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PAPER NO. 17 ADVANCED AUDITING AND ASSURANCE GENERAL OBJECTIVE

This paper 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.

LEARNING OUTCOMES

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

CONTENT

Assurance and non-assurance

• The concept of assurance and non-assurance engagements
• Agreed upon procedures
• Compilation engagements
• Assurance reports

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

• 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

• 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 auditors
• Preparation of audit working papers

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

• 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

• 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

• Quality control and peer review
• Reports to those charged with governance
• Reporting on compliance and other information (Chairman’s statement and directors report)
• Auditors report on financial statements

Emerging issues and trends
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