ACCA AAA ^UK Syllabus E. Completion, Review And Reporting - Assess Audit planned and Performed correctly - Notes ^{2 / 4}

This is the responsibility of the audit engagement partner, as is the audit's overall quality

Planning done properly?

The audit partner should have informed the audit team of:

• Their responsibilities (including professional scepticism) and all partners

• The objectives of the work to be performed

• The nature of the entity's business

• Risk-related issues

• Problems that may arise

• The detailed approach to the performance of the engagement

Supervision done properly?

The audit is supervised overall by the engagement partner. 

More practical supervision is given by senior staff to more junior staff

It includes:

.(ISA 220: para. A15)

• Tracking progress

• Considering the competence of the team, their time and understanding

• Modifying the approach as significant events come up

• Ensuring key matters are considered by more experienced team members

Review done properly?

Review includes consideration of whether:

• Work followed professional standards / regulations

• Significant matters considered further

• Consultations when needed and conclusions documented

• Need to revise the nature, timing and extent of work

• The work performed supports the conclusions reached

• Sufficient and appropriate evidence