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Hi
Am I correct in stating that in the UK the external auditors would not be allowed to use the services of the internal auditors? I looked up ISA 610 under FRC and that’s what it stated but as I had the technical article from ACCA I had assumed it applied to everyone!
Thanks
To the best of MY knowledge and belief, the external auditors are allowed to use the services of the internal auditors (with permission from the directors)
Ok?
In UK, they are allowed to be used just as Mr Mikelittle stated in respect to their work. The only difference is that they are not to be used for direct assistance.
Hi again, many thanks for replying so quickly but I looked the standard up again and I’ve got it sorted for it states that the external auditors require a written confirmation from the IAs and from an authorised representative of the entity. You see I am really hoping such a question will come up!!
All the best
I will try but wait and see I’m fairly confident but come tomorrow I will let the panic button work lol – at the minute I’m looking at the Dec 2011 paper and Q1 includes share-based payments and I looked at IFRS 2 for I never looked at these before as they weren’t in my study text! Do you have a good simple explanation of them?
Thanks
Look in the F7 notes towards the end of chapter 8. There’s an example there that I go through and then there are maybe another 10 in the F7 additional appendix of mini-exercise questions on this site (home, ACCA, F7) half way down the page there’s the invitation to “download ????? appendix” and you’ll find the extra share for share exchange questions in there
That’s great many many thanks for all of your help – you really know your ‘stuff’ have a nice time for i’m sure you are fed up with all of this work.
Regards
Deborah
Deborah, I really hope that this is the last time I hear from you! Let me put it another way! I assume that P7 is your last exam and that, when you pass the paper and get your results in February, there will be no need for you ever again to post on the Ask the Tutor page on Opentuition.
That being the case, it will be the last I hear from you!
Work hard, good luck and be successful 🙂
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