ACA Assurance Exam
1.5keyelementsofaudit:1.3partyinvolvement
2. subject matter (f/s)
3. suitablecriteria(e.g.UKCGC)
4. evidence
5. writtenreport
2.ISA200-whataretheobjectivesofauditors?:-obtainreasonableassurance f/s
are free from material misstatement (fraud or error)
- expressopinionwhetherf/spreparedinaccordancew/
financialreportingframe- work
3.Exemptionfromstatutoryaudit:-CA2006exemptssmallp.ltd.if2/3:
->50employeesor less
->turnover£10.2morless
->grossassets£5.1mor less
4.Auditorrequirements:basic:
- employmentbyfirmcontrolledbyqualified persons
- CA2006noofficers/employeesofcompanyorpartnerofabove
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25
,qualified auditors:
- membershipofrecognisedsupervisorybody
5.Moneylaunderingcheck(clientduediligence):-req.per.MoneyLaundering
Regulations 2007
- client id docs retained 5 yrs
6.ISA210:mandatorycontentsofengagementletter(6):-auditor'sandman-
agement's responsibilities
- scope of work (stat/non-stat)
- formofreports(reasonable/limited)
- writtenconfirmationoffirm'sacceptanceofengagement
- levelofaccesstobooks&records(full=audit&limited=review engagement)
- reportingframework
7.ISA210:optionalcontentsofengagementletter(5):-limitationsofengage-
ment
- confidentiality/restricteduseofreport
- relianceoninternalcontrols
- basisoffeecalculations
- restrictionsonauditor'sliability
8.Keycomponentsofauditstrategy:-understandingtheentityanditsenviron-
2/
25
, ment
- materiality
- riskassessment
3/
25
1.5keyelementsofaudit:1.3partyinvolvement
2. subject matter (f/s)
3. suitablecriteria(e.g.UKCGC)
4. evidence
5. writtenreport
2.ISA200-whataretheobjectivesofauditors?:-obtainreasonableassurance f/s
are free from material misstatement (fraud or error)
- expressopinionwhetherf/spreparedinaccordancew/
financialreportingframe- work
3.Exemptionfromstatutoryaudit:-CA2006exemptssmallp.ltd.if2/3:
->50employeesor less
->turnover£10.2morless
->grossassets£5.1mor less
4.Auditorrequirements:basic:
- employmentbyfirmcontrolledbyqualified persons
- CA2006noofficers/employeesofcompanyorpartnerofabove
1/
25
,qualified auditors:
- membershipofrecognisedsupervisorybody
5.Moneylaunderingcheck(clientduediligence):-req.per.MoneyLaundering
Regulations 2007
- client id docs retained 5 yrs
6.ISA210:mandatorycontentsofengagementletter(6):-auditor'sandman-
agement's responsibilities
- scope of work (stat/non-stat)
- formofreports(reasonable/limited)
- writtenconfirmationoffirm'sacceptanceofengagement
- levelofaccesstobooks&records(full=audit&limited=review engagement)
- reportingframework
7.ISA210:optionalcontentsofengagementletter(5):-limitationsofengage-
ment
- confidentiality/restricteduseofreport
- relianceoninternalcontrols
- basisoffeecalculations
- restrictionsonauditor'sliability
8.Keycomponentsofauditstrategy:-understandingtheentityanditsenviron-
2/
25
, ment
- materiality
- riskassessment
3/
25
