IAS 260 - "Those Charged with Governance"

Options
X5wrangler
X5wrangler Registered Posts: 170 Dedicated contributor 🦉
in AAT Level 4 (Level 8 in Scotland)
Dear all,
can anyone tell me where I can find some information on this IAS. I use the Osbourne books and I've turned it upside down looking for any information on it. Do they cover it in the BPP books? The internet doesn't seem to be much good either.
I'm looking for what types of issues could be communicated. Am I right with the below or am I missing the point????? :blushing:

• Expected modifications to the auditors' report;
• Unadjusted misstatements;
• Material weaknesses in the accounting and internal control systems identified during the audit;
• Views about the qualitative aspects of the entity's accounting practices and financial reporting;
• Matters specifically required by other auditing standards to be communicated to those charged with governance; and
• Any other relevant matters relating to the audit.

Many thanks

Comments

  • peugeot
    peugeot Registered Posts: 624 Epic contributor 🐘
    Options
    Hi,

    No you are correct with those. ISA 260 requires the auditor communicates those matters to the client as soon as possible. There are other issues which may fall under this ISA such as weaknesses in internal controls which should be communicated to management in the form of a management letter but the contents of ISA 260 contains those bullet points in your thread.

    Regards
    Steve
  • X5wrangler
    X5wrangler Registered Posts: 170 Dedicated contributor 🦉
    Options
    Hi Steve,

    thanks for that. Top fella! That's another beer I owe you!

    Mandy
  • peugeot
    peugeot Registered Posts: 624 Epic contributor 🐘
    Options
    There's also an article written by the ACCA P7 examiner (Lisa Weaver) which you might find helpful:

    http://www.accaglobal.com/pubs/students/publications/student_accountant/archive/sa_apr08_weaver.pdf

    ISA 260 is quite vast (as are all the auditing standards), so this may help you.

    Steve.
  • X5wrangler
    X5wrangler Registered Posts: 170 Dedicated contributor 🦉
    Options
    Steve, that is just superb. Thank you so much, that's the first decent thing I've seen on it. :thumbup:
  • Bluewednesday
    Bluewednesday Registered Posts: 1,624 Beyond epic contributor 🧙‍♂️
    Options
    X5wrangler wrote: »
    Steve, that is just superb. Thank you so much, that's the first decent thing I've seen on it. :thumbup:

    What, on ISA 260 or the ACCA website????
  • X5wrangler
    X5wrangler Registered Posts: 170 Dedicated contributor 🦉
    Options
    :001_smile: On IAS 260 Annette!!!
    Sadly, I'm not an ACCA student so I don't frequent the site. If they have this sort of information then maybe I will look there first next time!!

Categories

Privacy Policy