# data[].attributes.headline
ACA exams which must be passed in order to become a member

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ACA exams which must be passed in order to become a member

# data[].attributes.body
Qualifications

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ICAEW training

# data[].attributes.headline
Limitations to the number of times we can fail exams

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Limitations to the number of times we can fail exams

# data[].attributes.body
Disciplinary action for breaches of ethical principles

# data[].attributes.headline
examinations in audit software i.e inflo 

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examinations in audit software i.e inflo 

# data[].attributes.body
Mandatory minimum period of approved professional experience before members are certified

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Appraisals / independent review of sample of work

# data[].attributes.headline
Completing quality management reviews on accredited firms

# data[].attributes.subject
Completing quality management reviews on accredited firms

# data[].attributes.body
suggesting developments to isa's

# data[].attributes.body
Audit quality review

# data[].attributes.headline
Require professional knowledge development post qualification to upkeep knowledge.

# data[].attributes.subject
Require professional knowledge development post qualification to upkeep knowledge.

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Laws and Regulations differing

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fx translation risks on balances

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Scope of the audit - ability to insepct each location

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Travel Arrangements - which sites need visiting (material locations?)

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Travel Arrangements - which sites need visiting (material locations?)

# data[].attributes.body
if we need a component audit team

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Exchange rate translation risks

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Need for External expert for translation?

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language barrier

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Different strategies

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Language barriers

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If we have any staff located near the operations in Europe and Asian

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If we have any staff located near the operations in Europe and Asian

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Staff willing to travel or overseas offices that can coplete work

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Staff willing to travel or overseas offices that can coplete work

# data[].attributes.body
Competence in foreign languages used

# data[].attributes.headline
Ensuring there are experts who understand the different audit regulations between countries

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Ensuring there are experts who understand the different audit regulations between countries

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Resource - staff availability

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translation risk from converting currencies

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translation risk from converting currencies

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be able to understand foreign documentation 

# data[].attributes.subject
be able to understand foreign documentation 

# data[].attributes.headline
component team capacity/ available resources

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component team capacity/ available resources

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the size of the operations that are abroad

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the size of the operations that are abroad

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Since ICAEW is a UK board, do we have accountants who are qualified to practice in these foreign countries

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potential crime / money laundering - due diligence required

# data[].attributes.headline
necessary requirements/resources for checking inventory in their very spread manufacturing factories. Such as language, travelling, meeting.

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necessary requirements/resources for checking inventory in their very spread manufacturing factories. Such as language, travelling, meeting.

# data[].attributes.body
The audit team should inspect the bank statements to identify if payment runs are made twice per month. If payment runs are not made twice per month, it is unlikely that Componente will be able to claim prompt payment discounts.

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Approved supplier list?

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The new suppliers that have been introduced within the year could be checked for appropriate usage of discounts, as it has already been shown that some suppliers introduced in the year have been mishandled. 

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The new suppliers that have been introduced within the year could be checked for appropriate usage of discounts, as it has already been shown that some suppliers introduced in the year have been mishandled. 

# data[].attributes.headline
ask suppliers for average receivable days on that specific customer (our client) 

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ask suppliers for average receivable days on that specific customer (our client) 

# data[].attributes.body
The revaluation is £400k, which is a material amount

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valuers aren't independent as in the building and renting from the owner

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valuers aren't independent as in the building and renting from the owner

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Valuation performed by people relyng on valuation

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Valuation performed by people relyng on valuation

# data[].attributes.headline
Get a different valuation expert to value the property 

# data[].attributes.subject
Get a different valuation expert to value the property 

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Valuation may not be independent or objective

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Valuation may not be independent or objective

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Check price of other similar properties in area

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Check price of other similar properties in area

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Valuers may not be independent as they rent the building from them - may have raised valuation too high to freeze rental payments.

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Valuers may not be independent as they rent the building from them - may have raised valuation too high to freeze rental payments.

# data[].attributes.body
Revaluations are seen as more complex accounting so may not have been adjusted for correctly.

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Independence and objectivity of valuation - tenants of AWS

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Independence and objectivity of valuation - tenants of AWS

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Valuation not carried out by independent third party

# data[].attributes.headline
reperform the calculations of the expert's work

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reperform the calculations of the expert's work

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Revaluation requires estimation and judgement in arriving at the revalued amount. This means that it is subjective and therefore open to management manipulation

# data[].attributes.body
It might be beneficial for the external valuers to support management views on the revaluation to ensure there is no disagreement and they can continue to rent the building

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Assess competency and independence of valuers, qualifications, reference.

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Assess competency and independence of valuers, qualifications, reference.

# data[].attributes.headline
Assess the reasonableness of the source data useing in the valuation

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Assess the reasonableness of the source data useing in the valuation

# data[].attributes.headline
Property expert - seek independent valuation

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Property expert - seek independent valuation

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Revalued by tenants of the building. Self interest and familiarity threat

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Revalued by tenants of the building. Self interest and familiarity threat

# data[].attributes.body
Discuss with management the UEL used as the valuation of the building has changed, but the depreciation has remained in line with last year, so the UEL may not be reasonable.

# data[].attributes.headline
Valuation was in September - value could be materially different by December year end

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Valuation was in September - value could be materially different by December year end

# data[].attributes.headline
value could have been underestimated so that the values have a cheaper rent

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value could have been underestimated so that the values have a cheaper rent

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obtain written representations from management over the revalued amount

# data[].attributes.headline
evaluate competence and independence of valuer

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evaluate competence and independence of valuer