Attempted two more cases, and have summarized a pattern for PMR and Assurance.
PMR:
1) What does IFRS/ASPE say about a certain topic...
2) Jot down case facts to check whether IFRS/ASPE criteria have been met
3) Conclude based on step 2
4) Impact on FS and/or key concerns of the client
Assurance:
1) Factors that will increase or decrease RMM;
2) Materiality - on which basis (pretax income or else, and why - mention who are key FS users)
3) Approach - substantive, or reliance on control, or a combined approach
4) Procedures - for accounting issues identified in the case, must design specific audit procedure for certain assertions
Review client's draft FS, give audit procedures for items that are material, either by $ amount, or by nature (e.g. financial covenants, ratios,,,)
Reviewing MDM and Finance quants this week.
PMR:
1) What does IFRS/ASPE say about a certain topic...
2) Jot down case facts to check whether IFRS/ASPE criteria have been met
3) Conclude based on step 2
4) Impact on FS and/or key concerns of the client
Assurance:
1) Factors that will increase or decrease RMM;
2) Materiality - on which basis (pretax income or else, and why - mention who are key FS users)
3) Approach - substantive, or reliance on control, or a combined approach
4) Procedures - for accounting issues identified in the case, must design specific audit procedure for certain assertions
Review client's draft FS, give audit procedures for items that are material, either by $ amount, or by nature (e.g. financial covenants, ratios,,,)
Reviewing MDM and Finance quants this week.