1. Takrifkan materialiti dan risiko audit. Bagaimana konsep-konsep ini ditunjukkan (reflected) dalam laporan juruaudit. (4 markah)

2.Apakah fasa utama dalam pengauditan? (4 markah)

3.Banding dan bezakan tanggungjawab pengarah terhadap penyata kewangan syarikat dengan tanggungjawab juruaudit dalam mengesan kesalahan (error) dan penipuan (fraud) dalam penyata kewangan. (4 markah)

4.Terangkan apa yang dimaksudkan dengan sikap skeptisma profesional. (4 markah)

5.Untuk memahami sesuatu entiti dan persekitarannya, kategori pengetahuan apa yang perlu dikumpul oleh juruaudit ? (4 markah)

6.Berikan tiga contoh keadaan dan peristiwa yang menunjukkan kemungkinan wujudnya risiko perniagaan. (4 markah)

7.Bezakan antara kesalahan (error) dan penipuan (fraud). Berikan tiga contoh setiap satu. (4 markah)

8.Dalam keadaan pemeriksaan ke atas rekod atau dokumen merupakan satu jenis bentuk pengumpulan terhadap bukti, bezakan antara menyelusuri (vouching) dengan menjejaki (tracing) dalam bentuk arah ujian dan penegasan ujian yang dibuat. (4 markah)


Soalan 1

Materiality can be defined as the magnitude of an omission or misstatement of accounting information that, in the light of surrounding circumstances, makes it probable that the judgment of a reasonable person relying on the information would have been changed or influenced by the omission or misstatement.

Audit risk is defined as the risk that the auditor may unknowingly issue an inappropriate opinion on financial statements that are materially misstated.

The concept of materiality is reflected in the wording of the auditor's standard audit report through the phrase "the financial statements present give a true and fair view." This is the manner in which the auditor communicates the notion of materiality to the users of the auditor's report.

The auditor's standard report states that the audit provides only reasonable assurance that the financial statements do not contain material misstatement. The term "reasonable assurance" implies that there is some risk that a material misstatement could be present in the financial statements and the auditor will fail to detect it.


Soalan 2

The major phases of the audit are:
•Preliminary engagement activities including client acceptance/continuance and establishing engagement terms
•Obtaining an understanding of the entity
•Establish materiality and assess risks
•Set overall audit strategy and develop audit plan
•Perform tests of control and audit business processes and related accounts
•Complete the audit
•Evaluate results and issue audit report

Soalan 3

Management or the directors of the company are responsible for the preparation of the financial statements, in accordance with approved accounting standards, that present a true and fair view of the company’s financial condition and operations.

The auditor is responsible to issue an opinion in regards to the financial statements prepared by the directors. In order to issue this opinion, the auditor must plan and perform the audit in accordance with established auditing standards to obtain reasonable assurance that the financial statements are free of material misstatement, whether caused by error or fraud.

However, it is important to note that an auditor’s unqualified opinion does not mean that errors or fraud do not exist but rather that there is reasonable assurance that they do not exist in material amounts.

Soalan 4

An attitude of professional scepticism requires that the auditor objectively evaluate audit evidence. This means the auditor should constantly maintain a critical and questioning mind in assessing the validity of audit evidence he accumulates during the audit process. In the course of the audit, the auditor does not assume unquestioned honesty on the part of the management but neither should he assume that management is dishonest.

An attitude of professional scepticism is necessary for the auditor to identify circumstances that increase the risk of a material misstatement resulting from fraud or error, and suspicious circumstances that indicate that the financial statements are materially misstated. If the auditor suspected that there might be a material misstatement due to fraud or error, the auditor would be more sensitive to the selection and type of evidence examined.


Soalan 5

In understanding of the entity and its environment, the auditor gathers knowledge about:
(1) industry, regulatory, and other external factors;
(2) the nature of the entity;
(3) its objectives and strategies, and related business risks;
(4) measurement and, review of the entity’s financial performance;
(5) internal control.


Soalan 6

Some examples of conditions and events that may indicate the existence of business risks are:
•Significant changes in the entity such as large acquisitions, reorganisations or other unusual events.
•Significant changes in the industry in which the entity operates.
•Significant new products or services or significant new lines of business.
•New locations.
•Significant changes in the IT environment.
•Operations in areas with unstable economies.


Soalan 7

Auditing standards define errors as unintentional misstatements or omissions of amounts or disclosures in financial statements.

Examples of errors include mistakes in gathering or processing from which financial statements are prepared, unreasonable accounting estimates arising from oversight or misinterpretation of facts, and mistakes in the application of accounting principles.

Fraud is defined as intentional misstatements that can be classified into two types: (1) misstatements arising from fraudulent financial reporting and (2) misstatements arising from misappropriation of assets.

Fraud includes intentional manipulation, falsification, or alteration of accounting records or supporting documents from which the financial statements are prepared; misrepresentation in, or intentional omission from, the financial statements of events, transactions, or other significant information; intentional misapplication of accounting principles relating to amounts, classification, manner of presentation, or disclosure; and theft of assets such as cash or inventory.


Soalan 8

Vouching refers to first selecting an item for testing from the accounting journals or ledgers and then examining the underlying source document. Thus, the direction of testing is from the journals or ledgers back to the source documents. Vouching provides evidence that items included in the accounting journals or ledgers have occurred (are valid). Tracing refers to first selecting an accounting transaction (a source document) and then following it into the journal or ledger. The direction of testing in this case is from the source documents to the journals or ledgers and tests whether transactions that occurred are recorded (completeness) in the accounting records.


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