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Answers - ACCA Global
AnswersFundamentals Level Skills Module, Paper F8 (UK)Audit and Assurance (United Kingdom)June 2013 Answers1(a)(i)Importance of reporting to those charged with governanceIn accordance with ISA 260 (UK and Ireland) communication with those charged with governance, it is important forthe auditors to report to those charged with governance as it helps in the following ways:(1) It assists the auditor and those charged with governance in understanding matters related to the audit, and indeveloping a constructive working relationship. This relationship is developed while maintaining the auditor sindependence and objectivity. (2) It helps the auditor in obtaining, from those charged with governance, information relevant to the audit. Forexample, those charged with governance may assist the auditor in understanding the entity and its environment,in identifying appropriate sources of audit evidence and in providing information about specific transactions orevents.
Fundamentals Level – Skills Module, Paper F8 (UK) Audit and Assurance (United Kingdom) June 2013 Answers 1(a)(i)Importance of reporting to those charged with governance In accordance with ISA 260 (UK and Ireland) Communication with those charged with governance, it is important for
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