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CA41: AUDITING AND ASSURANCE

Description

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GENERAL OBJECTIVE

This paper is intended to equip the candidate with knowledge, skills and attitudes that will enable him/her to conduct the audit of an entity.

LEARNING OUTCOMES

A candidate who passes this paper should be able to:

Describe the nature and purpose of auditing

Describe the regulatory framework governing the external audit of financial statements, including an understanding of International Standards of Auditing where appropriate and Professional Ethics and codes of conduct

Describe the rights, duties and professional obligations of an auditor

Explain the process of planning an audit and the necessity for an appropriate audit programme taking into account audit evidence and audit risk (excluding group accounts)

Explain the risk based approach to audit of limited companies; describe the audit evidence required in specified situations

Describe the audit work required at the final review and report stage of an audit

Weekly Course Recap Zoom Session

What Will I Learn?

  • The nature and purpose of auditing
  • Regulatory framework governing the external audit of financial statements
  • Professional Ethics and codes of conduct
  • Rights, duties and professional obligations of an auditor
  • Audit planning
  • Audit evidence and audit risk
  • Risk based approach to audit of limited companies
  • Audit work at final review and report stage of an audit

Topics for this course

52 Lessons77h

ASSURANCE AND NON-ASSURANCE ENGAGEMENTS?

- Definition and objectives - Elements of an assurance engagement - Types of assurance engagements - Levels of assurance and reports - Non-assurance engagements
Types of assurance engagements
Levels of assurance and reports
Non-assurance engagements

NATURE AND PURPOSE OF AN AUDIT?

- Nature and objectives - Audit as an assurance engagement - Development of audit (early audit and modern audit) - Types of audit and limitations

AUDIT LEGAL AND PROFESSIONAL FRAMEWORK?

- Regulatory framework within which external audits take place - Statutory regulations; auditors’ liability, appointment, removal, remuneration, resignation, rights and duties of auditors - International standards on auditing and other regulations - Professional ethics/code of ethics for professional accountants - Fundamental principles, threats and safeguards; other professional guidelines on audit fees, conflict of interest, advertising and opinion shopping

PLANNING AND RISK ASSESSMENT?

- Obtaining ,accepting and retention of an audit engagement - Assessing audit risks - Understanding the entity and its environment - Audit planning, audit strategy, audit programmes and documentation - Assessing audit risks - Fraud, laws and regulation

OVERVIEW OF FORENSIC ACCOUNTING?

- Nature, purpose and scope of forensic accounting - Types of forensic investigations: corruption, asset misappropriation, financial statement fraud, others - Fraud prevention and deterrence

INTERNAL CONTROL SYSTEMS?

- Internal controls theory and practice - The use and evaluation of internal control systems by auditors - Tests of controls on specific control environment - Communication on internal control systems (management letter) - Information technology threats and control

AUDIT EVIDENCE?

- Financial statement assertions and audit evidence - Audit evidence procedures/techniques - Audit sampling and other means of testing - The audit of specific items (income/expenses/assets/liabilities) - Using the work of others (internal audit and experts) - Computer assisted audit techniques

OVERALL AUDIT REVIEW?

- Subsequent events review - Going concern review - Contingencies and commitments - Management representations - Quality control and reviews - Audit investigations

AUDIT REPORTS?

- Legal provisions on audit reports - Basic elements and key audit matters - Types of audit reports and different aspect of reporting - Features of audit reports

AUDITING IN THE PUBLIC SECTOR?

- Introduction to auditing in the public sector; regulatory provisions - Framework of public sector audit - Objective and scope of public sector audit - Categories of public sector audit (compliance audit, performance, financial) - Audit report of the auditor general - Role of internal audit function in public entities - Relationship between external and internal auditors in the public sector - International Standards on Supreme Auditing Institutions

EMERGING ISSUES AND TRENDS

About the instructors

Dr. Wandera is an accomplished professional in Business Strategic Management (Ph.D.), a member of the Institute of Certified Public Accountants -Kenya (ICPAK Reg No. 23858) and the Institute of Human Resource Management (MIHRM Reg No. 011755)
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118 Courses

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GlobopointConsultantsLtd

e-Learning Training and Consultation

 

Globopoint Consultants Limited is a fully registered Research, Training, and Consultancy firm based in Mombasa Kenya serving the entire East African region and beyond. The company is geared towards building professionals, entrepreneurs, growing businesses, and fostering sustainable economic development.

Globopoint Learning center is a fully accredited institution run by Globopoint Consultants Limited to specifically nurture modern-day professionals in the business field in an easy, practical, and convenient way.

4.87 (86 ratings)

163 Courses

1593 students

KSh1,000.00

Material Includes

  • Regularly updated online notes
  • Handouts
  • Zoom sessions
  • Video Clips & Recordings
  • KASNEB Past Papers Questions and Answers
  • Case Studies

Requirements

  • PASS in PART 1 KASNEB examination
  • Such other Qualifications as may be approved by KASNEB.

Target Audience

  • CPA Section 4 Students
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