Audit Documentation and Quality Management – ACCA Audit and Assurance (AA)
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Sir when you say there is conflict of interest between clients of the same industry what do you mean for the point acceptance or continuance procedure.
The conflict of interest arises because the clients are competing with each. See page 21 of the notes – conflict of interest may compromise objectivity. An audit firm should not accept/continue an audit appointment if objectivity is compromised.
Sir can you say what the interests and why the conflicts arise between clients will affect the acceptance of the firm?
Most likely this will be updated for 2022-23 notes by which time the quality control standards will have been revised (current exposure drafts are not examinable in AA).
Just caught the ‘at the risk of offending some people’ bit with relation to the mnemonic that follows. LOL
Sir, is the time period for the retention of working papers is minimum 5 years or 7years. Some books are giving it as 5 years. Thank you
ISQC (UK) 1 (Revised June 2016) (or national requirements that are at least as
demanding) requires firms to establish policies and procedures for the retention of
engagement documentation.The retention period for audit engagements ordinarily
is no shorter than five years from the date of the auditor’s report.
HI,
I am studying F8 from Kaplan and their book stated that the files should be kept minimum for 5 years. I noticed your slides suggested 7 years. Could you please advice me on that point? I only want to make sure that I can answer that question correctly if ever asked at the exam..Thanks a lot
It’s seven years.I also use Kaplan, but other materials state seven.
It’s 5 years according to ISA 230 Audit Documentation, and 7 years according to the ACCA Rulebook (the latter of which is relevant, for the purpose of the AA exam).
NCA adds up incorrectly in the second slide.
Thanks – it will be corrected at some point.
You should be an auditor! (Perhaps you are.)
Are you going to re-record this lecture to account for the discrepancy in the second slide and also in the first slide relating to quality control as I feel that this lecture could have been presented better?!