Audit and Assurance

  • You may start your F8 exam by completing you knowledge module.
  • Knowledge Module

You’ll develop knowledge and understanding of the process of carrying out the assurance engagement and its application in the context of the professional regulatory framework.

If you complete your knowledge module, you may start your skills module by selecting F8 exam.

To develop knowledge and understanding of the process of carrying out the assurance engagement and its application in the context of the professional regulatory framework.

 

On successful completion of this paper, candidates should be able to:

 

A. Explain the concept of audit and assurance and the functions of audit, corporate governance, including ethics and professional conduct, describing the scope and distinguishing between the functions of internal and external audit

B. Demonstrate how the auditor obtains and accepts audit engagements, obtains an understanding of the entity and its environment, assesses the risk of material misstatement (whether arising from fraud or other irregularities) and plans an audit
of financial statements

C. Describe and evaluate internal controls, techniques and audit tests, including IT systems to identify and communicate control risks and their potential consequences, making appropriate recommendations

D. Identify and describe the work and evidence obtained by the auditor and others required to meet the objectives of audit engagements and the application of the International Standards on Auditing (ISAs)

E. Explain how consideration of subsequent events and the going concern principle can inform the conclusions from audit work and are reflected in different types of auditor’s report, written representations and the final review and report.

A. Audit framework and regulation

1. The concept of audit and other assurance engagements

2. External audits

3. Corporate governance

4. Professional ethics and ACCA’s Code of Ethics and Conduct

5. Internal audit and governance and the differences between external audit and internal audit

6. The scope of the internal audit function, outsourcing and internal audit assignments

 

B. Planning and risk assessment

1. Obtaining, accepting and continuing audit engagements

2. Objective and general principles

3. Assessing audit risks

4. Understanding the entity and its environment

5. Fraud, laws and regulations

6. Audit planning and documentation

 

C. Internal control

1. Internal control systems

2. The use and evaluation of internal control systems by auditors

3. Tests of control

4. Communication on internal control

 

D. Audit evidence

1. Financial statement assertions and audit evidence

2. Audit procedures

3. Audit sampling and other means of testing

4. The audit of specific items

5. Computer-assisted audit techniques

6. The work of others

7 Not-for-profit organisations

 

E. Review and reporting

1. Subsequent events

2. Going concern

3. Written representations

4. Audit finalisation and the final review

5. The Independent Auditor’s Report

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