unit 17 urgent help needed !!!!!!!!

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sami23
sami23 Registered Posts: 1 New contributor 🐸
Hi there

I am currently trying to do some extra questions in order rto pass unit 17.
I am stuck when it comes to the ISA 260 question

Does anyone know what the principle purposes of communication are in relation to the ISA 260. I have looked everywhere and am totsally stuck

Please help

sami

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  • Steve Collings
    Steve Collings Registered Posts: 997 Epic contributor 🐘
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    ISA260 'Communication of Audit Matters to those Charged with Governance' deals with those matters which auditors should communicate to management about. If you consider that the auditors report is the only form of communication a client will otherwise receive but there would invariably be many other matters which need to be communicated to the client that would not be included in the auditors report. Such correspondence is also referred to as a 'management letter'.

    Without going into too much detail, because this is obviously part of a simulation you are doing, you need to put yourself in the role of an auditor, think about the types of issues an auditor would need to communicate to management about that would otherwise not be included in the auditor's report - think about things like errors found in the financial statements (whether material or immaterial) and what tests of controls may reveal or substantive testing. Keep in mind the overall objective of the audit (i.e. to form an opinion on the 'truth and fairness' of a set of financial statements) and this should kick start some ideas for you.

    Remember also, ISA 260 is a 'communication' standard between auditor and audit client.

    Regards
    Steve
  • axl2derv
    axl2derv Registered Posts: 172 Dedicated contributor 🦉
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    Jesus, what paper did you do? The one I did this week was a walk in the park. There was no meantion of any of that in my paper.
  • Steve Collings
    Steve Collings Registered Posts: 997 Epic contributor 🐘
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    Hi Axel2derv,

    I think these might be supplementary questions the OP has been given as opposed to an actual simulation to help the OP pass the unit 17 paper.

    Kind regards
    Steve
  • axl2derv
    axl2derv Registered Posts: 172 Dedicated contributor 🦉
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    Hi Axel2derv,

    I think these might be supplementary questions the OP has been given as opposed to an actual simulation to help the OP pass the unit 17 paper.

    Kind regards
    Steve

    The questions seem harder than the sim.
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