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test of control

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › test of control

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by Kim Smith.
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  • May 1, 2019 at 12:02 pm #514696
    toushiga
    Participant
    • Topics: 424
    • Replies: 172
    • ☆☆☆☆

    Dec 2010
    Q5(a)
    Procedures the auditor should adopt in respect of auditing accounting estimates include:
    – Test the operating effectiveness of the controls over how management made the accounting estimate.

    what control is the answer refer to?
    Thank you.

    May 1, 2019 at 2:16 pm #514713
    Kim Smith
    Keymaster
    • Topics: 135
    • Replies: 8309
    • ☆☆☆☆☆

    Please can you provide Q names and not just numbers – as these questions are no longer available on ACCA’s www.
    This is part of an answer to a general question “Describe the audit procedures required in respect of accounting estimates.” – so not all of the procedures given in the answer will be relevant to every accounting estimate – but will depend on the specific accounting estimate.
    Consider, for example, depreciation – the amount of this estimate will depend on the accurate recording of asset amounts, timely recording (for the start of depreciation), depreciation method (e.g. straight-line) and rate (e.g. 20%) or useful life (e.g. 5 years), also residual value (if any). Controls over timely recording of acquisitions (and disposals – since this is when depreciation will end) and the accurate application of the depreciation policy will therefore be relevant to assessing the accounting estimate.

    Please note that this is NOT a current exam style and standard question. I strongly recommend that you focus on questions since September 2016.

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