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March Tech

Engagement quality control review requirements

for engagements performed in terms of ISRS 4400
Engagements to Perform Agreed-upon Procedures
Regarding Financial Information are set out in the
1 recently released policy, SAPPL 20

Entity C held a previous interest in a joint

operation in which it had joint control. During the
current year, Entity C increases its interest in the
operation and now has control over the
operation. The operation meets the definition of a
business. When Entity C obtains control, it does
2 the following:

Entity B measures its property, plant and

equipment on the revaluation model. On disposal
of its Property, plant and equipment, Entity B
3 accounts for the revaluation surplus as follows:

Which Section of the JSE listing requirements

governs accreditation of audit partners for the
4 purposes of audits of JSE listed companies?

An auditor who is included on the JSE list of

disqualified auditors may never seek to be
5 removed from the JSE list of disqualified auditors.

Liquidity risk disclosures required by IFRS 7 are

6 required for all financial liabilities:
When the audit engagement team requests and
then subsequently receives bank confirmations
from the KPMG Delivery Academy (KDA), the
audit engagement team should review the
7 following: (Select all that apply)

When receiving external information in electronic

form, we are not required to perform any
additional procedures to ensure the information is
8 reliable

KPMG South Africa has made a decision to use

the KPMG Delivery Academy as the central point
for requesting bank confirmations for use as audit
9 evidence.

Who is responsible for individual partner

10 accreditation from the JSE’s perspective?

Changes in the fair value of contingent

consideration that are not measurement period
adjustments which are considered to be in the
scope of IFRS 9 are not measured at fair value at
11 each reporting date:

Entity A has purchased capital assets as

replacement assets. The payments for the
purchase of these replacement assets are
12 considered to be :

Classification of items as either operating,

financing or investing activities in the Statement
of Cash Flows is not as important as the overall
13 net cash position.

KAM [9.1452] distinguishes between two types of

external information, source information and
14 other information.
The expected audit file assembly date for a
component eAudIT file where group reporting
was submitted to a KPMG member firm (non SEC
15 audit) should be as follows (Select all that apply):

Entity C re-measures its previously held interest at fair value

Transfer the revaluation surplus directly to retained earnings

Section 22

E-mail correspondence received from the bank to ensure the
addressee and sender is correct and appropriate

Information received from the client, prior to submitting to

KDA for processing

All attachments (confirmations) and information appearing

thereon to ensure the information is accurate and complete

JSE issuers’ audit committee

Investing Activities

The date stipulated by the group audit team in their group
instructions when this date is earlier than 60 days calculated
by the component audit team

It should not be more than 60 days from the date the group
team issues their auditor’s report