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Jansen & Co – Sep 2018 – 3b

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Jansen & Co – Sep 2018 – 3b

  • This topic has 3 replies, 2 voices, and was last updated 2 years ago by Kim Smith.
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  • October 5, 2020 at 7:56 am #587381
    salman7
    Participant
    • Topics: 76
    • Replies: 36
    • ☆☆

    Dear tutor,

    In answer of Jansen & Co – Sep 2018 – 3b, it says “The audit manager should have been replaced earlier and that Watson Co has failed to provide adequate direction and supervision of the audit.” Watson Co is the client so how come the client directs or supervises audit team?

    Secondly, can I mix up supervision, review and monitoring as they are similar terms in QUALITY CONTROL questions or I should be specific in exam? Although its difficult to be specific which one is affected.

    Thanks,

    October 5, 2020 at 8:12 am #587386
    Kim Smith
    Keymaster
    • Topics: 102
    • Replies: 6968
    • ☆☆☆☆☆

    1. It’s a typo – see https://opentuition.com/topic/watson-co-2

    2. See our notes (Chapter 9) – monitoring is a control at firm (system) level. For an individual audit you should be referring to direction (what to do – FUTURE), supervision (what is being done – PRESENT) and review (what was done – PAST).

    October 5, 2020 at 8:23 am #587388
    salman7
    Participant
    • Topics: 76
    • Replies: 36
    • ☆☆

    Ok. Thanks,

    Monitoring is done through hot and cold reviews ?

    All hot and cold reviews are Engagement Quality Control Review in fact?

    October 5, 2020 at 8:53 am #587390
    Kim Smith
    Keymaster
    • Topics: 102
    • Replies: 6968
    • ☆☆☆☆☆

    See page 48:
    “? Monitoring. To ensure that the quality control procedures adequate, relevant and are operating
    properly.” This is ALL QC procedures (e.g. those relating to maintaining independence).

    Hot/cold reviews will apply only to individual and selected audits – monitoring controls apply to the firm’s system of controls. So monitoring aspect will be reviewing and confirming whether all audits that should have such reviews have, in fact, undergone an appropriate review.

    An EQCR is necessarily “hot” – see the notes and my post on 24th January here https://opentuition.com/topic/independent-partner-review-3

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