Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › those charged with governance ?
- This topic has 1 reply, 2 voices, and was last updated 6 years ago by Ken Garrett.
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- December 14, 2017 at 4:49 pm #423288
HELLO TUTOR
I have two questions
question 1 – I wanted to know who are those people who are referred as those charged with governance?
and how can an external auditor get helped by them ?question 2 – what is the basic difference between audit procedure and substantive procedure ?
as far as the technical articles in the website says, it seems easy but hard to get it and quite hard to remember the assertions even though there are plenty of ways to remember like cocacp and racecp.
but I am getting it hard to implement when it comes to question
I am expecting some suggestion from you
December 14, 2017 at 5:53 pm #423303Those charges with governance are the directors in a company, the trustees of trust or the board of governors in an organisation like a school or hospital. They should help the external auditors by providing explanations and giving access to documents. Also, they are ultimately responsible for the FS.
An audit procedure is anything the the auditors do like testing controls, risk assessment and substantive procedures.
As for assertions, my suggestions are
1 Learn them using whatever mnemonic you find useful and
2 Practise questionsThere are no instant fixes.
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