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AUDITING AND ASSURANCE
This course is designed to equip candidates with the essential knowledge, skills, and attitudes necessary to conduct the audit of ...
an entity effectively. Through this course, candidates will gain a comprehensive understanding of the regulatory framework governing external audits, International Standards on Auditing, and the International Code of Ethics for Professional Accountants. They will also learn to implement audit planning, conduct audit risk assessments, apply the risk-based audit approach, and prepare non-complex audit reports.
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This course is designed to equip candidates with the essential knowledge, skills, and attitudes necessary to conduct the audit of an entity effectively. Through this course, candidates will gain a comprehensive understanding of the regulatory framework governing external audits, International Standards on Auditing, and the International Code of Ethics for Professional Accountants. They will also learn to implement audit planning, conduct audit risk assessments, apply the risk-based audit approach, and prepare non-complex audit reports.
Learning Outcomes
Upon successful completion of this course, candidates will be able to:
- Demonstrate an Understanding of the Regulatory Framework Governing the External Audit of Financial Statements: Understand and apply the regulations and standards that guide the external audit process.
- Demonstrate an Understanding of International Standards on Auditing and the International Code of Ethics for Professional Accountants: Apply international auditing standards and ethical guidelines to ensure the integrity and independence of the audit process.
- Implement the Process of Planning an Audit, Prepare Audit Programs, and Effectively Conduct an Audit: Develop and execute detailed audit plans and programs to carry out comprehensive audits.
- Undertake Audit Risk Assessments (Excluding Group Accounts): Identify and assess audit risks to ensure accurate and reliable audit outcomes.
- Apply the Risk-Based Audit Approach to Audit of Limited Companies: Utilize a risk-based approach to focus on areas of significant risk within limited companies, enhancing audit efficiency and effectiveness.
- Prepare Non-Complex Audit Reports for Audit Engagements: Compile clear and concise audit reports for non-complex audit engagements, ensuring all findings and recommendations are effectively communicated.
Nature and purpose of an audit
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1Nature and objectives of an auditVideo lesson
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2Development of auditVideo lesson
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3Users of audited financial statementsVideo lesson
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4Features of auditsVideo lesson
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5Distinction between auditing and accountingVideo lesson
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6Types and classification of auditsVideo lesson
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7Situations when different audits are performedVideo lesson
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8Advantages and disadvantages of various types of auditsVideo lesson
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9Nature of work done for different auditsVideo lesson
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10nherent limitations of an auditVideo lesson
Assurance and non- assurance engagements
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11Definition and objectives of assurance engagementsVideo lesson
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12Audit as an assurance engagementVideo lesson
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13Elements of an assurance engagementVideo lesson
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14Types of assurance engagementsVideo lesson
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15Differences between audit and review engagementsVideo lesson
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16International Standard on Assurance EngagementVideo lesson
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17Accepting appointment to perform assurance engagementVideo lesson
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18Review of interim financial informationVideo lesson
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19Levels of assurance and reports issued on assurance engagementsVideo lesson
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20Non-assurance engagementsVideo lesson
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21Attestation and direct reporting engagementsVideo lesson
Regulatory framework for external audits
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22Appointment of the auditorsVideo lesson
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23Qualifications and disqualifications of auditorsVideo lesson
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24Removal and resignation of auditorsVideo lesson
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25Remuneration of the auditorsVideo lesson
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26Rights and duties of auditorsVideo lesson
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27Mechanisms of regulations of auditors-roleVideo lesson
Professional ethics/code of ethics
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28Importance of the professional ethicsVideo lesson
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29Basic principles for Code of Ethics for accountantsVideo lesson
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30Other professional guidelinesVideo lesson
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31Auditors independenceVideo lesson
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32Threats to independence and safeguards.Video lesson
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33Threats on adherence to other fundamental principlesVideo lesson
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34Development and status of ISAsVideo lesson
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35National Auditing StandardsVideo lesson
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36Purposes/importance of adoption of ISA in the auditVideo lesson
Planning and Risk Assessment
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37Obtaining, accepting and retention of an audit engagementVideo lesson
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38Matters to consider before and after acceptance of nominationVideo lesson
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39Pre-conditions of an auditVideo lesson
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40Engagement letterVideo lesson
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41Circumstances for revision of engagement termsVideo lesson
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42Understanding the entity and its environmentVideo lesson
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43Overview of audit processVideo lesson
Audit risk assessment
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44Components of audit riskVideo lesson
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45Assessment of different types of audit risksVideo lesson
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46Factors leading to increase or decrease of risksVideo lesson
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47Adoption of risk based auditVideo lesson
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48Advantages and Disadvantages of the approachVideo lesson
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49Evaluating and prioritising risk and control factorsVideo lesson
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50Mechanisms to minimise the risks associated with client auditsVideo lesson
Audit planning
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51Purpose and challenges in audit planningVideo lesson
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52Planning for new and existing clientsVideo lesson
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53Development of the overall audit strategyVideo lesson
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54Contents of audit planning memorandumVideo lesson
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55Relationship between audit strategy and audit planVideo lesson
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56Design of audit programsVideo lesson
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57Impact of material misstatements on audit strategyVideo lesson
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58Influence of interim audit work on the year end/final auditVideo lesson
Audit documentation
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59Reasons and importance of audit documentationVideo lesson
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60Working papersVideo lesson
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61Storage of working papersVideo lesson
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62Lien on working papersVideo lesson
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63Standardisation of working papersVideo lesson
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64Safe custody and retention of working papersVideo lesson
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65Form and content of working papersVideo lesson
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66Automated working papersVideo lesson
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67Quality control policiesVideo lesson
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68Objectives of quality controls to the audit firmVideo lesson
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69Peer review and its objectivesVideo lesson
Internal control systems (ICS)
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70ObjectivesVideo lesson
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71ComponentsVideo lesson
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72FeaturesVideo lesson
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73Designing of internal control systemVideo lesson
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74Auditors and management responsibility over ICSVideo lesson
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75inherent limitations of ICSVideo lesson
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76ndicators of weaknesses in ICSVideo lesson
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77The evaluation of internal control systemsVideo lesson
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78Tests of controls on specific control environmentsVideo lesson
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79Internal controls theoryVideo lesson
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80Communication of improvements on ICS weaknessesVideo lesson
Internal Audit Function
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81Scope and objectives of internal auditVideo lesson
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82Criteria of using internal audit workVideo lesson
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83Areas of support on external auditors’ workVideo lesson
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84Internal audit review reportsVideo lesson
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85Design of risk based internal audit planVideo lesson
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86Internal audit key performance indicatorsVideo lesson
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87Managing and monitoring follow up of audit recommendationsVideo lesson
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88Outsourcing internal audit functionVideo lesson
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89Audit committee-functionsVideo lesson
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90Internal check systems-scopeVideo lesson
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91Information technology threats and controlVideo lesson
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92Auditors duty on compliance with laws and regulationsVideo lesson
Forensic Accounting
Errors, Frauds and Irregularities
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97Differences between error and fraudsVideo lesson
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98Types of errorsVideo lesson
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99Types of FraudsVideo lesson
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100Causes of frauds and fraud triangleVideo lesson
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101Indicators of errors and fraudsVideo lesson
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102Detection and prevention of errors and fraudsVideo lesson
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103Materiality and Implications of errors and fraudsVideo lesson
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104Impact of errors and frauds on the audit planVideo lesson
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105Reporting on error and fraudsVideo lesson
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106External auditors and ManagementVideo lesson
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107Auditors professional skepticismVideo lesson
Audit evidence
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108Financial statement assertionsVideo lesson
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109Types and features of audit evidenceVideo lesson
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110Audit evidence gathering proceduresVideo lesson
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111Materiality and limitations of audit evidenceVideo lesson
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112Financial statement assertions and audit evidenceVideo lesson
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113Audit sampling techniquesVideo lesson
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114Analytical reviews proceduresVideo lesson
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115Types of analytical ProceduresVideo lesson
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116Using the work of expertsVideo lesson
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117Using management representationsVideo lesson
Auditing in the public sector
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118Introduction to auditing in the public sectorVideo lesson
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119Objective and scope of public sector auditVideo lesson
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120Establishment, mandate and functions of public sector auditorsVideo lesson
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121The parties to audit in public sector-auditorVideo lesson
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122Role of internal audit function in public entitiesVideo lesson
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123Relationship between external and internal auditorsVideo lesson
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124Audit reports by office of Auditor GeneralVideo lesson
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125Functions of audit advisory boardVideo lesson
Auditors Reports
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126Purposes of auditors’ reportVideo lesson
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127Legal /Statutory provisions on audit reportsVideo lesson
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128Basic elements contents of audit reportsVideo lesson
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129Emphasis of the matter paragraphVideo lesson
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130Types and Consequences of different types of audit reportsVideo lesson
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131Features of unqualified and qualified audit reportsVideo lesson
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132Reasons for qualifications of audit reportsVideo lesson
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133Types of qualifications-disclaimerVideo lesson
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134Overall audit review and finalisationVideo lesson
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135Subsequent eventsVideo lesson
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136Going concern reviewVideo lesson
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137Management representationsVideo lesson
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138Review of compliance with accounting policiesVideo lesson
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139Format for presentation of independent auditor’s reportVideo lesson
Auditing in a computerised system
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140Audit objectives in computerised systemsVideo lesson
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141Differences between computerised and manual systemsVideo lesson
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142Benefits and drawbacks of computerised accounting systemsVideo lesson
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143Types of controls in computerised systemsVideo lesson
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144Auditors use of computers in the course of auditVideo lesson
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145Planning the audit in computerised systemsVideo lesson
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146Audit approachesVideo lesson
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147Loss of audit trailVideo lesson
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148Computer Assisted Audit TechniquesVideo lesson
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149Types of audit software and functionsVideo lesson
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150Factors considered before using CAATSVideo lesson
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151Advantages and disadvantages of CAATSVideo lesson
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152Use of embedded audit modules and integrated test facilitiesVideo lesson
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153Information security controlsVideo lesson
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Course details
Duration
3 Months
Lectures
153
Video
36 Hours
Level
Intermediate
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Working hours
Monday | 9:30 am - 6.00 pm |
Tuesday | 9:30 am - 6.00 pm |
Wednesday | 9:30 am - 6.00 pm |
Thursday | 9:30 am - 6.00 pm |
Friday | 9:30 am - 5.00 pm |
Saturday | Closed |
Sunday | Closed |