[cjpark1992]

Thank you so much Kim!!

Its very clear 🙂

[cjpark1992]

Thank you so much 🙂

[cjpark1992]

Hi Kim,

Thank you for your reply. This may be a very dumb question… But where can I view the ‘notes’ that you are referring to?

Thank you so much

[cjpark1992]

Hi Kim,

I see! I was just confused if Risk Assessment Procedure and Identifying and Assessing risks had two different meanings as they have been separately narrated in the ISA 315.

Your explanation now helps me! Thank you always 🙂

CJ

[cjpark1992]

Thank you so much! As you have guided me in the previous comment, I will use the search function first and then post questions i there are none that is addressed. Also, I will keep my posts to 3 max per day :).

Thank you so much!
CJ

[cjpark1992]

Hi Kim, thank you so much for this! If there isn’t a limit on how many questions I can ask… do you mind if i continuously ask questions as I read through standards?

If you don’t mind, I have another question to ask. As per standards, shouldn’t the Engagement Letter be agreed and signed before audit procedure could commence? I am a little confused by IAS 260 para 16(d) where it says where the engagement terms are no agreed between auditor and those charged with governance, auditor shall provide them with copy of EL to inform governance that auditor’s report may differ from the expected form. Sorry for such a messy question. My question is messy as I am struggling to understand what this standard is trying to say…

Thank you,
CJ

[cjpark1992]

Hi Kim, yes! You did answer my question there really nicely. So basically, auditors shall not ‘undertake’ the role of the mgmt as it will arise threats to obstruct in complying with ethical principles including independence right?

Also, may I please ask regarding ISA 260 (revised). The standard continually mentions the term “How the auditor plans…” in paragraph A13. Does that mean where there is an issue in the FS, the auditor would actually fix it? Or does that mean Auditor will give opinion/guidance to the mgmt to address those matters so that it complies with the reporting standards?

Thank you,
CJ

[cjpark1992]

Hi tutor, thank you for your response.

For example, If auditor assumes the management responsibility, does that mean they are preparing or making changes to the financial statement? Or does it purely mean that auditor is assuming management would have done something and take a guess?

Thank you,

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