The Advanced Audit and Assurance exam is designed to simulate the challenges that auditors will face in their careers. You will be expected to analyze, evaluate, and conclude on the assurance engagement as well as other audit and assurance issues in light of best practices and current developments.
Please keep in mind that AAA exam questions will be based on IFRS Standards. Due to the accounting knowledge required for AAA, candidates should attempt and pass SBR before attempting AAA.
P7 Advanced Audit and Assurance (AAA)
Syllabus
The syllabus's objective is to examine, assess, and conclude on assurance engagement and other audit and assurance issues in light of best practices and current issues.
The Advanced Audit and Assurance (AAA)(INT) syllabus is divided into seven sections.
The syllabus begins with the legal and regulatory environment, including money laundering, the Code of Ethics and professional responsibility, and professional and ethical considerations. In practice management, this leads to procedures such as quality control and the recognition and retention of professional engagements.
The syllabus then includes an audit of financial statements, as well as the collection of plans and evidence. Following that, the completion, evaluation of evidence, and review and reporting on an audit of historical financial data are covered. The following section focuses on other activities such as prospective financial data, due diligence, and forensic audit, as well as reporting on these tasks.
The final section discusses current issues and developments in the provision of auditing and insurance services.
Main capabilities
- Recognizing the legal and regulatory environment and its impact on audit and assurance practice
- Demonstrate your ability to work effectively within a professional and ethical framework on a service assurance or other commitment.
- Evaluate and recommend appropriate quality control policies and procedures in practice management, as well as recognize the auditor's role in accepting and retaining professional appointments.
- Identify and formulate the work required to complete audit tasks in accordance with International Auditing Standards.
- Evaluate the findings and outcomes of the work done and write appropriate assignment reports.
- Identify and develop the work required to meet the objectives of non-audit tasks.
- Understanding current issues and developments in audit and assurance services provision
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