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Extra info for ACCA P7

Sample text

Watch dates in questions carefully ……. Audit work ● Agree events to whatever documentation exists. ● Inspect Financial Statements to verify disclosure of PPA. Events after the reporting period Accounting issues Events that occur after the year-end are usually relevant to the next year’s Financial Statements. However, some post year-end events can be important: ● Adjusting Events are those that provide new information about the company’s position at the year end. ● Non-Adjusting Events may be disclosable if they are important enough to matter to shareholders.

Agree the valuation to the most recent actuarial valuation. ● Assess the reliability, experience, qualifications, experience and independence of the actuary. ● Review the audit report on the Pension Scheme itself. g. staff turnover assumptions with personnel records). ● Confirm the Scheme’s assets exist by inspecting a list of assets from the Scheme’s investment manager. ● Recalculate the pension expense recorded in the Income Statement. org 63 C H A P T E R 4 – A S S I G N M E N T S I: T H E A U D I T O F F IN A N C I A L S T A T E M E N T S Foreign exchange transactions Accounting issues Exchange gains and losses on transactions during the year should be recognised in the Income Statement.

A change in the ability of a company to use an asset may suggest it has been impaired. Where this is the case, the company should perform an impairment review – assessing the present value of the net cashflows associated with asset in order to assess whether these are less than the current balance sheet carrying value. Audit work ● Assets should be inspected to verify their existence, and that they are in use. ● Ownership documents (title deeds, vehicle registration documents) should be inspected.

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