Company:

R1:
AUI - What task? SPS - Why? AJ - So what? Scepticism? C&R - I believe, Action points
APPENDIX Movmt and % + Reason line by line Conclude

Recommend
ECONOMIC CONTEXT from
AI/EP/OWN Research

R2:
AUI - What? SPS - Why? AJ - So what? Scepticism? C&R - I believe, Action points
CALCULATION Evaluation Conclude

Broader considerations

Recommend
BUSINESS CONTEXT from Scepticism
AI/EP
R3:
AUI - What? SPS - Why? AJ - So what? Scepticism? C&R - I believe, Action points
Relevant factors from AI/EP Conclude

Recommend
BUSINESS ISSUE
R1:
AUI - What task? SPS - Why? AJ - So what? Scepticism? C&R - I believe, Action points
APPENDIX Movmt and % + Reason line by line Conclude

Recommend

ECONOMIC CONTEXT from

AI/EP/OWN Research
R2:
AUI - What task? SPS - Why? AJ - So what? Scepticism? C&R - I believe, Action points
CALCULATION Conclude

Recommend

BUSINESS CONTEXT from

AI/EP
R3:
AUI - What task? SPS - Why? AJ - So what? Scepticism? C&R - I believe, Action points
Relevant factors from AI/EP Conclude

Recommend

BUSINESS ISSUE
 Page in CN
ISQC 1 Audit quality control - firm

Audit opinions 110

ISA
200 Purpose of audit 11
210 Agreeing Terms of Audit Engagements 24
220 Quality control - individual 24
230 Audit documentation 24
240 Auditor's responsibilities relating to Fraud in audit of FS 85
260 Communications with those charged with governance 102
Communicating deficiencies in internal control to those charged
265 with governance and management (ML) 96
300 Planning an audit of FS 68,69
315 Identifying and assessing the risks of material mistatements through
understanding the entity and its environment 70
320 Materiality in audit planning and performing an audit 80
330 The auditor's responses to assessed risks 96
450 Evaluation of misstatements identified during an audit 104
500 Audit evidence 86,248
501 Specific considerations for selected items (IFRS 8) 175
510 Initial audits 88
540 Accounting estimates 89
550 Related parties 25,176
560 Subsequent events 105
570 Going concern 106
580 Written representations 109
600 Audit of group financial statements 354
700 The auditor’s report on financial statements 110
705 Modifications to opinions in the independent auditor’s report 110
710 Comparative information 108,177
The auditor's responsibilities relating to other information in
720 documents containing audited FS 111
800 Audit of FS prepared in accordance with special purpose FWs 112
805 Audits of Single Financial Statements and 112
Engagements to report of summary FS specific elements, accounts
810 or items of a FS 112

IAS
1 Presentation of financial statements 169
7 Statement of cash flows 172
8 Accounting policies, changes in accounting estimates and errors 192
10 Events after the Reporting period 238
11 Construction contracts 203
12 Income taxes 397
16 Property, plant and equipment 219
17 Leases 255
18 Revenue 196
 19 Employee benefits 305
20 Government grants 262
21 The effects of changes in foreign exchange rates 373
23 Borrowing costs 263
24 Related party disclosures 175
26 Accounting and reporting by retirement benefit plans 314
28 Investments in associates and joint ventures 343
29 Financial reporting in hyperinflationary economies 387
32 Financial Instruments: presentation 264
33 Earnings per share 180
34 Interim financial reporting 178
36 Impairment of assets 228
37 Provisions, Contingent liabilities and Contingent assets 239
38 Intangible assets 222
39 Financial instruments: recognition and measurement 264
40 Investment property 223
41 Agriculture 226

IFRS
1 First time adoption of IFRS 177
2 Share-based payments 315
3 Business combinations 338
4 Insurance contracts 226,227
5 Non current assets held for sale and discontinued operations 188
6 Exploration for and evaluation of mineral resources 226,227
7 Financial Instrument: Disclosure 264,276
8 Operating segments 173
9 Financial Instrument 277
10 Consolidated financial statements 337
11 Joint arrangements 344
12 Disclosure of interests in other entities 347
13 Fair value measurement 237
15 Current developments in revenue 200

IFRIC
4 Determining whether an agreement contains a lease 261
12 Service concession arrangements 202
13 Customer loyalty programmes 202

SIC
15 Operating lease 255
Evaluating the substance of transaction involving the legal form of a
27 lease 261
A Analytical procedures
E External confirmation
I Inquiry/Inspection
O Observation
U Recalculation/Reperformance

Inventories
Sales Practice & Apply 2.
Purchases Question 3. Brandsco
Foreign payables Retail.
Web development costs

CN:
Acquisitions Pg 357
Capex forecast Pg 153
Cash flow forecast Pg 153
Check that intra group balances agree Pg 358
Comparative information (IFRS 1) Pg 108,177
Component auditor Pg 355
Consolidation Pg 356
Construction contracts (IFRS 11) Pg 204
Current tax/Deferred tax Pg 412
Employee benefits - PENSION SCHEMES Pg 312
Financial instruments Pg 277,278
Foreign subsidiaries Pg 386
Fraud Pg 155
Going concern Pg 106
Held for sale Pg 189
Intra group profit in inventory correct Pg 358
Investment property Pg 226
Litigation and claims Pg 241
Ongoing entities consolidated Pg 357
Operating segments (IFRS 8) Pg 175
PPE Pg 91
Profit forecast Pg 153
Provisions, Contingent assets and contingent liabilities Pg 241
Related parties Pg 176
Share-based payments Pg 326
Subsequent events Pg 105
UK position of SMEs pg 23
integrated reporting pg 45
q turton pg 73
ml pg 85
isa 700 pg 110
ifrs 15 pg 200
q invest pg 232
hedge accounting pg 280
q clove pg 325
q Handi pg 346
change in effective control pg 352
q Jupiter pg 383
Procedures testing subsequent events

Enquiries of management
 Status of items involving subjective judgement/accounted for using preliminary data
 Whether there are any new commitments, borrowings or guarantees
 Whether there have been any:
– Sales or destruction of assets
– Issues of shares/debentures or changes in business structure
– Developments involving risk areas, provisions and contingencies
– Unusual accounting adjustments
– Major events (eg going concern problems) affecting appropriateness of accounting
policies for estimates

Other procedures
 Review management procedures for identifying subsequent events to ensure that such
events are identified

 Read minute osf general board/committee meetings and enquire about unusual items
 Review latest accounting records and financial information and budgets and forecasts
 Obtain evidence concerning any litigation or claims from the company's solicitors (only
with client permission)
PROVISION OF NON AUDIT SERVICES WHEN AUDITOR

INTERNAL AUDIT FUNCTION

Threats
• A self-review threat arises as the external auditor will have to re-evaluate the work of the internal
audit function and may be reluctant to identify shortcomings or rely too heavily on the work.
• A management threat arises if the internal audit function is required to make judgements or take
decisions that are the responsibility of management.
• A self-interest threat arises if the firm becomes over-dependent on the fees from client and fear
of losing the fees impairs the external auditor's objectivity

Safeguards
• There is informed management (i.e. management is capable of making decisions);
• The work is performed by partners and staff who have no involvement in the external audit;
• The work is properly and effectively assessed by the external audit team;
• Responsibilities do not include the taking of decisions as to the scope and nature of the
services to be provided and the design of internal controls or implementing changes thereto;
• Respective responsibilities are set out in an engagement letter; and
• An engagement quality control review is undertaken.

However, the engagement should be refused if it is reasonably foreseeable that the external auditor
would place significant reliance on the work of the internal audit function.

The firm should ensure that the recurring fees from the client do not exceed 15% of the annual fee
income of the firm. Where fees are between 10% and 15% of the annual fee income, the matter
should be disclosed to those charged with governance and the ethics partner and an external quality
control review should be arranged.

APPOINTMENT OF FINANCE DIRECTOR AND ADVICE ON REMUNERATION PACKAGE (HR SERVICES)

Threats
• A familiarity threat arises as the audit team may be reluctant to criticise the information or
explanations provided by the finance director.
• A management threat arises if the directors expect the firm to be involved in the appointment of
the finance director. The firm may become too closely aligned with the views and interests of management.

Safeguards
Appointment of finance director
The firm should not provide recruitment services to an audit client that would involve taking
responsibility for the appointment of any director. As Brandsco is not listed, ES5 Non-audit Services
Provided to Audited Entities does not expressly prohibit recruitment services. If the directors are
considered to be 'informed management', which they appear to be in this case, the service can be
provided in less formal ways such as the provision of salary surveys and advice on a candidate's financial
competence.

Remuneration package
ES5 prohibits the provision of services to an audit client that would involve the audit firm advising
on the quantum of remuneration package or the measurement criteria because the familiarity threat is too
high. Consequently this service should be refused.
 CR CS
6/27/2015 As 6 Q1
6/28/2015 Rolling stores
6/29/2015 AS 6 Q2,3 and others
6/30/2015 P&A 3,4
7/1/2015 P&A 5-11
7/2/2015 AS 5 Palate
7/3/2015 Do Palate and correct
7/4/2015 Watchwell
7/5/2015 Do Watchwell and correct
7/6/2015
7/7/2015
7/8/2015
7/9/2015 SUBMIT MOCK 1 Zoomed
7/10/2015 25, 34, 35, 23, 22, 18 Do Zoomed and correct
7/11/2015 1, 29, 4, 33, 36, 28, 19 Read BOD AI
7/12/2015 11, 20, 24, 27, 13
7/13/2015 30, 6, 21, 32
7/14/2015 16, 31, 8, 15 BOD walkthrough + exercises
7/15/2015 7, 9, 14, 2, 26
7/16/2015 10, 17, 3, 12, 5
7/17/2015 JUN . 2014 (37,38,39) BOD mini exam 1 + correction
7/18/2015 NOV . 2014 (40,41,42)
7/19/2015 MOCK 2
7/20/2015
7/21/2015 BOD mini exam 2 + correction
7/22/2015
Minnex

For the bond issue, why is interest expense credited on change in FV of swap?
On hedge accounting, why is the net interest expense 3m?

For diluted EPS calculation, why was 2.33 calculated and added to the exercise price of the option?
What is the logic behind this; I don’t understand why we need to reflect the value of services yet to be rendered per optio
If in the question the grant date was 1 January 20X6 instead of 1 December, would we then have to recognise the value of

For questions where we have to redraft financial statement, do we get marks for show the adjustment even though the ca
Do we have to put comparatives as well in the redrafted FS?

report 3200-3300
3 sec 900
es 500-600
+appendix

sofp
current ratio
trend
quick ratio
cash position
gearing + trend
overall strength og bs and why

cash flow
bs strong but lack cash; more likely to get analysis on cash

trend in cash ops

anythng unusual about change in SC
significance of cash consumed by investing financing
does trend in total cash absorbed/generated follow profitability

story:
company
industry (suppleirs, process)
market (cust, compet)
economy

R3
answer question
time mgmt
plenty of ideas in strategic analysis
SWOT
PESTEL
Porters 5 forces
Financial commercial and operational issues
Benefits and risks for each

Ethics
identify potential issues and solution for each

r1
revenue streams

r2
areas for data analysis
sensitivity

aj:
develop analysis, make links, evaluate key points
appreciate bias and demonstrate prof scepticism
ethics and business trust

prepare notes and file and then do mocks

s yet to be rendered per option.
have to recognise the value of services for the remaining 2 years of the vesting period?

adjustment even though the calculation might be wrong (like follow through marks)?

http://www.ion.icaew.com/studentcommunityforum/post/July-2015-ACA-Case-Study-Discussions
http://www.ion.icaew.com/studentcommunityblog/post/July-2015-Case-Study---Bod-Ltd-Advance-Information-Ask-a-Tuto
http://www.training-by-eos.com/blog/
https://www.rec.uk.com/search?mode=results&queries_keyword_query=temporary+placements+2014
https://www.rec.uk.com/help-and-advice/research/recruitment-industry-trends-2013-2014
https://www.rec.uk.com/news-and-policy/press-releases/reckpmg-report-on-jobs-staff-appointments-continue-to-rise-in-
https://www.rec.uk.com/news-and-policy/press-releases/jobsoutlook-modern-day-temps-provide-companies-with-strate
ce-Information-Ask-a-Tutor#182577

ments-continue-to-rise-in-june,-but-rate-of-growth-eases
de-companies-with-strategic-skills,-earn-more-than-permanent-employees-rec