Auditing I

1. Understand the concept of auditing and its importance.
2. Explain the types of audits and their regulatory frameworks.
3. Discuss the principles of professional ethics and auditor independence.
4. Describe the components of internal control systems.
5. Apply audit procedures for verifying assets and liabilities.
6. Prepare and interpret audit reports.

13 weeks, about 52 hours in total. Yours will differ.

1. Week 1Module 1: Introduction to Auditing

   • Unit 1: Introduction to Auditing · 4 hours

     Read the introduction to auditing.. Define auditing and its objectives.. Discuss the evolution of auditing.. Identify the advantages and limitations of auditing..

2. Week 2Module 2: Regulation of Audit and Assurance Services/Assurance Engagements

   • Unit 2: Regulation of Audit and Assurance Services/Assurance Engagements · 4 hours

     Discuss the need for regulation of audit and assurance services.. Explain the sources of regulation.. Review the provisions of CAMA regarding the auditor.. Define assurance engagements and their objectives..

3. Week 3Module 3: Audit Planning and Strategy

   • Unit 3: Audit Planning and Strategy · 4 hours

     Discuss the nature of and need for planning an audit engagement.. Explain the requirements of ISA 300 for planning an audit.. Discuss matters to be considered when establishing an audit strategy.. Describe the contents of an audit plan..

4. Week 4Module 4: Professional Ethics

   • Unit 4: Professional Ethics · 4 hours

     Discuss the fundamental ethical principles as stipulated by the IFAC code of ethics.. Explain the concept of independence and discuss ethical threats to auditor's objectivity.. State possible safeguards to ethical threats.. Discuss the consequences of unethical behaviors..

5. Week 5Module 5: Corporate Governance

   • Unit 5: Corporate Governance · 4 hours

     Explain corporate governance.. Explain the factors that have heightened the concern for good corporate governance practices.. State the significance of good corporate governance.. Discuss the responsibilities of the Board of directors and the Audit committee..

6. Week 6Module 6: Internal Control

   • Unit 6: Internal Control · 4 hours

     Explain internal control and discuss the components of internal control.. Discuss the General and application controls expected to be found in a computer-based environment.. Discuss the inherent limitations of internal controls.. Demonstrate understanding of the techniques auditors use in recording the assessment of a client's control risk/internal control system..

7. Week 7Module 7: Audit Programmes and Audit Testing

   • Unit 7: Audit Programmes and Audit Testing · 4 hours

     Explain the concept "audit programme" and its usefulness in the audit process.. Discuss the different types of audit programmes and state the advantages and disadvantages.. Discuss the types of audit testing and their importance in the audit process..

8. Week 8Module 8: Internal Audit and Outsourcing

   • Unit 8 Internal Audit and Outsourcing · 4 hours

     Describe the functions of internal audit and differentiate between internal and external audits.. Explain the types of audits: financial, operational and compliance audits.. Discuss the relative advantages and disadvantages of outsourcing internal audit function..

9. Week 9Module 9: Verification of Assets and Liabilities

   • Unit 9: Verification of Assets and Liabilities · 4 hours

     Explain the audit objectives for the verification of assets and liabilities.. Describe the general procedures for the verification of assets and liabilities.. Give audit procedures and tests applicable to the verification of specific assets and liabilities..

10. Week 10Module 10: Audit Report

    • Unit 10: Audit Report · 4 hours

      Describe the financial statement evaluation process that guides the forming of auditor's opinion on a set of financial statements.. Discuss the elements of an independent auditor's report in accordance with ISA 700 (revised).. Explain the types of modification of independent auditor's report as stipulated by ISA 705.. Explain a letter of weakness and its usefulness in the audit process..

11. Week 11Module 11: Review and Practice

    • Unit 1: Review of Auditing Concepts and Regulations · 4 hours

      Review key concepts from Modules 1 and 2.. Practice problems on audit objectives and regulation.. Discuss ethical considerations in auditing..

12. Week 12Module 11: Review and Practice

    • Unit 2: Review of Audit Planning, Ethics, and Governance · 4 hours

      Review key concepts from Modules 3, 4, and 5.. Practice problems on audit planning, ethics, and corporate governance.. Discuss case studies on internal control weaknesses..

13. Week 13Module 11: Review and Practice

    • Unit 3: Review of Internal Control, Audit Programs, and Reporting · 4 hours

      Review key concepts from Modules 6, 7, 8, 9, and 10.. Practice problems on internal control, audit programs, and asset verification.. Discuss case studies on audit report modifications..