Audit and Assurance (Basic)

Candidates are expected to possess knowledge of accounting systems, generally accepted accounting principles, audit and assurance principles and practice to build a firm foundation for internal and external audit engagements. There is an emphasis on knowledge of international auditing standards and their application to simple situations requiring audit opinion.

Level1 0(0 Ratings) 2 Students enrolled English
Created by ICAN Online Tutors
Last updated Wed, 31-Jan-2024
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Course overview

A. Introduction to assurance, legal, regulatory framework and process of audit 30% 1. Objectives and need of audit and assurance (a) Discuss the concepts of audit, assurance, attestation services, and relationship among these concepts. (b) Identify and explain the reasons for audit and assurance. (c) Explain the benefits of different types of audit and assurance assignments. (d) Discuss the objectives of external audit. (e) Identify the parties in audit and assurance engagements including the members of the audit and assurance team and discuss their roles, duties and rights. (f) Compare and contrast the different levels of assurance that may be obtained from audit and assurance assignments. (g) Discuss audit expectation gap, including reasonableness gap and performance gap. (h) Discuss the role of the internal audit department in maintaining an effective internal control system. (i) Compare internal and external audits. (j) Discuss the peculiarities of public sector audit. Apply the provisions of CAMA and International Standards on Auditing (ISA) in relation to audit and assurance engagements Discuss appropriate internal controls to safeguard the assets of clients Understand the need for audit and assurance Understand audit and assurance process Discuss the principles of internal control Discuss the process of gathering audit and assurance evidence Understand the five fundamental principles of ethics and apply same in resolving ethical dilemmas REGULATIONS AND EXAMINATIONS SYLLABUS FOR ICAN 61 2. The legal and regulatory framework for audit and other assurance engagements (a) Discuss the legal and regulatory frameworks for statutory audit and assurance in line with the provisions of: (i) Companies and Allied Matters Act 2020; (ii) Financial Reporting Council of Nigeria Act, 2011; (iii) International standards on auditing (ISAs); and (iv) International standards on assurance engagement (ISAEs). 3. Process of audit and assurance (a) Explain the basic steps of audit and assurance process in relation to: (i) Nomination; (ii) Acceptance; (iii) Engagement; (iv) Planning (ISA 300, ISA 320); (v) Execution : ❖ Evaluation of internal control; ❖ Evidence and obtaining evidence (ISA 500); ❖ Records and working papers; ❖ Testing and other works; ❖ Evaluating results (ISA 450); (vi) Conclusion; (vii) Reporting (ISA 700); and (viii) Determination and disclosure requirements for key audit matters (ISA 701). (b) Explain public interest and the need for professional scepticism in carrying out audit and assurance engagements. (c) Discuss the concept of materiality (ISA 320). (d) Explain reasonable assurance. (e) Explain types of audit opinion and assurance report including circumstances under which each can be issued. B. The nature and use of internal control (ISA 315 revised) 20% 1. Discuss the meaning, objectives and nature of internal control. 2. Discuss effective internal control. 3. Discuss the different types of internal control. 4. Discuss responsibilities for instituting and evaluating the effectiveness of internal control. 5. Discuss the main components of internal control. REGULATIONS AND EXAMINATIONS SYLLABUS FOR ICAN 62 6. Explain how accounting systems and related internal controls may be identified, recorded and analysed. 7. Discuss the techniques required for evaluating internal controls (walk-through, spot check, compliance test, substantive test)(ISA530) 8. Evaluate internal controls in a given scenario. 9. Discuss the limitations of internal control. 10. Discuss the contents of a management letter. 11. Discuss internal controls in a computerized accounting environment (ISA 315). 12. Discuss information security. C. Gathering evidence 30% The nature of audit evidence and the selection of sufficient and appropriate audit evidence (ISA 500 and (ISA 570 revised)) 1. Justify the need to maintain and keep working papers and other documentation. 2. Evaluate the different sources and quality of evidence and the methods of obtaining evidence. 3. Document appropriate procedures for gathering evidence based on a given scenario (ISA 505, ISA 520). 4. Identify the circumstances where written representations may be required (ISA 580). 5. Evaluate the circumstances requiring discussion with senior assurance team members (ISA 450) and advise on how this should be communicated and documented. 6. Application of information technology in audit process Discuss the following: (a) Statistic analysis; (b) Algorithm review; and (c) Artificial intelligence tools in auditing such as Repetitive process automation, clone for stock taking, block chain for audit and revenue assurance tools. REGULATIONS AND EXAMINATIONS SYLLABUS FOR ICAN 63 D. Professional ethics and public interest 20% 1. Discuss the importance of professional ethics. 2. Differentiate between rule-based and principle-based approaches to professional ethics. 3. Explain the meaning of public interest in the context of audit and assurance. 4. Discuss ethical issues under IFAC code and ICAN professional code of ethics and guide for members. 5. Compare ethical issues in the governance of private and public entities. 6. Discuss actions to deal with ethical dilemmas. 7. Assess the ethical threats to independence and safeguards. 8. Assess the ethical conflicts an accountant faces as an employee in a private or public entity. 9. Assess the ethical conflicts facing an accountant when charged with governance in a private or public entity. 10. Discuss the concept of whistle blowing in relation to audit and assurance (non compliance with rules and regulations - NOCLAR). Applicable Standards a. International Standards on Auditing (ISA): ❖ 200 - Overall Objectives of the Independent Auditor and the Conduct of an Audit in accordance with International Standards on Auditing. ❖ 230 - Audit documentation ❖ 300 - Planning an Audit of Financial Statements ❖ 315 - Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and its Environment ❖ 320 - Materiality in Planning and Performing an Audit ❖ 450 - Evaluation of Misstatements Identified during the Audit ❖ 500 - Audit Evidence ❖ 505 - External Confirmations ❖ 520 - Analytical Procedures ❖ 530 - Audit Sampling ❖ 540- Auditing Accounting Estimates, Including Fair Value Accounting Estimates and Related Disclosures ❖ 580 - Written Representations ❖ 700 - The Auditor’s Report on Financial Statements. REGULATIONS AND EXAMINATIONS SYLLABUS FOR ICAN 64 ❖ International standards on assurance engagement (ISAEs). Note: All the approved and released standards may be examined after six months from date of issue.

What will i learn?

  • Appreciate the objectives, processes and need for external audit and assurance;
  • Recognise and explain ethical and legal issues arising in audit and assurance scenarios;
  • Apply core principles and provide advice on the specific provisions of the applicable laws and regulations in carrying out the audit of companies;
  • Explain how an auditor 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;
  • Describe and evaluate internal controls implemented to or prevent, errors or frauds in the financial reporting process
Curriculum for this course
35 Lessons 35:58:45 Hours
Video Lectures AA Nov 23 Basic
17 Lessons 35:58:45 Hours
  • Business System and Associated Information Technology Risk
  • Audit Finalization and Reporting
  • Evidence and Sampling Conts
  • Introduction to Substantive Procedures
  • Testing Internal Controls
  • Internal Control Cont
  • Internal Control
  • Concept and Need For Assurance
  • Evidence and Sampling
  • Materiality
  • Audit Planning and Risk Assessment Cont
  • Audit Planning and Risk Assessment
  • Internal Audit
  • Obtaining an Engagement
  • Professional Ethics and Codes of Conduct
  • Mock Question Revision
  • Revision Class
Lesson Notes AA Nov 23 Basic
14 Lessons 00:00:00 Hours
  • 0. Course outline AA
  • 1. Concept and Need for Assurance
  • 2. Audit 2.pptx
  • 8. AA - Past Question Guide (Up to May 23)
  • 9. Test of Controls
  • 10. Test of Controls_annotated note
  • 11. CHAPTER NINE - Introduction to Substantive Procedures
  • 13. Audit procedures _ ACCA Qualification _ Students _ ACCA Global
1 Lessons 00:00:00 Hours
  • Audit_Assurance.pdf
3 Lessons 00:00:00 Hours
  • 1. skills may21.pdf
  • 2. skills nov21.pdf
  • 2. skills nov21.pdf
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