Learning fundamentals of auditing
To develop knowledge and understanding of the principles of external audit and the audit process and technical proficiency in the skills used for auditing financial statements.
To develop knowledge and understanding of the principles of external audit and the audit process and technical
proficiency in the skills used for auditing financial statements.
[A] Audit framework and regulation
Explain the concept of audit and assurance and the functions of audit, corporate governance, including ethics and
professional conduct.
[B] Planning and risk assessment
Demonstrate how the auditor obtains and accepts audit engagements, obtains an understanding of the entity and its
environment, assesses the risk of material misstatement and plans an audit of financial statements.
[C] Internal control
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.
[D] Audit evidence
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)
[E] Review and reporting
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.