Question Bank (v. 10) (ACCA - CAT 8: Implementing Audit Procedures (INT)) - Tapa blanda

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1 The business environment (a) The nature of accounting records, audit and the audit report (b) Requirements for becoming an auditor (c) Duties of an auditor (d) Responsibilities of auditors (e) Fraud and error (i) liability to clients (ii) liability to third parties 2 The audit framework (a) External audit and internal audit (b) Regulatory framework of auditing (i) auditing standards (ii) requirements of professional bodies (c) The audit engagement process 3 Audit personnel (a) The audit team (b) Liaison with client staff (c) Liaison with third parties (i) experts (ii) internal audit 4 Audit planning (a) The nature of an audit plan and programme (b) Understanding the entity and its environment (c) Risk (d) Materiality (e) Documentation (f) Audit planning meeting 5 Accounting systems and controls (a) The nature of accounting systems (b) General principles of control (c) Techniques to record accounting systems (i) narrative notes (ii) flowcharts (d) Techniques to evaluate accounting systems (i) internal control questionnaires (ii) internal control evaluation questionnaires (iii) checklists (e) Major control cycles (manual and computerised) (i) income (sales) (ii) expenditure (purchases / inventory / non-current assets / payroll / expenses) (f) Tests of control (g) Reporting control deficiences 6 Audit evidence and sampling (a) Financial statement assertions (b) Audit evidence and procedures (c) Verification techniques - physical examination, reperformance, third party confirmation, documentary evidence, vouching and analytical review (d) Audit sampling (e) Types of testing - tests of control and substantive testing (f) Computer assisted audit techniques (g) Audit of statement of financial position items - existence, completeness, occurrence, valuation and allocation, classification, rights and obligations 7 Audit completion (a) Audit review (i) events after the end of the reporting period (ii) going concern (iii) opening balances and comparatives (b) Analytical procedures (c) Recording significant and material errors (d) Review by senior audit staff (e) Report of audit points arising (report to partner) (f) Letter of representation 8 Audit report (a) The standard audit report (b) Qualifications in audit reports KEY AREAS OF THE SYLLABUS The key topic areas are as follows: * controls * audit planning * practical application of audit techniques * preparing draft reports.