(c) (i) Identify and describe FOUR quality control procedures that are applicable to the inpidual audit
engagement; and (8 marks)
正确答案：
(c)(i)ISQC1QualityControlforFirmsThatPerformAuditsandReviewsofHistoricalFinancialInformationandOther
AssuranceandRelatedServicesEngagementsprovidesguidanceontheoverallqualitycontrolsystemsthatshouldbe
implementedbyanauditfirmISA220QualityControlforAuditsofHistoricalFinancialInformationspecifiesthequality
controlproceduresthatshouldbeappliedbytheengagementteaminindividualauditassignments
Proceduresincludethefollowing:
Clientacceptanceprocedures
Thereshouldbefulldocumentationandconclusiononethicalandclientacceptanceissuesineachauditassignment
Theengagementpartnershouldconsiderwhethermembersoftheauditteamhavecompliedwithethicalrequirements
forexamplewhetherallmembersoftheteamareindependentoftheclientAdditionallytheengagementpartnershould
concludewhetherallacceptanceprocedureshavebeenfollowedforexamplethattheauditfirmhasconsideredthe
integrityoftheprincipalownersandkeymanagementoftheclientOtherproceduresonclientacceptanceshould
include:
–Obtainingprofessionalclearancefrompreviousauditors
–Considerationofanyconflictofinterest
–Moneylaundering(clientidentification)procedures
Engagementteam
Proceduresshouldbefollowedtoensurethattheengagementteamcollectivelyhastheskillscompetenceandtimeto
performtheauditengagementTheengagementpartnershouldassessthattheauditteamforexample:
–Hastheappropriateleveloftechnicalknowledge
–Hasexperienceofauditengagementsofasimilarnatureandcomplexity
–Hastheabilitytoapplyprofessionaljudgement
–Understandsprofessionalstandardsandregulatoryandlegalrequirements
Direction
TheengagementteamshouldbedirectedbytheengagementpartnerProceduressuchasanengagementplanning
meetingshouldbeundertakentoensurethattheteamunderstands:
–Theirresponsibilities
–Theobjectivesoftheworktheyaretoperform
–Thenatureoftheclient’sbusiness
–Riskrelatedissues
–Howtodealwithanyproblemsthatmayarise;and
–Thedetailedapproachtotheperformanceoftheaudit
TheplanningmeetingshouldbeledbythepartnerandshouldincludeallpeopleinvolvedwiththeauditThereshould
beadiscussionofthekeyissuesidentifiedattheplanningstage
Supervision
SupervisionshouldbecontinuousduringtheengagementAnyproblemsthatariseduringtheauditshouldberectified
assoonaspossibleAttentionshouldbefocusedonensuringthatmembersoftheauditteamarecarryingouttheirwork
inaccordancewiththeplannedapproachtotheengagementSignificantmattersshouldbebroughttotheattentionof
seniormembersoftheauditteamDocumentationshouldbemadeofkeydecisionsmadeduringtheauditengagement
Review
ThereviewprocessisoneofthekeyqualitycontrolproceduresAllworkperformedmustbereviewedbyamoresenior
memberoftheauditteamReviewersshouldconsiderforexamplewhether:
–Workhasbeenperformedinaccordancewithprofessionalstandards
–Theobjectivesoftheproceduresperformedhavebeenachieved
–Worksupportsconclusionsdrawnandisappropriatelydocumented
Thereviewprocessitselfmustbeevidenced
Consultation
FinallytheengagementpartnershouldarrangeconsultationondifficultorcontentiousmattersThisisaprocedure
wherebythematterisdiscussedwithaprofessionaloutsidetheengagementteamandsometimesoutsidetheaudit
firmConsultationsmustbedocumentedtoshow:
–Theissueonwhichtheconsultationwassought;and
–Theresultsoftheconsultation
