CA62 Advanced Auditing and Assurance PDF notes

Download Advanced Auditing and Assurance PDF notes



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.


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


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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