Questions & Answers by https://padlet.com/melissamamyudi/p7acca Any questions on what we have learned so far? en-us 2018-06-08 02:54:49 UTC 2019-02-01 04:02:11 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Terminator.png https://padlet.com/melissamamyudi/p7acca/wish/270983933 1. Normally when we perform an audit we usually report directly to the senior and lastly partner will have a look on the audit report and issue an opinion on the audit report. If there are any problems regarding the accounts whether not gather enough evidence the auditor will issue a qualified opinion or other opinion. Regarding the MLRO appointed in the accounting firm, jusat want to know from your experience as auditor that is it a normal procedure to report both partners, engagement partner and MLRO for money laundering activities or basically you just report directly to your engagement partner and they will take an action to discuss with MLRO?

2. Tipping off - Why tipping off is an offence. Is it because of the audit process is not done yet and will lead problem to the ongoing audit process?

]]> 2018-07-24 14:10:23 UTC https://padlet.com/melissamamyudi/p7acca/wish/270983933 Question 1 - Answer melissamamyudi https://padlet.com/melissamamyudi/p7acca/wish/271025538 I will correct you accordingly as follows:

"Normally when we perform an audit, we usually report directly to the senior (until you become a senior yourself, then you will communicate more with your manager) and lastly partner will have a look at/REVIEW the AUDIT WORK WE HAVE PERFORMED (ie: the audit evidences that you have gathered, documents etc) and issue an opinion on the audit report BASED ON THE FINDINGS OF OUR AUDIT (this is done by evaluating all misstatements discovered during audit, to be learned further in the syllabus). "

As for the MLRO, at any point during audit, if there is any suspicion at all of money laundering, you would have to report to your engagement partner, and they will decide whether this matter should be reported to the MLRO. So basically, your duty is to ensure that if there is any suspicion, immediately report to the senior/manager/partner of the engagement so that they can take things further.]]> 2018-07-24 23:21:20 UTC https://padlet.com/melissamamyudi/p7acca/wish/271025538 Question 2 - Answer melissamamyudi https://padlet.com/melissamamyudi/p7acca/wish/271026913 As for the tipping off, yes, your understanding is accurate. But you should also take note that tipping off is considered as an offence because the most important thing is we don't want to be seen as AIDING THE CLIENT. When we ask intrusive questions, we might accidentally make the client aware that they might be in for a money laundering investigation. That is why we should resume our audit work as usual, as we do not want to seem suspicious. ]]> 2018-07-24 23:36:41 UTC https://padlet.com/melissamamyudi/p7acca/wish/271026913 https://padlet.com/melissamamyudi/p7acca/wish/271354739 I am quite confused between to be careful not to tip off the client and NOCLAR second step which is to discuss the issue with the client about what they have done wrong. If we discuss with the client, would it be tipp off? Can miss explain further?]]> 2018-07-29 04:18:54 UTC https://padlet.com/melissamamyudi/p7acca/wish/271354739 https://padlet.com/melissamamyudi/p7acca/wish/271371531 Hi everyone. I have a question regarding to our upcoming progressive test in a few weeks. Since our paper itself is 100% marks on final, so what is this test result for? And what chapters to be included in the test? 

Thank you. ]]> 2018-07-29 15:27:07 UTC https://padlet.com/melissamamyudi/p7acca/wish/271371531 Progress Test melissamamyudi https://padlet.com/melissamamyudi/p7acca/wish/271407736 You will have 2 Progress Tests (PT) throughout the whole semester and 2 Mock Trials. So in total, 4 internal Tests.

The test results are to ascertain your progress in answering the exam questions. This is for me to assess your capability in terms of answering what the examiner wants of you. The problem with most students is they tend to repeat the same point and also time management.

The chapters to be included is in the Lesson Plan. I have already posted this in the Google Drive.]]> 2018-07-30 02:37:50 UTC https://padlet.com/melissamamyudi/p7acca/wish/271407736 Tipping Off vs NoCLAR melissamamyudi https://padlet.com/melissamamyudi/p7acca/wish/271408825 In exams, when you are faced with a question, first things first read through and identify, is this NoCLAR or Money Laundering (ML). This is SUPER important, as you might answer the question with the wrong approach.

Why so? Because you should never confuse "tipping off" with the second step in NoCLAR.

Tipping Off only applies when you are answering a ML question, and the reason why we must be cautious is because we do not want to  indirectly aid the client. ]]> 2018-07-30 02:49:45 UTC https://padlet.com/melissamamyudi/p7acca/wish/271408825 Tipping Off vs NoCLAR - Part 2 melissamamyudi https://padlet.com/melissamamyudi/p7acca/wish/271409963 As for the second step in NoCLAR, when we discuss with the client, we have to highlight to them that the issue/matter is in non-compliance with certain IFRSs/ISAs (accounting standards/auditing standards/or any LAW) and also give them suggestions on how they should rectify.

ML and NoCLAR are completely different, as in ML the client will try to make the situation look as if it is a legitimate activity. In the case of NoCLAR, it is CLEAR that the client is violating a certain law or regulation.

It would not be a "tip off", because frankly, as an auditor, there will be a lot of discussions such as these with the client in completing audit. ]]> 2018-07-30 03:01:50 UTC https://padlet.com/melissamamyudi/p7acca/wish/271409963 Didnt Understand Noclar Article https://padlet.com/melissamamyudi/p7acca/wish/271452047 "The non-compliance which the standard addresses is concerned with laws and regulations which are generally recognised to have a direct effect on the determination of material amounts and disclosures in the client’s financial statements. It also addresses other laws and regulations which may be fundamental to the operating aspects of the client’s business, to its ability to continue its business or to avoid material penalties. It is worth noting that the standard does not include within its scope any matters that are clearly inconsequential or any personal misconduct which is unrelated to the business activities of the client or employer."

Need help in simplifying these paragraph]]> 2018-07-30 14:22:40 UTC https://padlet.com/melissamamyudi/p7acca/wish/271452047 Answer - Part 1 melissamamyudi https://padlet.com/melissamamyudi/p7acca/wish/271458526 "The non-compliance which the standard addresses is concerned with laws and regulations which are generally recognised to have a direct effect on the determination of material amounts and disclosures in the client’s financial statements. It also addresses other laws and regulations which may be fundamental to the operating aspects of the client’s business, to its ability to continue its business or to avoid material penalties."

Maksudnya, this NoCLAR is to address issues on:
i.                     Laws and regulations yang akan ada direct effect on materiality and disclosures in financial statements. In other words, yang akan ada direct effect on the way you conduct your audit and the presentation of client’s financial statement (auditing standards, financial reporting standards).
ii.                   Laws and regulations yang akan affect the client’s business operation itself (ie : violating Company's Act).
]]> 2018-07-30 15:49:24 UTC https://padlet.com/melissamamyudi/p7acca/wish/271458526 Answer - Part 2 melissamamyudi https://padlet.com/melissamamyudi/p7acca/wish/271458672 "It is worth noting that the standard does not include within its scope any matters that are clearly inconsequential or any personal misconduct which is unrelated to the business activities of the client or employer."

Maksudnya, NoCLAR ni dia cover non-compliance yang related dengan business of the client je. If the director has a personal misconduct (ie : kene saman personally yang memang takde kene mengena dengan business AT ALL), then it is not considered as NoCLAR.]]> 2018-07-30 15:51:59 UTC https://padlet.com/melissamamyudi/p7acca/wish/271458672 https://padlet.com/melissamamyudi/p7acca/wish/288928171 Hi Ms, may i know what it means with senior/ junior having job portfolios under chapter 3?

]]> 2018-10-04 01:06:28 UTC https://padlet.com/melissamamyudi/p7acca/wish/288928171 Job Portfolio melissamamyudi https://padlet.com/melissamamyudi/p7acca/wish/306613432 Having job portfolio means you are handling one audit engagement at the same period of time.

For example, you are assigned to ABC Co AND DEF Co for the year ended 31 December 2018.

As audit juniors, you are still very much in the "learning" process, hence by having 2 jobs at once, it is difficult for you to devote sufficient attention.]]> 2018-11-21 05:47:49 UTC https://padlet.com/melissamamyudi/p7acca/wish/306613432