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pre-issuance review

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › pre-issuance review

  • This topic has 1 reply, 2 voices, and was last updated 3 years ago by Kim Smith.
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  • July 16, 2021 at 9:55 am #627918
    Noah098
    Member
    • Topics: 935
    • Replies: 352
    • ☆☆☆☆☆

    “For listed entity audits, the EQCR should also consider:
    -Independence of the engagement team.
    – Whether appropriate consultation has taken place on contentious matters or differences of opinion.
    – Whether documentation reflects the work performed in relation to significant judgments.”

    maam i do not understand what’s the point in checking for all of these after the audit is complete, of course its before the audit report being issued, but then its already too late to do anything! Like even if EQCR reviewer realises the team was not independent or appropriate amount of consultations have not taken place on significant/contentious matters, there’s hardly any point crying over spilt milk?so then why are these done?

    July 16, 2021 at 11:43 am #627930
    Kim Smith
    Keymaster
    • Topics: 135
    • Replies: 8309
    • ☆☆☆☆☆

    But it’s not “too late” – if indeed the reviewer were to find any issue that might cast doubt on the appropriateness of the audit opinion, the auditor’s report should NOT be issued until the matter is resolved.

    Of course, a firm required to carry out such reviews would not expect there to be such issues – but it’s the whole point of quality assurance that it such review procedures are required.

    The firm would be crying over split milk if it didn’t carry out the review and issued the auditor’s report and then something came to light later (!!!)

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