CA62 Advanced Auditing and Assurance PDF notes

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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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