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.
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
• 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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