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ACCA Audit P7 class 1

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ACCA Audit P7 class 1

  1. 1. P7
  2. 2. P7• Senior Audit team member
  3. 3. P7• Senior Audit team member• Advisory / Consultancy role
  4. 4. P7• Senior Audit team member• Advisory / Consultancy role• Real life scenarios
  5. 5. P7• Senior Audit team member• Advisory / Consultancy role• Real life scenarios• Application of knowledge
  6. 6. P7• Senior Audit team member• Advisory / Consultancy role• Real life scenarios• Application of knowledge• Practical & Commercial decisions
  7. 7. P7 - SyllabusSection A - Regulatory Environment
  8. 8. P7 - SyllabusSection A - Regulatory Environment • Money Laundering
  9. 9. P7 - SyllabusSection A - Regulatory Environment • Money Laundering • REgulations
  10. 10. P7 - SyllabusSection B - Ethics
  11. 11. P7 - SyllabusSection B - Ethics• Important
  12. 12. P7 - Syllabus Section B - Ethics• Important• Apply to scenario
  13. 13. P7 - Syllabus Section B - Ethics• Important• Apply to scenario• fraud
  14. 14. P7 - SyllabusSection C - Practice Management
  15. 15. P7 - SyllabusSection C - Practice Management• Commercial & Business head
  16. 16. P7 - SyllabusSection C - Practice Management• Commercial & Business head• Tenders / advertising
  17. 17. P7 - SyllabusSection C - Practice Management• Commercial & Business head• Tenders / advertising• acceptance of clients
  18. 18. P7 - SyllabusSection C - Practice Management• Commercial & Business head• Tenders / advertising• acceptance of clients• Monitoring
  19. 19. P7 - SyllabusSection D - Audit of Historic Info
  20. 20. P7 - SyllabusSection D - Audit of Historic Info• Audit processes
  21. 21. P7 - SyllabusSection D - Audit of Historic Info• Audit processes• In every exam
  22. 22. P7 - SyllabusSection D - Audit of Historic Info• Audit processes• In every exam• Planning to gathering evidence
  23. 23. P7 - SyllabusSection D - Audit of Historic Info• Audit processes• In every exam• Planning to gathering evidence• Review
  24. 24. P7 - SyllabusSection E - Other Assignments
  25. 25. P7 - Syllabus Section E - Other Assignments• Of prospective information
  26. 26. P7 - Syllabus Section E - Other Assignments• Of prospective information• outsourcing
  27. 27. P7 - Syllabus Section E - Other Assignments• Of prospective information• outsourcing• forensic audits
  28. 28. P7 - Syllabus Section E - Other Assignments• Of prospective information• outsourcing• forensic audits• impact of these on external audit
  29. 29. P7 - SyllabusSection F - Reporting
  30. 30. P7 - SyllabusSection F - Reporting • conclude on work performed
  31. 31. P7 - SyllabusSection F - Reporting • conclude on work performed • communicate opinion
  32. 32. P7 - SyllabusSection G - Current Developments
  33. 33. P7 - SyllabusSection G - Current Developments• not tested in isolation
  34. 34. P7 - SyllabusSection G - Current Developments• not tested in isolation• impact on assignment
  35. 35. The Exam
  36. 36. The Exam• Section A: 2 Case Studies (50 - 70 marks)
  37. 37. The Exam• Section A: 2 Case Studies (50 - 70 marks)• Covers many syllabus areas
  38. 38. The Exam• Section A: 2 Case Studies (50 - 70 marks)• Covers many syllabus areas• Section B: 2 from 3 shorter scenario questions
  39. 39. The Exam• Section A: 2 Case Studies (50 - 70 marks)• Covers many syllabus areas• Section B: 2 from 3 shorter scenario questions• More focussed on one area
  40. 40. The Exam
  41. 41. The Exam• Key Features
  42. 42. The Exam• Key Features• Scenario based (application!)
  43. 43. The Exam• Key Features• Scenario based (application!)• Professional Marks
  44. 44. The Exam• Key Features• Scenario based (application!)• Professional Marks• Structure, tone, persuasiveness
  45. 45. • Failing to answer the actual question requirements• Discussing too few points• Identifying points but failing to expand on them • Lack of knowledge on certain syllabus areas • Illegible handwriting and inadequate presentation
  46. 46. • Answer the actual requirements • Discuss many points • expand on them • Know all syllabus areas•Write nicely with lots of gaps
  47. 47. Get the KnowledgeKnow your P2 stuff Apply to scenario!
  48. 48. Markets
  49. 49. Markets
  50. 50. Markets Confidence
  51. 51. Markets Confidence
  52. 52. Markets ConfidenceReduce Risk
  53. 53. Markets ConfidenceReduce Risk
  54. 54. MarketsAssurance Confidence Reduce Risk
  55. 55. MarketsAssurance Confidence Reduce Risk
  56. 56. Want MarketsAssurance Confidence Reduce Risk
  57. 57. Want Markets NeedAssurance Confidence Reduce Risk
  58. 58. Want Markets Need SeekAssurance Confidence Reduce Risk
  59. 59. Markets Need Seek WantAssurance Confidence Reduce Risk
  60. 60. Markets Seek WantAssurance Confidence Need Reduce Risk
  61. 61. Markets WantAssurance Confidence Need Seek Reduce Risk
  62. 62. Markets WantAssurance Assurance Confidence Virtuous Circle Need Seek Reduce Risk
  63. 63. Failure
  64. 64. Failure
  65. 65. Failure Less Confidence
  66. 66. Failure Less Confidence
  67. 67. Failure Less ConfidenceMoreRisk
  68. 68. Failure Less ConfidenceMoreRisk
  69. 69. FailureIncreased LessRegulation Confidence More Risk
  70. 70. FailureIncreased LessRegulation Confidence More Risk
  71. 71. FailureIncreased Regulation Less ConfidenceRegulation Vicious Circle More Risk
  72. 72. Self - Regulation
  73. 73. Co rp or ate Self - Regulation Fa ilu re s
  74. 74. Co rp Gl or ob ate ali Self - Regulation sa Fa tio ilu n re s
  75. 75. Co rp Gl or ob ate ali Self - Regulation sa Fa tio ilu n re s IFAC cant impose ISAs globally
  76. 76. Co rp Gl or ob ate ali Self - Regulation sa Fa tio ilu n re s IFAC cant impose ISAs globally Locally adapted ISAs
  77. 77. Co rp Gl or ob ate ali Self - Regulation sa Fa tio ilu n re s IFAC cant impose ISAs globally Locally adapted ISAs Clarity Project
  78. 78. Corporate Governance Audit Committees
  79. 79. Corporate Governance Audit CommitteesHelps Public Confidence
  80. 80. Corporate Governance Audit CommitteesHelps Public Confidence Helps Directors with FR
  81. 81. Corporate Governance Audit CommitteesHelps Public Confidence Helps Directors with FR Helps keep external audit independent
  82. 82. Corporate Governance Independent, NEDs Audit CommitteesHelps Public Confidence Helps Directors with FR Helps keep external audit independent
  83. 83. Corporate Governance Audit Committees
  84. 84. Corporate Governance Audit CommitteesReview IC
  85. 85. Corporate Governance Audit CommitteesReview IC Review IA
  86. 86. Corporate Governance Audit CommitteesReview IC Review IA Review accounts
  87. 87. Corporate Governance Audit CommitteesReview IC Review IA Review accounts Recommend Auditors
  88. 88. Corporate Governance Audit CommitteesReview IC Review IA Review accounts Recommend Auditors Ensure Compliance
  89. 89. Money Laundering
  90. 90. Money Laundering Concealing true origin of illegal proceeds
  91. 91. Money Laundering Concealing true origin of illegal proceedsFinancial action task force
  92. 92. Money Laundering Concealing true origin of illegal proceeds Financial action task forceMake money laundering a criminal offence
  93. 93. Money Laundering Concealing true origin of illegal proceeds Financial action task forceMake money laundering a criminal offence Customer due diligence
  94. 94. Money Laundering Concealing true origin of illegal proceeds Financial action task forceMake money laundering a criminal offence Customer due diligence Record Keeping
  95. 95. Money Laundering Concealing true origin of illegal proceeds Financial action task forceMake money laundering a criminal offence Customer due diligence Record Keeping Suspicious transactions reported
  96. 96. Money Laundering Concealing true origin of illegal proceeds Financial action task forceMake money laundering a criminal offence Customer due diligence Record Keeping Suspicious transactions reported International Cooperation
  97. 97. Money Laundering Offences
  98. 98. Money Laundering OffencesDisguising criminal property
  99. 99. Money Laundering OffencesDisguising criminal propertyAcquiring criminal property
  100. 100. Money Laundering OffencesDisguising criminal propertyAcquiring criminal property Tipping off
  101. 101. Money Laundering OffencesDisguising criminal propertyAcquiring criminal property Tipping off No procedures
  102. 102. Money Laundering OffencesDisguising criminal propertyAcquiring criminal property Tipping off No procedures Not following procedures
  103. 103. Money Laundering OffencesDisguising criminal property Tax evasionAcquiring criminal property cash Tipping off No procedures Not following procedures
  104. 104. Money Laundering Offences Disguising criminal property Tax evasionCash saved from notcriminal property Acquiring cash complying with regulations Tipping off No procedures Not following procedures
  105. 105. Money Laundering & ETHICS
  106. 106. Money Laundering & ETHICSClient confidentiality v Legal responsibility
  107. 107. Money Laundering & ETHICS Client confidentiality v Legal responsibilityNo breach of professional duty to report in good faith
  108. 108. Money Laundering & ETHICS Client confidentiality v Legal responsibilityNo breach of professional duty to report in good faith Statutory protection given too
  109. 109. Procedures recommended by FATF
  110. 110. Procedures recommended by FATF Identifying customers
  111. 111. Procedures recommended by FATF Identifying customers Good record keeping
  112. 112. Procedures recommended by FATF Identifying customers Good record keeping Reporting suspicious transactions
  113. 113. Procedures recommended by FATF Identifying customers Good record keeping Reporting suspicious transactions Appointing MLRO
  114. 114. Procedures recommended by FATF Identifying customers Good record keeping Reporting suspicious transactions Appointing MLRO Training
  115. 115. Procedures recommended by FATF Identifying customers Good record keeping Reporting suspicious transactions Appointing MLRO Training Internal controls reducing risk
  116. 116. Procedures recommended by FATF No high risk ones Identifying customers Good record keeping Reporting suspicious transactions Appointing MLRO Training Internal controls reducing risk
  117. 117. Procedures recommended by FATFFull name and address (people) No high risk ones Identifying customers Good record keeping Reporting suspicious transactions Appointing MLRO Training Internal controls reducing risk
  118. 118. Procedures recommended by FATF Full name and address (people) No high risk onesCertificate of incorp (business) Identifying customers Good record keeping Reporting suspicious transactions Appointing MLRO Training Internal controls reducing risk
  119. 119. Procedures recommended by FATF Full name and address (people) No high risk onesCertificate of incorp (business) Identifying customersOrigin of funding (trusts) Good record keeping Reporting suspicious transactions Appointing MLRO Training Internal controls reducing risk
  120. 120. Procedures recommended by FATF Full name and address (people) No high risk onesCertificate of incorp (business) Identifying customersOrigin of funding Of above (trusts) Good record keeping Reporting suspicious transactions Appointing MLRO Training Internal controls reducing risk
  121. 121. Procedures recommended by FATF Full name and address (people) No high risk onesCertificate of incorp (business) Identifying customersOrigin of funding Of all Of above (trusts) Good record keeping transactions Reporting suspicious transactions Appointing MLRO Training Internal controls reducing risk
  122. 122. Procedures recommended by FATF Full name and address (people) No high risk onesCertificate of incorp (business) Identifying customersOrigin of funding Of all Of above (trusts) Good record keeping suspicious activity transactions reports Reporting suspicious transactions Appointing MLRO Training Internal controls reducing risk
  123. 123. Procedures recommended by FATF Full name and address (people) No high risk onesCertificate of incorp (business) Identifying customersOrigin of funding Of all Of above (trusts) Good record keeping suspicious activity transactions reports cash big Reporting suspicious transactions deposits Appointing MLRO Training Internal controls reducing risk
  124. 124. Procedures recommended by FATF Full name and address (people) No high risk onesCertificate of incorp (business) Identifying customersOrigin of funding Of all Of above (trusts) Good record keeping suspicious activity transactions reports cash big Reporting suspicious transactions depositsFreq. exch into diff currencies Appointing MLRO Training Internal controls reducing risk
  125. 125. Procedures recommended by FATF Full name and address (people) No high risk ones Certificate of incorp (business) Identifying customersOrigin of fundingOverseas t/ns Of all Of above (trusts) transactionsGood record keeping suspicious activity no reports cash bigclear business Reporting suspicious transactions Freq. exch into diff deposits reason currencies Appointing MLRO Training Internal controls reducing risk
  126. 126. Procedures recommended by FATF Full name and address (people) No high risk ones Certificate of incorp (business) Identifying customersOrigin of fundingOverseas t/ns Of all Of above (trusts) transactionsGood record keeping suspicious activity no reports cash bigclear business Reporting suspicious transactions Freq. exch into diff deposits Senior - reports to a regulatory agency reason currencies Appointing MLRO Training Internal controls reducing risk
  127. 127. Procedures recommended by FATF Full name and address (people) No high risk ones Certificate of incorp (business) Identifying customersOrigin of fundingOverseas t/ns Of all Of above (trusts) transactionsGood record keeping suspicious activity no reports cash bigclear business Reporting suspicious transactions Freq. exch into diff deposits Senior - reports to a regulatory agency reason currencies Appointing MLRO Sole practitioners exempt Training Internal controls reducing risk
  128. 128. Procedures recommended by FATF Full name and address (people) No high risk ones Certificate of incorp (business) Identifying customersOrigin of fundingOverseas t/ns Of all Of above (trusts) transactionsGood record keeping suspicious activity no reports cash bigclear business Reporting suspicious transactions Freq. exch into diff deposits Senior - reports to a regulatory agency reason currencies Appointing MLRO Sole practitioners exempt Communicate all regulations Training Internal controls reducing risk
  129. 129. Procedures recommended by FATF Full name and address (people) No high risk ones Certificate of incorp (business) Identifying customersOrigin of fundingOverseas t/ns Of all Of above (trusts) transactionsGood record keeping suspicious activity no reports cash bigclear business Reporting suspicious transactions Freq. exch into diff deposits Senior - reports to a regulatory agency reason currencies Appointing MLRO Sole practitioners exempt Communicate all regulations Training How to recognise & deal Internal controls reducing risk
  130. 130. Procedures recommended by FATF Full name and address (people) No high risk ones Certificate of incorp (business) Identifying customersOrigin of fundingOverseas t/ns Of all Of above (trusts) transactionsGood record keeping suspicious activity no reports cash bigclear business Reporting suspicious transactions Freq. exch into diff deposits Senior - reports to a regulatory agency reason currencies Appointing MLRO Sole practitioners exempt Communicate all regulations Training How to recognise & deal Internal controls reducing risk Tested periodically
  131. 131. Placement
  132. 132. introduction of cash acquired through illegal activities into the business is known as ‘placement’. Placement
  133. 133. introduction of cash acquired through illegal activities into the business is known as ‘placement’. Placement
  134. 134. introduction of cash acquired through illegal activities into the business is known as ‘placement’. Placement Layering
  135. 135. introduction of cash acquired through illegal activities into the business is known as ‘placement’. Placement Layering disguise the source and ownership of the funds by creating complex layers of transactions
  136. 136. introduction of cash acquired through illegal activities into the business is known as ‘placement’. Placement Layering disguise the source and ownership of the funds by creating complex layers of transactions
  137. 137. introduction of cash acquired through illegal activities into the business is known as ‘placement’. Placement Layering disguise the source and ownership of the funds by creating complex layers of transactions Integration
  138. 138. Compliance with laws and regulations in an audit of financial statements: ISA 250
  139. 139. Compliance with laws and regulations in an audit of financial statements: ISA 250 The auditor should:
  140. 140. Compliance with laws and regulations in an audit of financial statements: ISA 250 The auditor should:  Understand the regulatory framework and the entity’s compliance
  141. 141. Compliance with laws and regulations in an audit of financial statements: ISA 250 The auditor should:  Understand the regulatory framework and the entity’s compliance  obtain sufficient evidence of compliance
  142. 142. Compliance with laws and regulations in an audit of financial statements: ISA 250 The auditor should:  Understand the regulatory framework and the entity’s compliance  obtain sufficient evidence of compliance  
  143. 143. Compliance with laws and regulations in an audit of financial statements: ISA 250 The auditor should:  Understand the regulatory framework and the entity’s compliance  obtain sufficient evidence of compliance   Audit procedures to help identify non- compliance:
  144. 144. Compliance with laws and regulations in an audit of financial statements: ISA 250 The auditor should:  Understand the regulatory framework and the entity’s compliance  obtain sufficient evidence of compliance   Audit procedures to help identify non- compliance: -  Ask management about compliance
  145. 145. Compliance with laws and regulations in an audit of financial statements: ISA 250 The auditor should:  Understand the regulatory framework and the entity’s compliance  obtain sufficient evidence of compliance   Audit procedures to help identify non- compliance: -  Ask management about compliance -  inspect any authority correspondence
  146. 146. Compliance with laws and regulations in an audit of financial statements: ISA 250 The auditor should:  Understand the regulatory framework and the entity’s compliance  obtain sufficient evidence of compliance   Audit procedures to help identify non- compliance: -  Ask management about compliance -  inspect any authority correspondenceGet management written representations that all (suspected) non-compliance has been disclosed  
  147. 147. Compliance with laws and regulations in an audit of financial statements: ISA 250 The auditor should:  Understand the regulatory framework and the entity’s compliance  obtain sufficient evidence of compliance   Audit procedures to help identify non- compliance: -  Ask management about compliance -  inspect any authority correspondenceGet management written representations that all (suspected) non-compliance has been disclosed  Document (suspected) non-compliance and discussions with management and/or other parties.
  148. 148. Action if (suspected) non-compliance
  149. 149. Action if (suspected) non-compliance Understand its nature and circumstances
  150. 150. Action if (suspected) non-compliance Understand its nature and circumstances  Evaluate its possible effect on the FS
  151. 151. Action if (suspected) non-compliance Understand its nature and circumstances  Evaluate its possible effect on the FS  
  152. 152. Action if (suspected) non-compliance Understand its nature and circumstances  Evaluate its possible effect on the FS  For suspected non-compliance, discuss with management. If compliance is not proved, take legal advice.
  153. 153. Action if (suspected) non-compliance Understand its nature and circumstances  Evaluate its possible effect on the FS   For suspected non-compliance, discuss with management. If compliance is not proved, take legal advice. If insufficient evidence re suspected non-compliance, consider impact on the audit report (“limitation on scope”)
  154. 154. Action if (suspected) non-compliance Understand its nature and circumstances  Evaluate its possible effect on the FS   For suspected non-compliance, discuss with management. If compliance is not proved, take legal advice. If insufficient evidence re suspected non-compliance, consider impact on the audit report (“limitation on scope”)  Does it impact on other areas of the audit (eg overall risk assessment)
  155. 155. Action if (suspected) non-compliance Understand its nature and circumstances  Evaluate its possible effect on the FS   For suspected non-compliance, discuss with management. If compliance is not proved, take legal advice. If insufficient evidence re suspected non-compliance, consider impact on the audit report (“limitation on scope”)  Does it impact on other areas of the audit (eg overall risk assessment)  Consider who to report it to - those charged with governance and/ or shareholders and/or to authorities.

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