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    Ethical, Professional & Quality Control Issues: December 2020

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    Iftekhar-Ul- Islam
    The document discusses ethical, professional and quality control issues relevant for the AAA Practice to Pass December 2020 exam. It provides an agenda that covers examiner expectations, understanding ethical and professional issues, quality control issues and elements of a firm quality control system. Specific matters that could compromise audit quality are also explained.

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    Ethical, Professional & Quality Control Issues: December 2020

    Uploaded by

    Iftekhar-Ul- Islam
    33 views7 pages
    The document discusses ethical, professional and quality control issues relevant for the AAA Practice to Pass December 2020 exam. It provides an agenda that covers examiner expectations, understanding ethical and professional issues, quality control issues and elements of a firm quality control system. Specific matters that could compromise audit quality are also explained.

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    Day 3 Presentation

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    The document discusses ethical, professional and quality control issues relevant for the AAA Practice to Pass December 2020 exam. It provides an agenda that covers examiner expectations, understanding ethical and professional issues, quality control issues and elements of a firm quality control system. Specific matters that could compromise audit quality are also explained.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    33 views7 pages

    Ethical, Professional & Quality Control Issues: December 2020

    Uploaded by

    Iftekhar-Ul- Islam
    The document discusses ethical, professional and quality control issues relevant for the AAA Practice to Pass December 2020 exam. It provides an agenda that covers examiner expectations, understanding ethical and professional issues, quality control issues and elements of a firm quality control system. Specific matters that could compromise audit quality are also explained.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 7

    AAA PTP DEC 2020 BY KASHIF KAMRAN-FCCA 30/10/2020

    DAY 3 AAA
    PRACTICE TO PASS
    Ethical, DECEMBER 2020
    KASHIF KAMRAN-FCCA
    professional
    & quality
    control issues

    © ACCA PUBLIC

    Ethical, professional and quality control matter

    Previous webinars to watch


    • EPQ issues- (Sept 19)- https://vimeo.com/showcase/6199442/video/352559546
    • EPQ issues- (Jun 19)- https://vimeo.com/showcase/5932776/video/333830511
    • EPQ issues- (March 19)- https://vimeo.com/showcase/5719988/video/317125736

    © ACCA PUBLIC

    ACCA PAKISTAN 1
    AAA PTP DEC 2020 BY KASHIF KAMRAN-FCCA 30/10/2020

    Agenda day 3 : Ethical , professional & quality control matters

    EXAMINER HOME
    ARTICLE DRILLING
    EXPECTATIONS ASSIGNMENTS

    Exam technique
    article- part 1 Sept 2018 Q2b Sept 18
    Analysis of
    ethics (EP) Q3b(PQ)
    examiner dos
    and don'ts
    Quality control- Jun 2016- Q2a Mar 20
    carefully
    perpetual (EPQ) Q3b(EP)
    current issue

    © ACCA PUBLIC

    Examiner expectation- when a question ask for ethical issue


    or ethical and professional issues
    Comment/Discuss/ explain/ evaluate any ethical issues relevant and recommend
    appropriate actions to be taken by our firm.
    Evaluate/Comment/ identify and explain the ethical and professional issues and
    recommend any actions which should now be taken by the audit firm

    © ACCA PUBLIC

    ACCA PAKISTAN 2
    AAA PTP DEC 2020 BY KASHIF KAMRAN-FCCA 30/10/2020

    Ethical issues- understanding

    • Knowing the code of ethics (IESBA)- the issues


    • Conflict of interest+ safeguards
    • Confidentiality+ when it can be whistle blown
    • Threats to objectivity + safeguards
    • Management threat + safeguards
    • Listed company and non-listed company
    • Explaining why it is a threat

    © ACCA PUBLIC

    Professional issues- understanding

    • Any specific matter in the case study which is important or need attention,
    other than ethical issues.
    • The more practice you do the better you will be on professional matters

    © ACCA PUBLIC

    ACCA PAKISTAN 3
    AAA PTP DEC 2020 BY KASHIF KAMRAN-FCCA 30/10/2020

    Examiner expectation- when a question involve quality control


    matters
    • Comment on the quality of the planning and performance of the audit of
    Watson Co discussing the quality control and other professional issues raised.
    • Comment on the quality of the audit performed discussing the quality control,
    ethical and other professional issues raised.

    © ACCA PUBLIC

    Quality control issues

    • Specific matters in examiner article which compromise quality


    • Matters mention in ISQC-1/ISA-220- which compromise quality

    © ACCA PUBLIC

    ACCA PAKISTAN 4
    AAA PTP DEC 2020 BY KASHIF KAMRAN-FCCA 30/10/2020

    Elements of a firm quality control system

    Leadership

    Ethics

    Acceptance and continuation of client relationship

    Human resources

    Engagement performance

    Monitoring

    © ACCA PUBLIC

    How the audit is planned and performed?

    Planned
     Role of the audit engagement partner
     Planning meeting with client / audit committee
     Engagement team briefing
     First year audit
     Use of analytical procedures
     Risk assessment

    © ACCA PUBLIC

    ACCA PAKISTAN 5
    AAA PTP DEC 2020 BY KASHIF KAMRAN-FCCA 30/10/2020

    How the audit is planned and performed?

    Performed
     Adherence to applicable standards / firm policies
     The person involved
     Sample size
     Adequacy of evidence
     Judgements
     Supervision
     Documentation of work
     Review of work performed (Work)

    © ACCA PUBLIC

    Specific matters which compromise quality (examining team


    article)
    • Tight deadlines
    • Materiality level
    • Sample size
    • Fees restrictions
    • Use of judgements
    • Competence

    © ACCA PUBLIC

    ACCA PAKISTAN 6
    AAA PTP DEC 2020 BY KASHIF KAMRAN-FCCA 30/10/2020

    Ethical professional and quality control issues- marking


    scheme
    • 1 mark per issue ( irrespective of what the issue is)
    • 1 mark per action ( if asked for)

    © ACCA PUBLIC

    ACCA PAKISTAN 7

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