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Extra resources for ACCA P7
Audit plans will include materiality assessment, preliminary analytical procedures, detailed risk assessment and audit procedures planned in response to the assessed risks. 2. Rely on Controls, or do a Full Substantive audit? If controls are weak, there is no choice – a full substantive audit is the only option. However, if controls appear strong, there is a choice: 40 ● Spend time testing controls, in the hope that substantive tests can then be reduced ● Invest no time testing controls, and just do a full substantive audit anyway.
The most common example of deferred tax is on tangible assets where the depreciation is disallowed for tax purposes, and the government instead uses its own method (capital allowances) for spreading the tax deductibility of the cost of the asset. If the asset’s capital allowances are awarded faster than depreciation is charged, the company will get larger tax deductions in early years of the asset’s life – but this will reverse in later years or when the asset is disposed of. In calculating deferred tax, the current tax rate is typically used, unless a new tax rate has been significantly enacted by government by the year end.
Audit work This will depend entirely on the issue in the question – but since such events can be audited right up to the date the audit report is signed, investigation of all post yearend evidence is vital. Long term contracts Accounting issues If a contract‘s outcome can be reliably estimated, a share of profits should be recognised at the year end, depending on the % completed. The main accounting issues are: ● Whether the method of measuring completeness of the contract is reasonable. ● Whether all costs and revenues are included in the correct contract.