Auditing Ii

1. Explain the regulatory and ethical frameworks governing auditing practices.
2. Apply audit planning and control procedures effectively.
3. Conduct audit testing, sampling, and analytical procedures.
4. Prepare and modify audit reports based on audit findings.
5. Identify and address fraud and errors in financial statements.
6. Perform forensic audits and due diligence investigations.

13 weeks, about 28 hours in total. Yours will differ.

1. Week 1Module 1: Regulation of Audit and Assurance Services

   • Unit 1: Regulation of Audit and Assurance Services · 2 hours

     Understand the need for regulation of audit and assurance services.. Evaluate the sources of regulation and their impact on auditing practices.. Discuss the implications of the Money Laundering Act for auditors..

2. Week 2Module 2: Legislations for Regulation of Audit and Accounting Practices

   • Unit 2: Relevant Recent Legislations for the Regulation of Audit and Accounting Practices · 2 hours

     Examine the provisions of the Financial Reporting Council Act and its impact on auditing.. Understand the key components of the Sarbanes-Oxley Act.. Discuss the role of the audit committee in corporate governance..

3. Week 3Module 3: Ethical Regulation

   • Unit 3: Ethical Regulation: Rules of Professional Conduct · 2 hours

     Explain the fundamental ethical principles as stipulated by the IFAC Code of Ethics.. Evaluate the necessity for members of the profession to observe these principles.. Discuss the ethical threats to objectivity and independence of the auditor..

4. Week 4Module 4: Auditor's Professional Liability

   • Unit 4: Auditor's Professional Liability · 2 hours

     Discuss the legal position of the auditor and the concept of duty of care.. Explain decided cases on the liability of the auditor and their relevance today.. Discuss steps an auditor may take to avoid/reduce exposure to litigation..

5. Week 5Module 5: Audit Expectation Gap, Fraud and Error

   • Unit 5: Audit Expectation Gap; Fraud and Error · 2 hours

     Explain the meaning and types of audit expectation gap.. Evaluate steps being taken to reduce audit expectation gap.. Explain the difference between fraud and error and types of fraud..

6. Week 6Module 6: Practice Management Part I

   • Unit 6: Practice Management Part I (Quality Control: ISA 220 and ISQC 1) · 2 hours

     Discuss the elements of quality control.. Describe the need for and role of the quality control reviewer.. Explain the different types of peer review..

7. Week 7Module 7: Practice Management Part II

   • Unit 7: Practice Management Part II · 2 hours

     Outline the procedures an auditor should follow when nominated as a new auditor.. Explain the process of tendering for a new audit work.. Discuss the ethical rules to observe when advertising the auditor's services..

8. Week 8Module 8: Audit Planning and Control

   • Unit 8: Audit Planning and Control · 2 hours

     State the requirements of ISA 200 for obtaining reasonable assurance.. Outline the planning procedure.. Identify and discuss the elements of audit risk..

9. Week 9Module 9: The Use of Computers in Auditing

   • Unit 9: The Use of Computers in Auditing · 2 hours

     Explain the need for controls over both the auditor's and client's computer systems.. Distinguish between general IT controls and application controls.. Identify and discuss the commonly used types of CAAT tools..

10. Week 10Module 10: Audit Testing, Sampling and Analytical Procedures

    • Unit 10: Audit Testing, Sampling and Analytical Procedures · 2 hours

      Understand the two forms of audit testing.. Explain the importance of sampling in audit testing.. Discuss the importance of analytical procedures in the planning and conduct of audits..

11. Week 11Module 11: Audit Evidence and Using the Work of an Expert

    • Unit 11: Audit Evidence and Using the Work of an Expert · 2 hours

      Explain audit evidence and state the sources of audit evidence.. Define auditor's expert and discuss factors that influence reliance on their work.. Explain factors affecting the decision to use internal audit function's work..

12. Week 12Module 12: Evaluation and Reviews

    • Unit 12: Evaluation and Reviews · 2 hours

      Demonstrate understanding of the requirements of ISA 450 Evaluation of misstatements.. Discuss the auditor's roles with respect to events after the reporting period.. Explain the auditor's responsibility for opening balances..

13. Week 13Module 13 & 14: Reporting I & II

    • Unit 13: Reporting I (ISA 700 *Revised*) · 2 hours

      Understand the requirements of ISA 700 on forming an opinion on a set of financial statements.. Discuss the elements of the independent auditor's report per ISA 700 (revised).. Explain the matters to be specifically stated in the auditor's report in line with schedule 6, CAMA..

    • Unit 14: Reporting II · 2 hours

      Discuss matters of governance interest to be communicated to those charged with governance per ISA 260.. Describe the purposes/advantages of a management letter.. Explain the form and content of a management letter..