RELEVANT TO ACCA QUALIFICATION PAPERS F8 AND P7

? 2011 ACCA

Clarity auditing standards

To enhance the application of auditing standards in exam questions,

candidates must familiarise themselves with the clarity auditing standards.

The International Auditing and Assurance Standards Board (IAASB) has

completed its comprehensive project to enhance the clarity of all of its

International Standards on Auditing (ISAs) in 2009 for improving

understandability of auditing standards, and all the new clarity auditing

standards are now examinable. This also affects the Hong Kong Standards on

Auditing (HKSAs).

The full set of clarity auditing standards features 39 documents, which include:

? a new International/Hong Kong Standard on Auditing on communicating

deficiencies in internal control – ISA/HKSA 265 (Clarified), Communicating

Deficiencies in Internal Control to those Charged with Governance and

Management

? 35 clarity ISAs/HKSAs

? a clarified international/Hong Kong standard on quality control – ISQC 1/

HKSQC 1, Quality Controls for Firms that Perform Audits and Reviews of

Financial Statements, and Other Assurance and Related Services Engagements

? a revised glossary of terms

? a revised preface to the International/Hong Kong Standards on Quality

Control, Auditing, Review, Other Assurance and Related Services.

ISA/HKSA 265 (Clarified), Communicating Deficiencies in Internal

Control to those Charged with Governance and Management

Among the clarified auditing standards, ISA/HKSA 265 (Clarified) is a

completely new standard.

It deals with the auditor’s responsibility to communicate appropriately to those

charged with governance and management deficiencies in internal control that

the auditor has identified in an audit of financial statements.

When auditors plan for an audit, they are required to perform risk assessment

through understanding internal controls, and also test for the appropriateness

of design of internal controls and whether they are implemented. When control

reliance strategy is adopted, auditors are required to perform tests of controls

to gather audit evidence on the operating effectiveness of controls.

During both processes, auditors might identify deficiencies in internal controls.

In accordance with ISA/HKSA 265 (Clarified), ‘deficiency’ exists when ‘a(chǎn)

control is designed, implemented or operated in such a way that it is unable to

prevent, or detect and correct, misstatements in financial statements on a

timely basis; or a control necessary to prevent, or detect and correct

misstatements in the financial statements on a timely basis is missing’. It is

equivalent to a deviation from an internal control.

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2015年ACCA考試《審計》輔導12

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