AGENDA. Change in Auditor. Quality Control. Responses to assessed risk. Presented by Phei Koid
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1 AGENDA Change in Auditor Quality Control Responses to assessed risk 3
2 CHANGE IN AUDITOR Code of Ethics Section 210 Section 440 Section 441 4
3 CHANGE IN AUDITOR Section 210 of Code of Ethics The auditor should consider whether acceptance of the client s audit nomination would create any threats to compliance with the fundamental principles. 5
4 CHANGE IN AUDITOR Section 440 of Code of Ethics A proposed nominee should find out whether the change of auditor has been properly dealt with in accordance with the Companies Ordinance or other legislations; and conduct professional clearance procedures before accepting the nomination. - With the permission of the prospective client, the proposed nominee should write to the last appointed auditor and ask if there are any unusual circumstances of which the proposed nominee should be aware before accepting the nomination. 6
5 CHANGE IN AUDITOR Section 440 of Code of Ethics The last appointed auditors should advise the proposed nominee immediately if - there is any professional or other reason of which the proposed nominee should be aware - the circumstances surrounding the proposed change - disclose fully all information needed by the proposed nominee to enable him to make decision in respect of accepting the nomination - they have suspicions of unlawful acts by directors which have not yet been proved and any matters that ought to be investigated. 7
6 CHANGE IN AUDITOR Section 440 of Code of Ethics If the replacement of the last appointed auditor is prompted by disagreement over matters such as the truth and fairness of the entity's financial statements or the selection of accounting policies or methods used in auditing, the proposed nominee should obtain the full views of the last appointed auditors. The proposed nominee should discuss with the entity the areas of disagreement. 8
7 CHANGE IN AUDITOR Section 441 of Code of Ethics (Listed entity) If there are any disagreements between auditors and the client, the issues should be raised with the audit committee so that the committee may help to resolve the issues with management and to complete the audit. The last appointed auditor should write a letter of resignation/termination to the audit committee and the board of directors in the event of the resignation or refusing reappointment, which lists any disagreements or unresolved issues relating to the audit. 9
8 CHANGE IN AUDITOR Section 441 of Code of Ethics (Listed entity) The proposed nominee should request a copy of the letter of resignation/termination and any correspondence from the listed entity. If the entity refuses to send the proposed nominee the letter of resignation/termination, the proposed nominee can only decline to accept nomination. The last appointed auditor should remind the listed entity of its obligation under the Listing Rules and should ensure the letter of resignation/termination has been brought to the attention of the shareholders. Any disputes should be reported to the audit committee. 10
9 CHANGE IN AUDITOR New Companies Ordinance See pages 191 to 198 of Learning Pack 5 th Edition 11
10 QUALITY CONTROL HKSQC 1 Deals with a firm s responsibilities for its system of quality control for audits and reviews of financial statements, and other assurance and related services engagements. HKSA 220 Deals with the specific responsibilities of the auditor regarding quality control procedures for an audit of financial statements. 12
11 QUALITY CONTROL HKSQC 1 1. Leadership 2. Ethical requirements 3. Client Acceptance and continuance 4. Human Resources 5. Engagement Performance 6. Monitoring 13
12 QUALITY CONTROL 1. Leadership HKSQC 1 The firm shall establish policies and procedures designed to promote an internal culture recognizing that quality is essential in performing engagements. Such policies and procedures shall require the firm s chief executive officer or, if appropriate, the firm s managing board of partners to assume ultimate responsibility for the firm s system of quality control. HKSA 220 The engagement partner shall take responsibility for the overall quality on each audit engagement to which that partner is assigned. 14
13 QUALITY CONTROL 2. Ethical requirements HKSQC 1 The firm shall establish policies and procedures designed to provide it with reasonable assurance that the firm and its personnel comply with relevant ethical requirements. - E.g. Requiring, for audits of financial statements of listed entities, the rotation of the engagement partner and the individuals responsible for engagement quality control review. At least annually, the firm shall obtain written confirmation of compliance with its policies and procedures on independence from all firm personnel required to be independent by relevant ethical requirements. 15
14 QUALITY CONTROL 2. Ethical requirements HKSA Ethical requirements with regards to independence The engagement partner shall: Obtain relevant information from the firm to identify and evaluate circumstances and relationships that create threats to independence; Evaluate information on identified breaches to determine whether they create a threat to independence for the audit engagement; Take appropriate action to eliminate such threats or reduce them to an acceptable level by applying safeguards 16
15 QUALITY CONTROL 3. Client acceptance HKSQC 1 The firm shall establish policies and procedures for the acceptance and continuance of client relationships. It should only undertake or continue relationships and engagements where the firm: Is competent to perform the engagement and has the capabilities, including time and resources, to do so; Can comply with relevant ethical requirements; and Has considered the integrity of the client, and does not have information that would lead it to conclude that the client lacks integrity. 17
16 QUALITY CONTROL 3. Client acceptance HKSA 220 The engagement partner shall be satisfied that appropriate procedures regarding the acceptance and continuance of client relationships and audit engagements have been followed, and shall determine that conclusions reached in this regard are appropriate. 18
17 QUALITY CONTROL 4. Human resources HKSQC 1 The firm shall establish policies and procedures designed to provide it with reasonable assurance that it has sufficient personnel with the competence, capabilities, and commitment to ethical principles necessary to: Perform engagements in accordance with professional standards and applicable legal and regulatory requirements; and Enable the firm or engagement partners to issue reports that are appropriate in the circumstances. 19
18 QUALITY CONTROL 4. Human resources HKSA 220 The engagement partner shall be satisfied that the engagement team, and any auditor s experts who are not part of the engagement team, collectively have the appropriate competence and capabilities to: Perform the audit engagement in accordance with professional standards and applicable legal and regulatory requirements; and Enable an auditor s report that is appropriate in the circumstances to be issued. 20
19 QUALITY CONTROL 5. Engagement performance HKSQC 1 The firm shall establish policies and procedures designed to provide it with reasonable assurance that o engagements are performed in accordance with professional standards and applicable legal and regulatory requirements o that the firm or the engagement partner issue reports that are appropriate in the circumstances. 21
20 QUALITY CONTROL 5. Engagement performance HKSA 220 The engagement partner shall take responsibility for: The direction, supervision and performance of the audit engagement in compliance with professional standards and applicable legal and regulatory requirements; The auditor s report being appropriate in the circumstances. 22
21 QUALITY CONTROL 5. Engagement performance HKSA 220 The engagement partner shall take responsibility for: The direction, supervision and performance of the audit engagement in compliance with professional standards and applicable legal and regulatory requirements; The auditor s report being appropriate in the circumstances. 23
22 QUALITY CONTROL 5. Engagement performance (Consultation on difficult or contentious matters) Per HKSA 220, the engagement partner shall: Take responsibility for the engagement team undertaking appropriate consultation on difficult or contentious matters; Be satisfied that members of the engagement team have undertaken appropriate consultation during the course of the engagement Be satisfied that the nature and scope of, and conclusions resulting from, such consultations are agreed with the party consulted; and Determine that conclusions resulting from such consultations have been implemented. 24
23 QUALITY CONTROL 5. Engagement performance (Engagement Quality Control Review) Per HKSQC 1: The firm shall establish policies and procedures requiring, for appropriate engagements, an engagement quality control review that provides an objective evaluation of the significant judgments made by the engagement team and the conclusions reached in formulating the report. Such policies and procedures shall: Require an engagement quality control review for all audits of financial statements of listed entities; Set out criteria for all other audits and reviews of historical financial information and other assurance and related services engagements 25
24 QUALITY CONTROL 5. Engagement performance (Engagement Quality Control Review) Per HKSA 220: For audits of financial statements of listed entities, and those other audit engagements, if any, for which the firm has determined that an engagement quality control review is required, the engagement partner shall: Determine that an engagement quality control reviewer has been appointed; Discuss significant matters arising during the audit engagement, including those identified during the engagement quality control review, with the engagement quality control reviewer; Not date the auditor s report until the completion of the engagement quality control review. 26
25 QUALITY CONTROL 5. Engagement performance (Engagement Quality Control Review) Per HKSA 220: The engagement quality control reviewer shall perform an objective evaluation of the significant judgments made by the engagement team, and the conclusions reached in formulating the auditor s report. This evaluation shall involve: Discussion of significant matters with the engagement partner; Review of the financial statements and the proposed auditor s report; Review of selected audit documentation relating to the significant judgments the engagement team made and the conclusions it reached; and Evaluation of the conclusions reached in formulating the auditor s report and consideration of whether the proposed auditor s report is appropriate. 27
26 QUALITY CONTROL 5. Engagement performance (Engagement Quality Control Review) Per HKSA 220: For audits of financial statements of listed entities, the engagement quality control reviewer, on performing an engagement quality control review, shall also consider the following: The engagement team s evaluation of the firm s independence in relation to the audit engagement; Whether appropriate consultation has taken place on matters involving differences of opinion or other difficult or contentious matters, and the conclusions arising from those consultations; and Whether audit documentation selected for review reflects the work performed in relation to the significant judgments and supports the conclusions reached. 28
27 QUALITY CONTROL 6. Monitoring HKSQC 1 The firm shall establish a monitoring process designed to provide it with reasonable assurance that the policies and procedures relating to the system of quality control are relevant, adequate, and operating effectively. HKSA 220 The engagement partner shall consider the results of the firm s monitoring process as evidenced in the latest information circulated by the firm and, if applicable, other network firms and whether deficiencies noted in that information may affect the audit engagement. 29
28 RESPONSES TO RISKS (HKSA 330) Risks of material misstatement At the financial statement level At the assertion level 30
29 RESPONSES TO RISKS (HKSA 330) Response to risks of MM at the FS level Emphasizing to the audit team the need to maintain professional skepticism. Assigning more experienced staff or those with special skills or using experts. Providing more supervision. Incorporating additional elements of unpredictability in the selection of further audit procedures to be performed. Making general changes to the nature, timing or extent of audit procedures, for example: performing substantive procedures at the period end instead of at an interim date; or modifying the nature of audit procedures to obtain more persuasive audit evidence. 31
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