Update No. 124 - Hong Kong Institute of Certified Public Accountants

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Glossary Issued September 2009; revised July 2010, December 2012 Glossary of Terms Relating to Hong Kong Standards on Quality Control, Auditing, Review, Other Assurance and Related Services Effective as of 15 December 2009
GLOSSARY OF TERMS Public sector - National governments, regional (for example, state, provincial, territorial) governments, local (for example, city, town) governments and related governmental entities (for example, agencies, boards, commissions and enterprises). * † Reasonable assurance (in the context of audit engagements, and in quality control) - A high, but not absolute, level of assurance. Reasonable assurance engagement - (see Assurance engagement) Recalculation - Consists of checking the mathematical accuracy of documents or records. *Related party - A party that is either: (a) A related party as defined in the applicable financial reporting framework; or (b) Where the applicable financial reporting framework establishes minimal or no related party requirements: (i) A person or other entity that has control or significant influence, directly or indirectly through one or more intermediaries, over the reporting entity; (ii) Another entity over which the reporting entity has control or significant influence, directly or indirectly through one or more intermediaries; or (iii) Another entity that is under common control with the reporting entity through having: a. Common controlling ownership; b. Owners who are close family members; or c. Common key management. However, entities that are under common control by a state (that is, a national, regional or local government) are not considered related unless they engage in significant transactions or share resources to a significant extent with one another. Related services - Comprise agreed-upon procedures and compilations. * † Relevant ethical requirements - Ethical requirements to which the engagement team and engagement quality control reviewer are subject, which ordinarily comprise Parts A, B and D of the HKICPA’s Code of Ethics for Professional Accountants (the Code) together with national requirements that are more restrictive. Reperformance - The auditor’s independent execution of procedures or controls that were originally performed as part of the entity’s internal controls. *Report on the description and design of controls at a service organization (referred to in HKSA 402 18 as a type 1 report) - A report that comprises: (a) A description, prepared by management of the service organization, of the service organization’s system, control objectives and related controls that have been designed and implemented as at a specified date; and 18 HKSA 402, “Audit Considerations Relating to an Entity Using a Service Organization.” © Copyright 17 GLOSSARY (December 2012)
Page 1 and 2: Document Reference and Title VOLUME
Page 3 and 4: HKSRE 2400 is updated to reflect th
Page 5 and 6: HKSA 402 (Clarified) HKSA 450 (Clar
Page 7: Issue/Review date PN 810.2 The duti
Page 11 and 12: HONG KONG FRAMEWORK FOR ASSURANCE E
Page 13 and 14: HKSA 210 Issued June 2009; revised
Page 15 and 16: HKSA 260 Issued June 2009; revised
Page 17 and 18: PLANNING AN AUDIT OF FINANCIAL STAT
Page 19 and 20: HKSA 315 (Revised) Revised July 201
Page 21 and 22: IDENTIFYING AND ASSESSING THE RISKS
Page 23 and 24: THE AUDITOR’S RESPONSES TO ASSESS
Page 25 and 26: HKSA 610 (Revised) Revised July 201
Page 27 and 28: USING THE WORK OF INTERNAL AUDITORS
Page 29 and 30: HKSRE 2400 Issued June 2005, Revise
Page 31 and 32: COPYRIGHT ENGAGEMENTS TO REVIEW HIS
Page 33 and 34: ENGAGEMENTS TO REVIEW HISTORICAL FI
Page 39 and 40: Monitoring ENGAGEMENTS TO REVIEW HI
Page 41 and 42: Agreeing the Terms of Engagement EN
Page 49 and 50: Form of the Conclusion ENGAGEMENTS
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ENGAGEMENTS TO REVIEW HISTORICAL FI
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Recurring Engagements (Ref: Para. 3
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Scope Limitations ENGAGEMENTS TO RE
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Illustrative Review Reports (Ref: P
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ASSURANCE REPORTS ON CONTROLS AT A
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Definitions COMFORT LETTERS AND DUE
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COMFORT LETTERS AND DUE DILIGENCE M
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Addressees COMFORT LETTERS AND DUE
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Example 1 - Hong Kong Public Equity
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Changes in Financial Position 33,34
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Selected Financial Information COMF
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Accounting Matters”) as to whethe
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SPECIAL CONSIDERATIONS IN AUDITING
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SPECIAL CONSIDERATIONS IN AUDITING
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Update No. 124 - Hong Kong Institute of Certified Public Accountants

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