Audit Assurance Professional

AAP (AUDIT ASSURANCE PROFESSIONAL)

External Auditing

Introduction To Auditing

• Describe auditing
• Distinguish between auditing and accounting
• Describe assurance services and distinguish audit services from assurance services
• Differentiate three main types of audits

Engagement Acceptance

Planning (Audit Risk, Materiality & Control testing)

• Discuss why adequate audit planning is essential.
• Identify factors considered by auditors in accepting new clients.
• Gain an understanding of client’s business and industry.
• Assess client’s business risk.
• Perform preliminary analytical procedures.
• Describe the major steps in audit process.
• Compute common financial ratios.

Quick Overview of Financial Statements, General Ledger & Trial Balance

Audit Procedures

Audit Report:

• Describe parts of standard unqualified audit report.
• Specify the conditions for a standard unqualified report.
• Describe circumstances for appropriate unqualified report.
• Identify types of audit reports when an unqualified opinion is not justified.
• Explain effects of materiality on audit reporting decisions.

Audit – Companies Act 2017 requirements

Auditors Professional Conduct

• Explain the need for the auditor to display integrity, independence and objectivity.
• Explain the importance of ethical conduct for the accounting profession.
• Describe the purpose and content of the code of ethics.
• Describe and apply the rules and procedures when there is a change in professional appointment.
• Describe and apply the procedures surrounding conflicts of interest

Internal Auditing

• Fundamental concepts of internal auditing
• Why Internal Auditing
• Understanding internal controls
• Risk Management
• Culture
• Reporting