1. What is PSA 600? 16.

Can GET still obtain SAAE if restrictions relates to

component not significant?
2. Scope of PSA 600?
17. Is PSA 600 still applied when law prohibits GEP from
3. Effective Date of PSA?
declining and resigning from engagement?
4. Objectives of auditor?
18. What constitutes terms of engagement?
5. Definitions
a) Matters identified
a) Terms used
b) Restrictions imposed
b) Discuss matters significant to component, significant
OVERALL AUDIT STRATEGY AND AUDIT PLAN
component, and component auditor.
19. Role of GEP and GET in overall audit strategy and
6. Financial reporting framework applied in group FS on
audit plan.
consolidation process?
UNDERSTANDING GROUP, COMPONENTS, AND
RESPONSIBILITY
ENVIRONMENT
7. Responsibility of group engagement partner?
20. How does an auditor identify and assess risk of
8. Responsibility of component auditor? material misstatements?

9. Where should it be shown when group audit opinion
is modified because GET didn’t obtain sufficient apt
evidence from component FI?
ACCEPTANCE AND CONTINUANCE
a) What does GET need to do to obtain understanding
to the group, components, and environment?
b) Why does GET needs to obtain these
understandings?

10. How does GEP and GET accept or continue an Matters which GET obtains Understanding
engagement?
21. What does PSA 315 contains in connection with
11. When does GEP decline or resign from the obtaining understanding?
engagement?
Instructions issued by GM to Components
Obtaining Understanding at Acceptance or Continuance
22. What is a reporting package?
Stage
23. What covers these instructions?
12. In case of new engagement, where does GET’s
understanding of component, group, etc. shall come 24. What GET should understand about instructions?
from?
Fraud
a) What are the examples of these understanding
25. What shall an auditor do in relation with risk of
related to new engagement?
material misstatements due to fraud?
13. What are the significant changes that affects ability
26. What are the information used to identify risk of
of GET to obtain SAAE in a continuing engagement?
material misstatement of FS due to fraud?
Expectation to Obtain SAAE
Discussion among GET and CA regarding risk of material
14. How does GEP obtain SAAE when a group consists of misstatement of group FS due to fraud
components not significant?
27. Can a CA be included in the discussion among the
Access to Information key members of engagement team regarding fraud?

15. GET will not obtain SAAE when access of significant 28. What are the opportunities that discussions should
information is restricted by whom? provide in this matter?

Risk Factors
Risk Assessment
29. Where does GET’s risk assessment of material
misstatements in group level shall be based?
UNDERSTANDING COMPONENT AUDITORS
30. What GET should understand when it plans to
request CA to perform works on component FI?
31. What shall GET do if the CA does not meet
independence requirement in the work perform?
GET’s procedures to obtain understanding of CA and
sources of evidence
32. What factors are to be considered when obtaining
understanding of CA?
33. Examples of degree of correspondence of GET and
CA with common policies
34. What are the procedures GET may do to obtain
understanding of CA?
35. Who oversees auditing profession and monitors
quality of audits?
Ethical Requirements relevant to Group Audit
CA’s professional Competence
36. How does GET understands CA’s professional
competence?
Application of GET’s understanding of CA
37. Involvement of GET in CA’s work may or may not?
38. What GET must do when he is restricted by law to
access relevant part of audit documentation?
MATERIALITY
39. What are the materiality do GET needs to obtain?
40. Why materiality level for group FS must be
determined?
41. Why component materiality must be determined?
42. Why component materiality be set lower than the
group materiality level?
43. When shall component materiality be determined?
44. What is the treatment for threshold of
misstatements is determined?
45. Why GET or CA should determine the
appropriateness of amount lower than the component
materiality and the threshold?
46. What GET shall determine when they used a
component subject to audit by statute to provide
evidence?
RESPONDING TO ASSESSED RISK
47. How does GET respond to assessed risk?
DETERMINING TYPE OF WORK TO BE PERFORMED IN
THE COMPONENT
48. What factors affects the GET’s determination of
type of work to be performed and its involvement in
component FI?
Significant Components
49. When shall a component be considered as
significant?
a) What are type of work performed on it?
Not Significant Components
50. Initially, type of work to be performed on
components that are not significant?
51. Which cases of work performed in the component FI
when GET does not get satisfaction in the sufficient apt
evidence?
a) What are the subsequent actions by the GET and
work to be performed?
52. Factors that affects GET’s decision in selecting
components that are significant.
53. What standards shall be complied in reviewing
component FI?
54. When does GET obtain SAAE with regards of group
that consists of not significant component?
55. When GET does not obtain SAAE with regards of
group that consists of not significant component?
Significant Component – Risk Assessment
56. What does GET must need to do when CA performs
component audit on significant components’ risk
assessment procedures?
Identified Significant risk of material misstatements of
group FS
57. What shall GET do when significant risk of material
misstatement has been identified in the component?
Involvement in the work performed by CA
58. What are the factors that may affect GET’s
involvement in CA’s work?
59. What are the forms of involvement of GET in CA’s
work?
CONSOLIDATION PROCESS
60. How does GET respond to assessed risk arising from
consolidation process?
61. What are apt process GET needs to do when dealing
with consolidation adjustments and fraud risk factors?
62. What shall GET needs to do when component FI and
group FS are not prepared in accordance in the
common accounting policies b/w the two?
63. How does GET identify the correspondence of
component FI and of group’s?
64. What shall GET needs to do when component FI and
group FS are prepared with different financial reporting
end period?
Consolidation Adjustments and Reclassifications
65. What is included in GET’s evaluation of the
appropriateness of consolidation process adjustments
of amounts?
SUBSEQUENT EVENTS
66. What procedures shall the CA and GET who
performed work on component FI in reporting
subsequent events?
67. What GET should do when CA performs audit other
than of components in relation with subsequent
events?
COMMUNICATION WITH THE CA
68. Enumerate examples of the GET’s requirements,
regarding which work to be performed to the CA that
should be communicated in a timely basis.
69. What are the relevant matters that are requested by
GET to be communicated by CA that influence GET’s
conclusion on group audit?
70. What constitutes ineffective two way
communication with CA and GET?
71. How GET’s instructions be communicated to CA?
72. When CA is member of GET, communication may
also be by the means of?
EVALUATING SUFFICIENCY AND AUDIT EVIDENCE
OBTAINED
Evaluating CA’s communication and adequacy of work
73. How does GET evaluate CA’s communication?
74. What procedures shall be done when GET concludes
that work performed by CA is insufficient?
Reviewing CA’s audit documentation
75. How does GET determine which part of audit
documentation is relevant?
Sufficiency and Appropriateness of Audit Evidence
76. Where can an auditor obtain SAAE which is to be
evaluated by GET?
77. What should a GEP evaluates regarding the
uncorrected misstatements gathered?
78. What GET shall do when SAAE not obtained?
79. How does GEP know when group FS as a whole is
materially misstated?
COMMUNICATION WITH GROUP MANAGEMENT AND
THOSE CHARGED WITH GOVERNANCE
Communication with Group Management
80. What should GET communicate with group
management in a timely basis?
81. If fraud or indicator of fraud identified, to whom
shall GET communicate this matter?
82. What happens when group management refuses to
inform CA about significant matters, for which he is
required to express opinion in component FS?
83. What PSA 240 contains?
84. Examples of significant matters that CM may be
unaware of due to confidentiality.
Communication with those charged of governance
85. What GET shall communicate with those charged
with governance of the group?

DOCUMENTATION

86. According to PSA 230, what are the things that

should be documented by GET?

COMPONENTS SUBJECT TO AUDIT BY STATUTE,

REGULATION, OTHER REASON

87. What are the factors that may affect GET’s decision
whether to use audit required by statute?