
KSh 550.00
Description
CONTENT
10.1 Assurance engagements
– Definition and objectives
– Elements of an assurance engagement
– Types of assurance engagements
– Levels of assurance and reports
– Non-assurance engagements
10.2 Nature and purpose of an audit
– Nature and objectives
– Audit as an assurance engagement
– Development of audit (early audit and modern audit)
– Types of audit and limitations
10.3 Legal framework and regulation
– Regulatory framework within which external audits take place
– Statutory regulations; auditors’ liability, appointment, removal, remuneration,
resignation, rights and duties of auditors
– International standards on auditing and other regulations
– Professional ethics/code of ethics for professional accountants
– Fundamental principles, threats and safeguards, other professional guidelines on
audit fees, conflict of interest, advertising and opinion shopping
10.4 Planning and risk assessment
– Obtaining clients acceptance and retention
– Understanding the entity and its environment
– Audit planning, audit programmes and documentation
– Assessing audit risks
– Errors, fraud and other irregularities
10.5 Overview of forensic accounting
– Nature, purpose and scope of forensic accounting
– Types of forensic investigations: Corruption, asset misappropriation, financial
statement fraud, others
– Fraud prevention and deterrence
10.6 Internal control systems
– Internal controls theory and practice
– Evaluation of internal control system and test of control
– Communication on internal control system (management letter)
– Information technology threats and control
10.7 Audit evidence
– Financial statement assertions and audit evidence
3
– Audit evidence procedures/techniques
– Audit sampling and other means of testing
– The audit of specific items (income/expenses/assets/liabilities)
– Using the work of others (internal audit and experts)
– Computer assisted audit techniques
10.8 Overall audit review
– Subsequent events review
– Going concern review
– Contingencies and commitments
– Management representations
– Quality control and review
– Role of auditors in receiverships and liquidation
10.9 Audit reports
– 7th Schedule provisions on audit reports
– Basic elements
– Types of opinions
– Emphasis of master paragraph
– Features of audit reports
10.10 Auditing in the Public Sector
– Introduction to auditing in the Public Sector; regulatory provisions
– Establishment, mandate and functions of public sector auditors; Kenya National Audit
Office (KENAO) and similar national audit bodies
– Role of internal audit function in public entities
– Relationship between external and internal auditors in the public sector
– International Standards on Supreme Auditing Institutions
10.11 Emerging issues and trends