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Control objectives vs audit (plan) objectives

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Control objectives vs audit (plan) objectives

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by Kim Smith.
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  • October 27, 2018 at 3:42 pm #479951
    anazoric
    Participant
    • Topics: 36
    • Replies: 59
    • ☆☆

    Hello,

    It appears that these objectives are the same and perhaps any differences is just semantics. For example, the control objectives for completeness regarding inventory are the same with its audit objectives.
    I.e, to ensure that all purchases and sale of inventory are recorded.
    Cut- off objectives for internal control and audit plan are the same too.

    My point is that, can I apply control objectives to audit plan objectives or do I need to learn these seperately?

    October 29, 2018 at 7:36 am #480103
    Kim Smith
    Keymaster
    • Topics: 133
    • Replies: 8284
    • ☆☆☆☆☆

    They are different things. The audit plan describes the planned risk assessment procedures (per ISA 315) and audit procedures at the assertion level (ISA 330) with the ultimate aim of obtaining sufficient appropriate audit evidence to form an opinion on the financial statements. The audit plan will typically include audit programs for each material audit area and each audit program may be framed around an audit objective – for example, “to obtain reasonable assurance that inventory is not materially misstated”. The program will then set out/reference tests of controls where reliance is to be placed on internal controls and list tests of details to cover all the relevant financial statement assertions (existence, ownership, completeness, cut-off, etc).

    A control objective is the purpose of a particular aspect of controls and relates to the risks that controls seek to mitigate. These are management’s responsibility, for example, “to ensure the completeness of recorded sales”. The auditor will test the controls that underlie relevant control objectives only if he seeks to rely on their effective operation – i.e. plans to reduce the level of substantive procedures that would otherwise be necessary.

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