Clarified ISAs centre: new guidance
ACCA has published a wide range of guidance in respect of the implementation of the Clarified International Standards on Audit (ISAs) which are effective for accounting periods ending on of after 15 December 2010.
The following articles have been published in Accounting and Business magazine as CPD articles and provide verifiable CPD units if the relevant questions are answered:
In Practice guidance
Further guidance on specific aspects relating to the implementation of the Clarified ISAs is included in the documents below published in In Practice e-magazine:
- Introducing the revised Practice Note 26 on smaller entity audit documentation; (01/10 issue)
- Tips for cost-effective ISA application; (02/10 issue)
- Clarified ISAs are coming; (05/10 issue)
- The audit of related parties under clarified ISAs; (09/10 issue)
- Auditing accounting estimates (10/10 issue)
- Auditors’ communication of deficiencies in internal control; (11/10 issue)
- Effective audit planning under clarity ISAs; (12/10 issue)
- Clarified ISA 210: audit engagement letters; (12/10 issue)
- Group Audits: the impact of ISA 600 (05/11 issue)
- Practical Auditing under Clarity ISAs – Full unedited article.
ACCA Audit Programmes
ACCA also produces the ACCA Audit Programmes which have been designed to facilitate compliance with the Clarified International Standards on Auditing by reflecting new requirements introduced in number of areas such as performance materiality, service organisations, accounting estimates, external confirmations, related parties and the use of an expert.
The ACCA Audit Programmes are suitable for audit engagements carried out for entities belonging to all jurisdictions that apply the Clarified ISAs. The Programmes support the audit of entities applying IFRS or UK GAAP and allow the selection of the relevant financial reporting framework when producing audit file documentation.
The product provides a wide range of audit documentation, including:
- documentation for the current audit file in three sections: planning, work schedules and completion
- documentation for the permanent audit file
- optional schedules, such as use of an expert programme, accounting estimates working paper, checklist for identification of related parties etc.
- a library of standard letters.
The product also includes a selection of specimen completed schedules that illustrate, by reference to a small audit case study, how the programmes can be used in practice. The selection of schedules includes permanent audit file and current file documents such as related parties, business risk assessment, control activities, client meeting minutes, planning memorandum and the approach summary for the cash and bank section.
The ACCA Audit Programmes are CD-ROM based and can be operated in both Excel and Word format and allow the tailoring of the audit file with the possibility of selecting and saving the individual working papers required for the engagement. The audit programmes can either be fully completed on screen, which is facilitated by drop down boxes included under each section to update the stage of completion reached and by hyperlinks throughout that allow easy navigation within and between documents, or printed for manual completion.
ACCA has also teamed up with Future Route, developers of data analytics technology delivered as a web service, to develop an application that can be integrated in the audit programmes and that allows the performance of complex analytical procedures to support the audit planning process. Instructions to access the application are included in the programmes.
The new ACCA Audit Programmes cost £199 + VAT (if applicable). Why not order your copy now by emailing firstname.lastname@example.org or calling 0141 582 2000 (quoting your name and membership number).
It is possible to download a demo version of the ACCA Audit Programmes that allows access to some of the guidance notes, part of the current audit file and schedules, some specimen letters and a set of specimen completed schedules.