The Auditor’s Report - ACCA Audit and Assurance (AA)
YouTube video
29 Comments
N
Natalie·
Really great lecture! you explain it in really simple terms and give great examples that one can remember. Thank you!
A
Asif·
Greatly explained sir ! Your lecture is amazing.
I just had one confusion. Here in this lecture at around 10-12min you said that Auditor says its not their responsibility of failing to detect any fraud successfully - ie they cannot detect all frauds in other words.
However, in previous lecture you said the company could threaten an auditor to sue him for failed fraud detection if he does not sign a cleared audit for this term.
Please help.
K
KimTutor·
I should be most grateful if you could please ask any questions on the tutor forum https://opentuition.com/forum/ask-acca-tutor-forums/ask-the-tutor-acca-audit-and-assurance-aa-exams
L
Liman·
Thanks for the lecture
T
talha·
Sir can these lecures be used for march attempt 2020 plese do tell
J
jwang8·
it is really helpful, thank you.
K
KimTutor·
Please can you repost your question to the relevant forum https://opentuition.com/forum/ask-acca-tutor-forums/ask-the-tutor-acca-audit-and-assurance-aa-exams/ and I will answer it there.
The tutor forums are regularly monitored to provide students with timely response. The "leave a comment" feature here is specifically for comments on the lecture.
L
latoyaC·
Good Day Sir,
Example : Profit before tax $5.6 mil, Revenue $55 mil
Defective product $0.85 mil, Scrap value $0.1 mil
Therefore inventory is overstated by $0.75 mil
In calculating the materiality :- do I say 5% of $5.6mil=$0.28
Question - What do I measure the $0.28 against to know whether it's material or not?
L
lloyd·
Dear Sir
What should be the best suggested approach for this paper with these rich materials here? Should I start with reading the notes of watching the online videos then revision??? Help me
K
KimTutor·
I think it's a matter or personal preference whether you read the notes first, then watch the lecture or vice versa. At the strategic professional level, exam style and standard questions will integrate a number of different topics. So whereas for some early papers you can study a chapter, then attempt a question, that doesn't work for AAA. So you should aim to study the entire syllabus first in sufficient detail so that you can then move on to question practice.
Please, if you want to ask a question rather than leave a comment, use the relevant forum as the forums are monitored regularly to ensure you are given a timely answer.
K
KimTutor·
Please post questions for the tutor to the ask the tutor forum (AA) which is monitored daily. In your post please clarify what you mean by "between the materiality guideline".
A
annsimon·
Good day,
I downloaded the notes September/December 2016 but did not attempt the exam. Can I use the same notes for the June 2017 sitting?
Thanks in advance.
K
kengarrettTutor·
Yes.
I
irishmanmick·
Just a quick question.
If there is a going concern issue for a company, which is included in the notes to the financial accounts, would the audit report show this as:
1) Include an Emphasis of matter paragraph drawing attention to the note regarding going concern uncertainty & include a material uncertainty related to going concern paragraph, again drawing attention to the note in the financial accounts
or
2) include only a material uncertainty related to going concern paragraph, drawing attention to the note but exclude the emphasis of matter paragraph as it covered by the material uncertainty paragraph.
Thanks
Mick
K
kengarrettTutor·
It has to be shown in the special material uncertainty as to going concern para and will not then be also shown in an EoM para.
I
irishmanmick·
Cheers
C
carla·
Hello, i would like to know if using the notes available here, watching the lectures and practising from the BPP revision kit will be enough to pass this exam. I tried reading the BPP study text and find it overwhelming.
K
kengarrettTutor·
Yes, that approach is often successful. Question practice is vital.
Refer to the text when you feel you need more detail on something.
S
shahzad·
would you please share where did you get BPP stydy text? i mean, is it available via any Online Source?
M
mehedi·
I use mobile data. I can't download the video. why? video was downloadable
M
@mamo·
Hello, sir, the exam format changed but in introduction video, we still have an old format. Are we going to have an updated one soon?
K
kengarrettTutor·
In about a month. In the meantime rely on ACCA information.
H
Hani·
Is this update relevant to Dec 5th '16 exams? or should we stick to the old notes?
K
kengarrettTutor·
All currently downloadable notes relate to the December exams. Therefore, don't rely on old notes.
M
madbomma·
is this video helpful for december 2016 or should we stick to the notes itself ?
K
kengarrettTutor·
The video and the notes stay the same things and are relevant to December 2016. Make sure you have the latest notes downloaded.
M
madbomma·
do u think going through ur notes and past exams will help getting decent score ? thnks for the reply.
K
kengarrettTutor·
Yes. No opinion will be modified for immaterial matters.
Remember, the percentages are guides to the value of misstatements etc, but materiality can also be triggered because of the nature of a misstatement (eg directors emoluments not accurately states).
I just had one confusion. Here in this lecture at around 10-12min you said that Auditor says its not their responsibility of failing to detect any fraud successfully - ie they cannot detect all frauds in other words.
However, in previous lecture you said the company could threaten an auditor to sue him for failed fraud detection if he does not sign a cleared audit for this term.
Please help.
The tutor forums are regularly monitored to provide students with timely response. The "leave a comment" feature here is specifically for comments on the lecture.
Example : Profit before tax $5.6 mil, Revenue $55 mil
Defective product $0.85 mil, Scrap value $0.1 mil
Therefore inventory is overstated by $0.75 mil
In calculating the materiality :- do I say 5% of $5.6mil=$0.28
Question - What do I measure the $0.28 against to know whether it's material or not?
What should be the best suggested approach for this paper with these rich materials here? Should I start with reading the notes of watching the online videos then revision??? Help me
Please, if you want to ask a question rather than leave a comment, use the relevant forum as the forums are monitored regularly to ensure you are given a timely answer.
I downloaded the notes September/December 2016 but did not attempt the exam. Can I use the same notes for the June 2017 sitting?
Thanks in advance.
If there is a going concern issue for a company, which is included in the notes to the financial accounts, would the audit report show this as:
1) Include an Emphasis of matter paragraph drawing attention to the note regarding going concern uncertainty & include a material uncertainty related to going concern paragraph, again drawing attention to the note in the financial accounts
or
2) include only a material uncertainty related to going concern paragraph, drawing attention to the note but exclude the emphasis of matter paragraph as it covered by the material uncertainty paragraph.
Thanks
Mick
Refer to the text when you feel you need more detail on something.
Remember, the percentages are guides to the value of misstatements etc, but materiality can also be triggered because of the nature of a misstatement (eg directors emoluments not accurately states).