KASNEB CPA Advanced Auditing and Assurance Revision Kits

Description

CONTENT
17.1 Assurance and non-assurance
– The concept of assurance and non-assurance engagements
– Agreed upon procedures
– Compilation engagements
– Assurance reports
17.2 Audit framework and regulations
– Objective and general principles
– Legal framework
– International, regulatory framework for audit and assurance services
– Auditors’ professional liability and legal responsibilities
17.3 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)
17.4 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
17.5 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
17.6 Audit related assurance services
– Prospective financial information,
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– 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
17.7 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
17.8 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
17.9 Emerging issues and trends