Download Advanced Auditing and Assurance KASNEB Notes
CPA ADVANCED LEVEL NOTES
ADVANCED AUDITING AND ASSURANCE UNIT DESCRIPTION
This paper is intended to equip the candidate with knowledge, skills and attitudes that will enable him/her to undertake advanced audit and assurance engagements in compliance with regulatory frameworks and International Standards on Auditing.
ADVANCED AUDITING AND ASSURANCE LEARNING OUTCOMES
A candidate who passes this paper should be able to:
• Recognise the regulatory, professional, and ethical issues relevant to those carrying out an assurance engagement
• Assess and recommend appropriate quality control policies and procedures in practice management
• Evaluate findings and results of work performed and draft suitable audit reports on assignments
• Draft different types of audit opinions based on audit evidence gathered during an audit.
• Draft engagement letters for audit and non-audit services that fall under International Standards on Auditing and ensure compliance with the relevant legal regulations
• Incorporate emerging developments in the conduct of an audit.
Contents>
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
- Audit under taxation laws
- Other special audit assignments
Download ADVANCED AUDITING AND ASSURANCE CPA NOTES
- 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