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        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.
　　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.