F8考試熱點：THE NEW AUDITOR'S REPORT

隨著F8新大綱的公布，我們知道了今年的審計報告在內容上有所修改，下面我們就具體看一下究竟有哪些變化。

The International Auditing and Assurance Standards Board (IAASB) finalised its project on auditor reporting in 2015, which resulted in a set of new and revised standards on auditor reporting as well as revised versions of ISA, 570 Going Concernand a number of other International Standards on Auditing (ISAs).

Candidates attempting F8, Audit and Assurance and P7, Advanced Audit and Assurance (INT) are required to have a sound understanding of auditor’s reports and are reminded that the new standards issued by the IAASB as a result of this project are examinable from September 2016. (Candidates attempting P7 (UK) or (IRL) adapted papers do not have the new and revised IAASB standards as examinable documents from September 2016, however the FRC Invitation to Comment on the standards is examinable as a current issue). Candidates are also strongly advised to ensure that they have an up-to-date text to study from because the changes to the auditor’s report are significant.

This article will focus primarily on: the requirements of the new ISA 701,Communicating Key Audit Matters in the Independent Auditor’s Report; how ISA 701 interacts with the other reporting standards (ISA 705 and 706); and the new reporting requirements in ISA 570 (Revised), Going Concern.

Candidates often find auditor’s reports a challenging part of the syllabus and in preparation for exams from September 2016, it is imperative that candidates can:

• describe the different elements of the auditor’s report (particularly relevant for F8 candidates)

• determine the most appropriate type of audit opinion in a given scenario, often through an explanation of why a certain opinion is appropriate which will test the application of the candidate’s knowledge

• understand the issues that may arise during the course of an audit that could require an Emphasis of Matter or Other Matter paragraph to be included in the audit report, and

• identify Key Audit Matters (KAM) that are required to be disclosed in an auditor’s report.

Candidates will not be expected to draft an auditor’s report in either F8 or P7, but may be asked to present reasons for an unmodified or a modified opinion, or the inclusion of an Emphasis of Matter paragraph. Candidates attempting F8 may be required to identify and describe the elements of the auditor’s report and therefore candidates should ensure that they have a sound understanding of the revised ISA 700, Forming an Opinion and Reporting on Financial Statements. P7 questions may require a candidate to determine whether a transaction, or a series of transactions and events or other issues arising during the audit, gives rise to a KAM.

Candidates may also be presented with extracts from an auditor’s report and be asked to critically appraise the extracts, or challenge the proposed audit opinion. Candidates are therefore reminded to ensure they have a sound understanding of the relevant Syllabus and Study Guide and ensure the revision phase in the lead-up to the examination includes plenty of exam-standard question practise, particularly if this is an area of the syllabus which a candidate finds challenging.