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　　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
　　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.
　　2
　　CLARIFIED AUDITING STANDARDS
　　APRIL 2011
　　It is common in practice and in exam questions to identify and explain
　　deficiencies in internal control systems. An example is Question 3（b） of Paper
　　F8 in the June 2010 exam session. Candidates were required to identify and
　　explain deficiencies in the cash cycle of a window cleaning company, suggest
　　controls to address each of these deficiencies, and list tests of controls the
　　auditor would perform to assess if the controls were operating effectively.
　　If the deficiency is significant, it is known as ‘significant deficiency’。 It is ‘a
　　deficiency or combination of deficiencies in internal control that, in the
　　auditor’s professional judgment, is of sufficient importance to merit the
　　attention of those charged with governance’。 It depends not only on whether a
　　misstatement has actually occurred, but also on the likelihood that a
　　misstatement could occur and the potential magnitude of the misstatement.
　　Significant deficiencies may therefore exist even though the auditor has not
　　identified misstatements during the audit.
　　Consideration points should include:
　　? the likelihood of the deficiencies leading to material misstatements in the
　　financial statements in the future
　　? the susceptibility to loss or fraud of the related asset or liability
　　? the subjectivity and complexity of determining estimated amounts, such as
　　fair value accounting estimates
　　? the financial statement amounts exposed to the deficiencies
　　? the volume of activity that has occurred or could occur in the account
　　balance or class of transactions exposed to the deficiency or deficiencies
　　? the importance of the controls to the financial reporting process
　　? the cause and frequency of the exceptions detected as a result of the
　　deficiencies in the controls
　　? the interaction of the deficiency with other deficiencies in internal control.
　　When you found the following indicators in real practice or exam questions,
　　this would indicate significant deficiencies. These include:
　　? evidence of ineffective aspects of the control environment, such as
　　management fraud not mitigated by internal controls, not sufficient
　　oversight of significant management interests by those charged with
　　governance, and no implementation of remedial actions against significant
　　deficiencies communicated
　　? absence or inefficiency of a risk assessment process
　　? evidence of ineffective responses to identified significant risks
　　? misstatements detected by the auditor’s procedures, which were not
　　prevented, detected and corrected by the internal controls
　　? restatement of previously issued financial statements to reflect the
　　correction of a material misstatement due to error or fraud
　　? evidence of management’s inability to oversee the preparation of the
　　financial statements.　　3
　　CLARIFIED AUDITING STANDARDS
　　APRIL 2011
　　In response to significant deficiencies in internal control identified during the
　　audit, the auditor will communicate in writing the significant deficiencies to
　　those charged with governance on a timely basis. For the communication, this
　　would include a description of the deficiencies, an explanation of their potential
　　effects, and sufficient information to enable those charged with governance
　　and management to understand the context of the communication.
　　In terms of the sufficiency of the details of communication, the consideration
　　factors include:
　　? the nature of the entity – more details for public interest entities than
　　non-public interest entities
　　? the size and complexity of the entity – more details for larger and more
　　complex entities
　　? the nature of significant deficiencies that the auditor has identified – more
　　details for those involving integrity of management and fraud
　　? the entity’s governance composition – more details for inexperienced
　　governance members
　　? legal or regulatory requirements regarding the communication of specific
　　types of deficiency in internal control
　　Evaluation of misstatements
　　As well as deficiencies in internal controls, misstatements may also be
　　detected during an audit. ISA/HKSA 450 （Clarified）， Evaluation of Misstatements
　　Identified During the Audit is actually a new separate standard as well. This
　　highlights the importance of focusing on the deficiencies/misstatements
　　during the audit, which is a common consideration for a risk-based approach.
　　ISA/HKSA 450 （Clarified） deals with the auditor’s responsibility to *uate the
　　effect of identified misstatements on the audit and of uncorrected
　　misstatements, if any, on the financial statements. ‘Misstatement’ is defined
　　as ‘a difference between the amount, classification, presentation, or disclosure
　　of a reported financial statement item and the amount, classification,
　　presentation, or disclosure that is required for the item to be in accordance
　　with the applicable financial reporting framework. Misstatement can arise from
　　error or fraud.’ This also relates to those that require adjustments for issuing a
　　true and fair view on the financial statements.
　　For these kind of identified misstatements, the auditor should determine
　　whether the nature and the circumstances of their occurrence indicate the
　　existence of other misstatements, which could be material individually or in
　　aggregate. These misstatements should be communicated to the appropriate
　　level of management on a timely basis.
　　The auditor should also consider whether there is a need to revise the audit
　　strategy and audit plan – especially when those areas are confirmed to have
　　appropriate design, implementation and effective operation of controls, now
　　there are identified misstatements. Does the initial conclusion need to be
　　4
　　CLARIFIED AUDITING STANDARDS
　　APRIL 2011
　　reconsidered? This would definitely affect the risk assessment, audit strategy
　　and audit plan.
　　‘Uncorrected misstatements’ are the ‘misstatements that the auditor has
　　accumulated during the audit that have not been corrected’。 Before *uating
　　the effect of the uncorrected misstatements, the auditor should confirm
　　whether the materiality still remains appropriate. Afterwards, the auditor will
　　determine the uncorrected misstatements are material individually or in
　　aggregate. The auditor will consider:
　　? the size and nature of the misstatements, and the particular circumstances
　　of the occurrence
　　? the effect of uncorrected misstatements related to the prior periods.
　　The auditor will communicate the uncorrected misstatements and their
　　implication on the auditor’s report to those charged with governance. The
　　auditor will also request a written representation （including a summary of
　　uncorrected misstatements） from management and – where appropriate –
　　those charged with governance as to whether they believe the effects of
　　uncorrected misstatements are immaterial, individually and in aggregate to the
　　financial statements as a whole.
　　Conclusion
　　To summarise, candidates need to update their auditing knowledge,
　　understand them and apply them in the exam questions.
　　As stated by the Paper P7 examiner: ‘A significant proportion of candidates
　　continue to produce answers that are simply too vague or too brief, do not
　　actually answer the question requirements, and display inadequate technical
　　knowledge of the clarified ISAs （HKSAs）。 These candidates are encouraged to
　　improve their exam technique, as well as knowledge of the syllabus, by
　　practising as many past exam questions as possible, using up-to-date study
　　materials, and by taking on board the comments made in examiner’s articles
　　and reports.’
　　Allan Lee FCCA is director of Allan Lee Professional Solutions Ltd and cochairman
　　of ACCA Hong Kong’s Student Affairs Subcommittee
　　This article was originally written for ACCA Hong Kong Student News Update
　　magazine, Winter 2010 issue but is still relevant for all auditing students.
　　小編寄語：成功與不成功之間有時(shí)距離很短——只要后者再向前幾步。
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