This unit is intended to equip the candidate with knowledge, skills and attitudes that will enable him/her to undertake advanced audit and assurance engagements in compliance with regulatory frameworks and international auditing standards.
What Will You Learn?
A candidate who passes this paper should be able to:
Apply international standards in auditing and assurance engagements
Analyse the responsibility of the auditor in audit strategy and audit plan
Gain the knowledge of audit consideration during the audit of consolidated financial statements
Know the concept of due diligence, investigation and forensic audit
Determine and apply knowledge of reporting in professional practice
Understand and explain the concept of compliance audit, performance audit and comprehensive audit in relation to the Auditor General
Course Content
Assurance and Non-Assurance
Assurance and non-assurance
The concept of assurance and non-assurance engagements
Agreed upon procedures
Compilation engagements
Assurance reports
Audit framework and regulations
Audit framework and regulations
Objective and general principles
Legal framework
International, regulatory framework for audit and assurance services
Auditors’ professional liability and legal responsibilities
Professional and Ethical Considerations
Professional and ethical considerations
Code of ethics for professional accountants
Fundamental principles, threats and safeguards
Advertising, publicity, obtaining professional work and fees and money laundering
Professional skepticism (in the context of errors and fraud)
Management of Audit Practice
Management of audit practice
Client acceptance and retention
Tendering for audit services
Professional appointments
Planning, materiality and assessing risk of misstatement (audit risk)
Methods and techniques of auditing high risk areas
Use and evaluation of internal control system by auditors
Preparation of audit working papers
Audit Evaluation and Reviews
Audit evaluation and reviews
Financial statement assertions and audit procedures
Subsequent events
Going concern
Related parties management representation
Group audit/joint/component audit
Analytical review
The company audit
Audit of consolidated financial statements
Audit of banks and non banking financial institutions
Audit of general insurance companies
Audit of cooperatives societies
Audit under taxation laws
Other special audit assignments
Audit Related Assurance Services
Audit related assurance services
Prospective financial information
Investigations and due diligence
Special audit assignments (social and environment audit)
Audit committee and corporate governance
Operations and internal audit management
Audit under computerised information systems
Audit of public sector undertakings
Forensic Accounting
Forensic accounting
Conduct of forensic investigations: accepting the investigation, planning, evidence gathering, reporting
Rules of evidence in court proceedings
Regulations and standards on forensic accounting
Applicable codes of ethics
Audit Clearance and Reporting
Audit clearance and reporting
Quality control and peer review
Reports to those charged with governance
Reporting on compliance and other information (Chairman’s statement and directors report
