A roundup of auditors' responsibilities

In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please re-read the article before attempting the questions again.

  1. In 2015, the Malaysian Institute of Accountants (MIA) adopted new and revised auditor reporting and related auditing standards which are set to enhance the communicative value of the auditor report. Which of the following standards DOES NOT relate to the changes in the auditor report?

  2. The new and revised auditor reporting and related auditing standards are effective for audits of financial statements for periods -

  3. The MIA had issued Recommended Practice Guide 12 in November 2016 to guide practitioners in preparing the new auditor report for financial statements prepared in accordance with MPERS. What are the main changes to the new auditor report?

  4. The requirements on assertions related to dual compliance in the new auditor report relate to the following -

  5. The following are the additional roles and responsibilities of the auditor throughout the audit that will form part of the enhanced responsibilities that will have to be stated in the revised auditors report, EXCEPT -

  6. One of the enhanced reporting relating to auditor responsibilities is to conclude on the appropriateness of the director using the going concern basis on accounting. What would the auditor need to write in the report in relation to the use of going concern?

  7. In August 2016, the MIA resolved NOT to provide the options in paragraph 40(b) and 40(c) of ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements for the new auditor report. What do the options relate to?

  8. The auditor report on financial statements adopting MPERS in the first year (ie financial statements beginning on or after 1 January 2016) will carry an additional paragraph in the Other Matters section of the report. What does this additional paragraph require the auditor to state or assert?

  9. There is other information that commonly accompanies the audited financial statements of private entities. The audit report must now explicitly state that the audit opinion does not cover such information and no form of assurance conclusion thereon is expressed. In the context of private entities in Malaysia, the other information usually refers to -

  10. What is the most notable change to the presentation of the auditors report aside from the additional assertions made?