ACCA P7 (INT)

Chapter 1

REGULATION IN A GLOBAL ECONOMY

Chapter 2

CODE OF ETHICS AND CONDUCT

Confidentiality

Integrity

ACCA/IFAC Code of Ethics

Objectivity

Professional Competence

Professional Behaviour

Chapter 3

PROFESSIONAL APPOINTMENTS

Chapter 4

QUALITY CONTROL

Leadership
Monitoring Human Resources

ISA 220/ISQC 1

Acceptance/ Continuance Ethics

Engagement Performance

Chapter 5

ADVERTISING, PUBLICITY, OBTAINING PROFESSIONAL WORK AND FEES

Chapter 6

TENDERING

Advantages of Tendering More efficient auditing

Auditing can be a loss leader

Disadvantages of Tendering Loss of long-term relationships between clients and auditors Market choice reduced by increased concentration Lowballing Companies may constantly change auditors to reduce costs further

What Goes In a Proposal? The basis of the fee. Nature, purpose and legal requirements of an audit. Client requirements and how the audit firm will meet them. Audit methodology. Outline of firm and personnel. Assumptions made, e.g. deadlines, geographical coverage, work performed by client. Ability of firm to offer other services.

Chapter 7

MONEY LAUNDERING

Chapter 8

PROFESSIONAL RESPONSIBILITIES AND LIABILITIES

ISA 250
Directors Responsibilities Auditors Responsibilities To ensure the entity To obtain sufficient complies with relevant appropriate audit evidence laws and regulations. about compliance with all relevant laws and regs. To establish effective arrangements for To plan and perform the preventing and detecting audit with an attitude of non-compliance. professional scepticism. To consider risk of noncompliance with laws & regulations when seeking mgt reps & forming audit opinion.

Chapter 9

THE AUDIT OF HISTORICAL FINANCIAL INFORMATION METHODOLOGY AND APPROACH

Chapter 10

PLANNING, MATERIALITY AND ASSESSING THE RISK OF MISSTATEMENT

Chapter 11

GROUP AND TRANSNATIONAL AUDITS

Chapter 12

EVIDENCE

Chapter 13

COMPLETION

Events After the Reporting Period

Going Concern

Chapter 14

AUDIT REPORTS

Types of Modification
Material but NOT Pervasive Material Misstatement Qualified Opinion Material AND Pervasive Adverse Opinion

Inability to Obtain Sufficient Appropriate Evidence

Qualified Opinion

Disclaimer of Opinion

Chapter 15

REPORTS TO MANAGEMENT

Chapter 16

AUDIT RELATED SERVICES

Chapter 17

ASSURANCE SERVICES

Environmental/Social Audit

Chapter 18

PROSPECTIVE FINANCIAL INFORMATION

Chapter 19

FORENSICS AUDITS

Chapter 20

INTERNAL AUDIT

Outsourcing IA

Chapter 21

OUTSOURCING