Syllabus of F8 Audit and Assurance (AA)
The Audit and Assurance syllabus is divided into five sections. The syllabus begins with the purpose, nature, and scope of assurance engagements, including statutory audits and their regulatory frameworks, before moving on to audit and assurance-related governance and professional ethics.
It then contributes to the audit planning and risk assessment that is being conducted.
The syllabus then covers a variety of topics, including the scope of internal control and the role and function of internal audit in financial statement auditing. This includes evaluating audit evidence, internal controls, and reviewing financial statements.
In addition to the final review procedures, the final section focuses on reporting, including the type and content of the independent auditor's report.
- Explain the concept of audit and assurance, as well as audit functions such as ethics and professional behavior and corporate governance.
- Demonstrate how audit engagements are obtained and approved by the auditor, comprehend the company and its environment, evaluate the risk of material misrepresentation (whether due to fraud or other irregularities), and plan an audit of financial statements.
- Identifying and communicating control threats and their potential consequences; describing and evaluating internal controls, procedures, and audit tests, including IT systems; and making necessary recommendations.
- Determine the scope, function, and role of internal auditing.
- Identify and explain the auditor's and others' work and evidence required to meet the audit engagement objectives and apply the International Auditing Standards.
- Explain how the audit work's conclusions are informed by subsequent events and the concept of going concern and are expressed in various forms of auditor's report, written representations, and the final review and report.
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