To develop knowledge and understanding of the process of carrying out the assurance engagement and its application in the context of the professional regulatory framework.
On successful completion of this paper, candidates should be able to:
A Explain the concept of audit and assurance and the functions of audit, corporate governance, including ethics and professional conduct, describing the scope and distinguishing between the functions of internal and external audit
B Demonstrate how the auditor obtains and accepts audit engagements, obtains an understanding of the entity and its environment, assesses the risk of material misstatement (whether arising from fraud or other irregularities) and plans an audit of financial statements
C Describe and evaluate internal controls, techniques and audit tests, including IT systems to identify and communicate control risks and their potential consequences, making appropriate recommendations
D Identify and describe the work and evidence obtained by the auditor and others required to meet the objectives of audit engagements and the application of the International Standards on Auditing
E Explain how consideration of subsequent events and the going concern principle can inform the conclusions from audit work and are reflected in different types of an audit report, written representations, and the final review and report.
The concept of audit and other assurance engagements
Professional ethics and ACCA’s Code of Ethics and Conduct
Internal audit and governance, and the differences between external audit and internal audit
The scope of the internal audit function, outsourcing and internal audit assignments
Obtaining, accepting and continuing audit engagements
Objective and general principles
Assessing audit risks
Understanding the entity and its environment
Fraud, laws and regulations
Audit planning and documentation
Internal control systems
The use and evaluation of internal control systems by auditors
Tests of control
Communication on internal control
Financial statement assertions and audit evidence
Audit sampling and other means of testing
The audit of specific items
Computer-assisted audit techniques
The work of others
Audit finalisation and the final review
Dr. Glen Brown
Dr Glen Brown is the President & CEO of Global Financial Engineering and Global Accountancy Institute,Inc.
He is also a Senior Lecturer in all our Professional Accountancy Qualifications.
Audit and AssuranceACCA
This course is provided by Global Accountancy Institute Inc..