AUDIT AND ASSURANCE (AA)
Previously Known as F8
Audit and Assurance develop knowledge and understanding of the process of carrying out the assurance engagement and its application in the context of the professional regulatory framework.
You’ll learn about the difference between an internal and an external audit, and how to perform audit of financial statements, including planning, evaluating and audit evidence and how to review the financial statements.
- Explain the concept of audit and assurance and the functions of audit, corporate governance, including ethics and professional conduct.
- 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
- 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. Describe the scope, role and function of internal audit.
- 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 (ISAs)
- 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 auditor’s report, written representations and the final review and report.
WHAT WILL YOU ACHIEVE
You will develop knowledge and skills in these subject areas, reaching a level of knowledge equivalent to a Bachelor’s degree. Successful completion of applied skills module will lead you to the Advance Diploma in Accounting and Business.
|A. AUDIT FRAMEWORK AND REGULATION|
|B. PLANNING AND RISK ASSESSMENT|
|C. INTERNAL CONTROL|
|D. AUDIT EVIDENCE|
|E. REVIEW AND REPORTING|
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