系
      • 1 business relationship
        • self-interest intimidation
          • Holding an interest in a joint venture with a client 合作
        • Safeguards
          • • Disposal of firm`s interest unless clearly insignificant
          • • Rotating the senior personnel off the audit team
      • 2 personal relationship
        • self-interest familiarity intimidation
          • Immediate family (spouse) of an audit team is a position to exert significant influence over the client`s financial performance 直系
          • Close family (parent, child or siblings) 近亲
        • Safeguards
          • • Remove the senior personnel from the audit team
          • < 双方都不能为 senior personnel >
            • CFO or saler related to profits
            • 清洁工 assistant is OK
      • 3 employment
        • 1
          • A partner or employee of the firm leaves to join an audit client
          • self-interest intimidation
            • Before join
          • familiarity
            • After join
          • Safeguards
            • • Rotation of team members
            • • Consider modification of the audit plan
            • • Quality mgt or independent partner review
        • 2
          • self-review
            • A director or employee of the audit client leaves the audit client to join the firm self-review threat
            • Safeguards
              • • Should not be assigned to the audit team, evaluating F/S of the same period while they were employed by the client
              • < 避免任职期间 F/S 审计>
        • 补充
          • Auditor ---------- 1 ----------> client partner ---------- 2 ----------> CFO F/S
      • 4 long association
        • self-interest familiarity
          • • Individual audit partner is involved on an engagement over a long period of time
            • Safeguards
              • • Rotation of team members
              • • Quality mgt or independent partner review
          • 7 cumulative yrs
            • Safeguards
              • Cooling-off period for key personnel
              • • 5 years - engagement partner
              • • 3 years - engagement quality reviewer
              • • 2 years - other key audit partner
            • 补充
              • more than 7 yrs can still go on audit work if cooling-off period
              • < 更换合伙人 not 事务所 > < 冷却期之后仍可继续从事>
    • Provision of non-assurance services 非审计业务
      • 1 preparing Acc records and F/S
        • self-review
          • It is unlikely that the firm will criticize its own work and decision
          • Safeguards
            • • If the client is a public interest entity, Reject to provide this service 拒接
            • • If not, Separate team members should be used 换团队
        • E.A + ( F/ S Tax ) 同时发生
      • 2 tax services
        • 1
          • Tax return preparation 纳税申报/ 跑腿业务
          • Safeguards
            • • Does not usually create a threat
            • • Mgt must take responsibility for the tax returns
        • 2
          • self-review
            • Tax calculations for the purpose of preparing accounting entries 计税服务 for Acc or F/S
            • Safeguards
              • • A firm cannot prepare tax calculations for a listed audit client.
              • • For non-listed audit client, calculation must not be performed by a member of audit team. Independent review should be carried out.
        • 3
          • advocacy
            • Tax planning and other tax advisory services 筹划和咨询
            • Safeguards
              • • Services must not be performed by a member of the audit team.
              • • Independent review by another reviewer who was not involved in providing the service.
            • <Audit team 立场不同，容易advocate favourable for client>
      • 3 internal audit services
        • self-review
          • The audit team may plan to rely on the work of internal audit department
          • 依赖 I.A 的结果
          • Safeguards
            • • For public interest entities, internal audit services must not be provided if they significantly relate to financial reporting.
            • • If not , separate team should be used and quality management review could be applied.
        • 补充
          • outsource I.A
          • E.A+I.A
            • if I.A related to F/S, only pick one, can`t F/S
            • if customer satisfactory is OK
      • 4 recruiting services
        • self-interest familiarity intimidation
          • With respect to the following positions:
            • Director/officer of the entity
            • A member of senior mgt who can exert management who can exert F/S
          • Safeguards
            • • role limited
              • - Reviewing the professional qualifications
              • - Interviewing candidates and advising on a candidate's competence
            • • The firm must ensure that they are not seen to undertake mgt decisions
          • 补充
            • financial background
              • senior
                • CFO A.C NEDs
              • staff
            • < 只能建议不能决定人选 >
    • General safeguards
      • 考题背景 if Acc&Co: E.A +other service （ ？）
      • • Different partners and teams members for provision of non assurance services
        • self-review/ listed
      • • Separate teams with separate reporting line
        • confidential
      • • Rotation of team members
        • familirity or self-interest
      • • Independent/ External quality management reviews
        • 换人不放心 --> independent review
      • • Reject politely if the amount or nature is significant
        • gift
      • • Resign from or reject the engagement
        • 考试中一禁止作答 BAN !!!
  • General safeguards
• Summary
  • Chapter 1
    • 理解概念 选择题为主 简答题频率低
    • External Audit Engagement
      • Shareholder
      • Managment
      • Auditor
    • Limitation of external audit
    • Assurance Engagement
      • Five elements
        • CREST
      • Types of assurance engagement
    • Level of assurance
      • Reasonable assurance
        • Audit
      • Liminited assurance
        • Review
    • Staturory audit and regulation
      • Auditor's rights and duties
      • Appointment, removal and resignation
    • Regulations
      • National legislation
      • National regulation and standard-setting
      • International standard-setting
      • Professional bodies
    • IAASB & ISA
  • Chapter 2
    • 理解概念，并能应用准则分析案例选择题、文字分析题、简答题
    • Corporate Governance
      • Principles and best practice
      • Deficiencies and Recommendations
    • Audit Committees
      • Responsibilities of Audit Committee
        • External
        • Internal
      • Advantages & Disadvantages
    • Internal Audit
      • Scope of internal audit & limitation
      • Assignments
      • Assessing the need for internal audit
      • External vs internal audits
        • Obiectives
        • Responsibilities for fraud and error
      • Outsourcing the internal audits
        • Advantages
        • Disadvantages
  • Chapter 3
    • 理解概念能够分析案例、准确判\判断!选择题、文字分析题、简答题
    • Five Fundamental Principles
      • integrity
      • Objectivity
        • Conflict of interest
      • Professional competence and due care
      • Professional behavior
      • Confidentiality
        • Compulsory disclosure
        • Voluntary disclosure
    • Threats To The Fundamental Principles
      • Five ethical threats
        • Self-interest
        • Self-review
        • Advocacy
        • Familiarity
        • Intimidation
      • Threats & Safeguards
        • Financial matters
        • Employment and other relationships
        • Provision of non-assurance services
    • Audit engagement
      • Pre-condition
      • Engagement letter
    • Quality management
      • Objective
      • Ouality management procedures