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F8 – Audit And Assurance

(1) What Is Assurance?

.audit and assurance
.positive & negative assurance (and their examples)

(2) Corporate Governance

.why corporate governance is needed?
.principles of corporate governance
.the combined code of corporate governance
.the role of the audit committee
.small entity exemptions

(3) Auditors’ Rights, Appointment, Removal And Resignation

.auditors’ rights
.appointment of auditors
.resignation of auditors
.removal of auditors

(4) Professional Ethics

.fundamental principles
.threats to professional ethics (and their examples)

(5) The Audit Report

.financial statements
.the parts of an audit report: -independent auditor’s report
-the financial statements
-the auditor’s responsibility
-international standards of auditing (ISAs)
-reasonable assurance/material misstatements
-other requirements
-signature and date
.what is meant by true and fair view?
.guidance on materiality
.other implications of the audit report

(6) Types Of Audit Report: Modified/Unmodified Report

.unmodified: -the report can be modified in two ways
.emphasis of matter & its example
.going concern: -definition
-signs that the company is having going concern difficulties
.effect of going concern on the audit report
.qualified audit reports: -reasons for qualification
-other reasons for qualification (and choices in matrix)
.example of insufficient appropriate audit evidence
.example of disclaimer of opinion
.material misstatement/’except for’
.material misstatement/’adverse opinion’

(7) The Stages Of An Audit

.overview (diagram of an audit): -all audits start by
-the audit approach then divides
.audit planning: -reasons why planning is important
-planning objectives
.understanding the entity

(8) The Appointment Process

. before you say ‘YES’
.communication with existing auditors
.the engagement letter
.typical contents of an engagement letter

(9) Risk
.the sources of risk: -material misstatement risk split into two
.audit risk: -definition
-two elements of audit risk
.the audit risk equation: -explanation
-two components of detection risk
.examples of the three types of risk
.where audit risk can be found

(10) The Audit Process And Audit Evidence

.overview (diagram & its explanation)
.gathering audit evidence: -the procedures for obtaining audit evidence
.analytical procedures
.sufficient, appropriate audit evidence
.the financial statements assertions
.sampling: -explanation
-sampling methods
.monetary unit sampling

(11) Internal Control

.recording the client’s accounting system: -three ways of recording the system
-two main patterns of
.five components of internal control systems
.control activities
.the inherent limitations of internal controls
.testing internal controls: -mechanisms for it
.the management letter/report

(12) Some Accounting Systems

. the purchase system: -process
-good internal control for purchase
.the sales system: -process
-good internal control for sales
.the wages and salaries system: -process
-good internal control for wages and salaries

(13) Computer Systems

.types of controls: -two sorts of control
.application controls – input
.controls over standing data
.application controls – processing controls

(14) Computer Assisted Audit Techniques

.CAAT and its two types

(15) The Final Audit – The Assertions Revisited

.assertions about classes of transactions and events for the period under audit
.assertions about account balances at the period end
.assertions about presentation & disclosure

(16) The Audit Of Receivables

.the relevant assertions
.receivables circularisations: -explanation
-two types of circularisation
.other work on receivables

(17) The Audit Of Payables

.ways of auditing payables

(18) The Audit Of Accruals And Prepayments

.ways of auditing accruals and prepayments

(19) The Audit Of Inventory

.introduction: -things auditors has to check about inventory
.year-end inventory counts:- main aspects of the stock-take
.responsibility of auditors
.cut-off – purchases
.cut-off sales

(20) The Audit Of Cash

.ways of auditing cash

(21) The Audit Of Non-Current Assets

.procedures for auditing non-current assets

(22) Events Occurring After The Reporting Period

.two types of events

(23) Contingent Assets And Liabilities

.their treatment
(24) Internal Audit And Other Third Parties
.introduction to internal audit
.internal audit functions
.relying on the work of 3rd parties: -auditors should ensure that the 3rd parties are
-should agree the following in writing
-auditor must examine the expert’s work
with respect to

(25) Written Representations

.typical contents of a letter of representation