 |
Audit and Assurance - AUD
Exam Format
3-hour open-book written examination (100%)
Module Content
|
Topic 1
|
Fundamental Assurance Concepts:
- Assertions, Risk, Materiality, Evidence & Judgement
The Assurance & Audit Process:
- Engagement, Planning, Fieldwork & Reporting
|
|
Topic 2
|
The Regulatory Framework:
- Legal, Professional and Other Requirements
- Legal liability
|
|
Topic 3
|
The Planning Phase:
- Client acceptance and continuance
- External / Strategic Risk Analysis and Materiality Planning
- Special issues: going concern, fraud, related parties, earnings management
- The Impact of Computerised Information Systems on Audit Planning & Procedures
- Reliance on the Work of Other Parties
- The Audit Plan and Audit Program
|
|
Topic 4
|
Evaluation of the Client?s Internal Control System:
- Structure of internal control
- Internal / Process Risk Analysis
- The impact of computerised information systems on internal controls
|
|
Topic 5
|
Evidence Collection:
- Business Performance Measures
- Control tests and substantive tests
- Computer Assisted Audit Techniques & Tools (CAATTs)
- Sampling
- Current Issues eg Auditing Fair Value Measurements and Disclosures, Derivative Financial Instruments
|
|
Topic 6
|
Completion & Reporting:
- Contingencies
- Subsequent events
- Management representations
- Closing financial statements review
- The audit opinion and report
|
|
Topic 7
|
Other Types of Audits, Reviews & Reports
- Compliance & operational audits
- Environmental audits
- Other financial information
- Reviews of financial reports
- Agreed-upon procedures
- Compilation
- Special audit reports
|
|
Topic 8
|
Assurance Services
- Nature & characteristics of assurance engagements
- Types of assurance services
- The impact of technology
|
[ Back to Module Content] |