CPA-Intermediate Auditing and Assurance

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About Course

UNIT DESCRIPTION
This paper is intended to equip the candidate with knowledge, skills and attitudes that will
enable him/her to conduct the audit of an entity.
LEARNING OUTCOMES
A candidate who passes this paper should be able to:
• Demonstrate an understanding of the regulatory framework governing the external audit
of financial statements
• Demonstrate an understanding of International Standards on Auditing where appropriate
and the International Code of Ethics for Professional Accountants (including International
Independence Standards)
• Implement the process of planning an audit, prepare audit programs and effectively
conduct an audit
• Undertake audit risk assessments (excluding group accounts)
• Apply the risk based audit approach to audit of limited companies
• Prepare non – complex audit reports for audit engagements.

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What Will You Learn?

  • LEARNING OUTCOMES
  • A candidate who passes this paper should be able to:
  • • Demonstrate an understanding of the regulatory framework governing the external audit
  • of financial statements
  • • Demonstrate an understanding of International Standards on Auditing where appropriate
  • and the International Code of Ethics for Professional Accountants (including International
  • Independence Standards)
  • • Implement the process of planning an audit, prepare audit programs and effectively
  • conduct an audit
  • • Undertake audit risk assessments (excluding group accounts)
  • • Apply the risk based audit approach to audit of limited companies
  • • Prepare non - complex audit reports for audit engagements.

Course Content

Nature and purpose of an audit
1.1 Nature and objectives of an audit 1.2 Development of audit (early audit and modern audit) 1.3 Users of audited financial statements 1.4 Features of audits 1.5 Distinction between auditing and accounting 1.6 Types and classification of audits 1.7 Situations when different audits are performed (interim, continuous, final, operational) 1.8 Advantages and disadvantages of various types of audits 1.9 Nature of work done for different audits 1.10 Inherent limitations of an audit

  • Nature and purpose of an audit
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  • Development of audit (early audit and modern audit)
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  • Users of audited financial statements
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  • Features of audits
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  • Distinction between auditing and accounting
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  • Types and classification of audits
    00:00
  • Situations when different audits are performed (interim, continuous, final,operational)
    00:00
  • Advantages and disadvantages of various types of audits
    00:00
  • Nature of work done for different audits
    00:00
  • Inherent limitations of an audit
    00:00

Assurance & non-assurance engagements
2.1 Definition and objectives of assurance engagements 2.2 Audit as an assurance engagement 2.3 Elements of an assurance engagement 2.4 Types of assurance engagements (Audit, Review assignments) 2.5 Differences between audit and review engagements 2.6 International Standard on Assurance Engagement-ISAE 3000 2.7 Accepting appointment to perform assurance engagement 2.8 Review of interim financial information - ISRE 2410 2.9 Levels of assurance and reports issued on assurance engagements 2.10 Non-assurance engagements (Agreed upon procedures engagement –ISRS 4400 and compilation assignments-ISRS 4410 2.11 Attestation and direct reporting engagements

Legal and professional framework
3.1 Regulatory framework for external audits 3.1.1 Appointment of the auditors 3.1.2 Qualifications and disqualifications of auditors 3.1.3 Removal and resignation of auditors 3.1.4 Remuneration of the auditors 3.1.5 Rights and duties of auditors 3.1.6 Mechanisms of regulations of auditors-role of professional bodies, Audit Committee, rotation of audit firms 3.2 Professional ethics/code of ethics for professional accountants 3.2.1 Importance of the professional ethics 3.2.2 Basic/fundamental principles for Code of Ethics for accountants 3.2.3 Other professional guidelines on audit fees, conflict of interest, advertising and publicity and opinion shopping by clients 3.2.4 Auditors independence /objectivity and its importance 3.2.5 Threats to independence and safeguards. 3.3 Threats on adherence to other fundamental principles and safeguards to the threats 3.4 Development and status of ISAs in execution of audits 3.5 Relationship between International Standards of Auditing and National Auditing Standards 3.6 Purposes/importance of adoption of ISA in the audit.

Planning and Risk Assessment

Audit risk assessment

Audit planning

Audit documentation

Internal control systems and Internal Audit Function

Internal Audit Function

Overview of Forensic Accounting, Errors, Frauds and Irregularities

Errors, Frauds and Irregularities

Audit evidence

Auditing in the public sector

Auditors Reports

Auditing in a computerised system

Contemporary and emerging issues in audit

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