Summary CERTIFIED PUBLIC ACCOUNTANT ADVANCED LEVEL ADVANCED AUDITING AND ASSURANCE STUDY TEXT CERTIFIED PUBLIC ACCOUNTANT ADVANCED LEVEL ADVANCED AUDITING AND ASSURANCE STUDY TEXT

CERTIFIED PUBLIC ACCOUNTANT


ADVANCED LEVEL

ADVANCED AUDITING AND ASSURANCE



STUDY TEXT


Revised: September 2021




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,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 by 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



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,  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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, CONTENT



TOPICS PAGE NUMBER

Topic 1: Assurance and non- assurance. ..........................................................................5

Topic 2: Audit framework and regulations .................................................................... 13

Topic 3: Professional and ethical consideration. ........................................................... 22

Topic 4: Management of audit practice. ........................................................................ 29

Topic 5: Audit evaluation and reviews. ....................................................................... 108

Topic 6: Audit related and assurance services. ............................................................. 173

Topic 7: Forensic accounting. ........................................................................................216

Topic 8: Audit clearance and reporting ..........................................................................224




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