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Auditing and Assurance

The list below links to certain reference materials on Audit and Assurance related subjects (available in Adobe Acrobat format).

 

Subject

Auditing and Assurance Technical Bulletins

 

FSTB Consultation Paper on the rewrite of the Accounting and Auditing Provisions of the Companies Ordinance (2007)

 

LegCo Election Return Under the Financial Assistance Scheme

 

Techncial Question and Answer (Q&A)

  • Mainland Audit Issues:


Superseded Pronouncements 

 

Members' Handbook Update 212 supersedes the following pronouncement:

 

Members' Handbook Update 203 supersedes the following pronouncement:

 

Members' Handbook Update 193 supersedes the following pronouncement:

 

Members' Handbook Update 190 supersedes the following pronouncement:

 

Members' Handbook Update 183 supersedes the following pronouncement:

 

Members' Handbook Update 182 supersedes the following pronouncement:

 

Members' Handbook Update 181 supersedes the following pronouncements:

 

Members' Handbook Update 178 supersedes the following pronouncements:

 

Members' Handbook Update 173 discards the following pronouncements:

Members' Handbook Update 168 discards the following pronouncements:

Members' Handbook Update 142 discards the following pronouncements:

 

Members' Handbook Update 134 discards the following pronouncements:

 

Members' Handbook Update 128 discards PN 810.1 issued in June 1997 which is listed below.

 

Members’ Handbook Update 118 discards a revised Preface and number of Practice Notes which are listed below:

 

Members’ Handbook Update 110 discards a number of HKSAs and Preface, Glossary of terms, HKSQC, SAS, PN and Industry Auditing Guideline which are listed below:

 

Statements of Auditing Standards (SASs) and Standards on Assurance Engagements (SAEs) superseded by Hong Kong Standards on Auditing (HKSAs) and Hong Kong Standards on Assurance Engagements (HKSAEs)

Members’ Handbook Update 42 discards a large number of SASs and SAEs. The discarded SASs and SAEs are listed below:

  • Statements of Auditing Standards superseded by Hong Kong Standards of Auditing:
    • SAS010 The scope and authority of auditing pronouncements
    • SAS100 Objective and general principles governing an audit of financial statements
    • SAS110 The auditors' responsibility to consider fraud and error in an audit of financial statements
    • SAS120 Consideration of laws and regulations in an audit of finnacial statements
    • SAS130 Going concern
    • SAS140 Engagement letters
    • SAS150 Subsequent events
    • SAS160 Other Information in documents containing audited financial statements
    • SAS200 Planning
    • SAS210 Knowledge of the business
    • SAS220 Audit Materiality
    • SAS230 Documentation
    • SAS240 Quality control for audit work
    • SAS300 Audit risk assessments and accounting and internal control systems
    • SAS310 Auditing in a computer information systems environment
    • SAS401 Audit evidence - considerations for specific items
    • SAS402 External confirmations
    • SAS410 Analytical procedures
    • SAS420 Audit of accounting estimates
    • SAS421 Auditing fair value measurements and disclosures
    • SAS430 Audit sampling
    • SAS440 Representations by management
    • SAS450 Opening balances and comparatives
    • SAS460 Related parties
    • SAS470 Overall review of financial statements
    • SAS480 Audit considerations relating to entities using service organizations
    • SAS500 Audit evidence
    • SAS500A Considering the work of internal auditing
    • SAS520 Using the work of an expert
    • SAS600 Auditors' reports on financial statements
    • SAS610 Communications of audit matters with thosed charged with governance
    • SAS700 Engagements to review interim financial reports
  • Standards on Assurance Engagements superseded by Hong Kong Standards on Assurance Engagements:
    • SAE100 Framework for assurance engagements intended to provide either a high or moderate level of assurance
    • SAE200 – High level assurance engagements

 

Auditing Standards and Guidelines superseded by SASs and PNs

  • Statement 3.262 – Computer-assisted audit techniques (CAATs) (withdrawn when PN 1009 was issued in December 2003)
  • Statement 3.271 – The auditor's responsibility in relation to fraud, other irregularities and errors (withdrawn when SAS 110 becomes effective for the audits of financial statements for periods ended on or after 31 March 2002)
  • Statement 3.251 - The auditor's considerations in respect of going concern (withdrawn when SAS 130 becomes effective for audits of financial statements for periods ended on or after 28 February 2001)
  • Statement 3.253 – Amounts derived from the preceding financial statements (withdrawn when SAS 450 becomes effective for audits of financial statements for periods ended on or after 28 February 2001)
  • Statement 3.252 – Events after the balance sheet date (withdrawn when SAS 150 becomes effective for audits of financial statements for periods ended on or after 31 December 2000)
  • Statement 3.255 – Financial information issued with audited financial statements (withdrawn when SAS 160 becomes effective for audits of financial statements for periods ended on or after 31 December 2000)
  • Statement 3.290 – Audit approach to companies applying section 141D of Companies Ordinance (withdrawn when PN 600.2 was issued in October 1998)
  • Circular dated 25 July 1997 withdrawing the following Auditing Standard and Guidelines:
    • 3.101 – Audit approach
    • 3.210 – Planning, controlling and recording
    • 3.211 – Quality control
    • 3.220 – Accounting systems
    • 3.230 – Audit evidence
    • 3.231 – Auditing stocks and work in progress
    • 3.232 – Verification of debtor balances: confirmation by direct communication
    • 3.233 – Representations by management
    • 3.234 – Contingent liabilities arising from pending legal matters
    • 3.235 – Analytical review
    • 3.240 – Internal controls
    • 3.250 – Review of financial statements
    • 3.254 – Reports to management
    • 3.260 – Auditing in an EDP environment – general principles
    • 3.261 – The effects of an EDP environment on the study and evaluation of the accounting system and related internal controls
    • 3.270 – Engagement letters
    • 3.280 – Group financial statements – reliance on the work of other auditors
    • 3.281 – Reliance on internal audit
    • 3.282 – Reliance on other specialists
  • Statement 3.102 - The audit report (withdrawn when SAS 600 becomes effective for audits of financial statements for periods ended on or after 31 December 1994 )
  • Statement 3.310 - Reports by auditors on financial statements (withdrawn when PN 600.1 was issued in December 1994)
  • Statement 3.0 – Explanatory foreword (withdrawn when SAS 010 was issued in September 1994)

 

Articles

Issue Subject
Article Subprime and Credit Crunch - Financial Reporting and Auditing Issues
APlus - Aug 06 How to deal with special purpose reports
Hong Kong Accountant
December 2004
New auditing standards - firms should get ready for the change
TechWatch 40 Reminder to Auditors Applying Hong Kong Standards On Auditing

 

International Guide

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