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.
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