[amelia85]

Thanks Sir 🙂

[amelia85]

Thanks Sir for the detailed explanation 🙂

[amelia85]

Thanks Sir 🙂

[amelia85]

Sorry Sir i still dont get it for this part

1. for which the use of the external auditor is pre­approved (i.e. approval has been given in advance as a matter of policy,rather than the specific approval of an engagement being
sought before it is contracted)

[amelia85]

Thanks sir 🙂

[amelia85]

Sir yes possible to be a KAM n not a EOM depending on e case.

[amelia85]

Ok Sir thank u 🙂

[amelia85]

Sir

If parent company cannot demonstrated the ability to exercise significant influence, then the investments should be treated as trade investment and would not be consolidated in the SFP ?

Pls correct me thank u 🙂

[amelia85]

Just to clarify both associate or investment appears on the consolidated statement of financial position?

[amelia85]

Thank you 🙂

[amelia85]

Ok thanks Sir

I have two more questions relating to this topic.

1. What does this means:

When the auditor has expressed an adverse opinion on the financial statements and communicates KAM, it is important that the descriptions of such KAM do not imply that the financial statements as a whole are more credible in light of the adverse opinion.

2. When do we use the word section or paragraph in the audit report?

As stated in the article “material uncertainty related to going concern’ is a separate section

Then basis for qualified opinion section no longer state as paragraph?

Article state : the section ‘material uncertainty related to going concern’ is after the basis of opinion Paragraph but before KAM..

I’m confused on this two terms in the audit report and when to use it?

Thanks 🙂

[amelia85]

Sir as what u mention

(The example Turquoise is merely showing an example of a report where there are no other key audit matters but it is not stating that there will always be no other key audit matters)

it should be there might be other KAM right?

(It’s just that, in tis example, the ONLY key audit matter is the one that has been included within the Basis for Qualified Opinion paragraph)

So this example : research expenditure as an intangible asset in the basis of qualified opinion is a KAM right ?

Can I conclude that all qualified and Adverse opinion issued is a KAM? Or it depends?

[amelia85]

K Sir thanks for helping me to recap 🙂

[amelia85]

Okay Sir

[amelia85]

Thanks Sir for clearing my confusion in this topic 🙂

[amelia85]

Thanks Sir 🙂

[amelia85]

Sir i went through the lecture i dont see any changes in audit report from previously. Can help to list down thankst

[amelia85]

Ok thanks Sir 🙂

[amelia85]

Hi Sir just got my results. Missed by few marks need to retake. Shall need your advice whether Sept or Dec exam would be better in the sense like preparation n all. As audit report has changes is it a drastic or minor changes. Do u have any lecture or notes on it thanks.

[amelia85]

Thanks Sir i have a clearer picture now.

[amelia85]

Apologies is part (ii)

The matters that we need to focus on Due diligence review?

[amelia85]

Part B what to include in the report?

[amelia85]

Thanks Sir for the detailed explanation 🙂

[amelia85]

Sir im so sorry for asking so basic question in p7. I really need to recap. Thanks.

[amelia85]

K thanks Sir .

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