Audit and Assurance (Premium)

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.

Beginner 0(0 Ratings) 74 Students enrolled English
Created by ICAN Online Tutors
Last updated Thu, 21-Sep-2023
+ View more
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
  • Discuss audit evidence and evaluate the sufficiency and appropriateness of such audit evidence for the purpose expression of opinion on financial statements, in line with the International Standards on Auditing;
  • Report to those that are charged with the governance of companies, in line with regulations and standards.
Requirements
  • No Requirements
Curriculum for this course
148 Lessons 03:07:48 Hours
Video Lecture - AA- Nov 24 Premium
16 Lessons 00:00:00 Hours
  • CONCEPT AND NEED OF ASSURANCE
    00:00:00
  • PROFESSIONAL ETHICS AND CODE OF CONDUCT
    00:00:00
  • Obtaining An Engagement
    00:00:00
  • Assurance Engagement
    00:00:00
  • Audit Planning and Risk Assessment
    00:00:00
  • Audit Evidence and Sampling
    00:00:00
  • Internal Control
    00:00:00
  • Test of controls
    00:00:00
  • Test of Controls _ Contd.
    00:00:00
  • SUBSTANTIVE PROCEDURES
    00:00:00
  • SUBSTANTIVE PROCEDURES _ 2
    00:00:00
  • SUBSTANTIVE PROCEDURES _ 3
    00:00:00
  • Audit Review and Finalization
    00:00:00
  • Business Systems and Associated IT Risks
    00:00:00
  • Revision _ Practice Questions
    00:00:00
  • AA - Mock Solution
    00:00:00
Lesson Notes- AA- Nov 24 Premium
25 Lessons 00:00:00 Hours
  • 1. AA - NOV24 Study Plan
    .
  • 2. CONCEPT AND NEED OF ASSURANCE
    .
  • 3. PROFESSIONAL ETHICS AND CODE OF CONDUCT
    .
  • 4. Chapter 3 Obtaining an Engagement _ AA
    .
  • 5. Chapter 4 INTERNAL AUDIT_ AA
    .
  • 6. AA Class Note _ Updated
    .
  • 7. Practice Questions - Audit Documentation
    .
  • 8. ENGAGEMENT LETTER_EXAMPLE
    .
  • 9. Engagement Letter - Sample
    .
  • 10. Audit and Assurance Class Notes _ Updated
    .
  • 11. Internal Controls
    .
  • 12. ICAN QUESTION (CAAT)
    .
  • 13. Past questions on Substantive Testing
    .
  • 14. NCA -AUDIT Questions
    .
  • 15. Inventory Audit Question
    .
  • 16. Receivables Audit Questions
    .
  • 17. Solutions_Inventory Questions
    .
  • 18. Solutions_Receivables Questions
    .
  • 19. ISA580 (amended) - Mgmt Representations
    .
  • 20. ACCA Past Question (Practice)
    .
  • 21. Audit Review notes
    .
  • 22. Business Systems and Associated Information Technology Risks
    .
  • 23. Audit and Assurance Class Notes - Final
    .
  • 24. IOT NOV 2024 AA MOCK EXAM
    .
  • 25. AA MOCK SOLUTIONS
    .
Video Lectures AA May 24 Premium
16 Lessons 00:00:00 Hours
  • Concept and Need For Assurance
    00:00:00
  • Fundamental Principle of An Accountant
    00:00:00
  • Obtaining an Engagement
    00:00:00
  • Internal Audit
    00:00:00
  • Audit planning and risk assessment
    00:00:00
  • Planning and Risk assessment class 2
    00:00:00
  • Audit Evidence
    00:00:00
  • Internal Control Class 1
    00:00:00
  • Internal Control Class 2
    00:00:00
  • Introduction to substantive Procedure
    00:00:00
  • Substantive Procedure Current Assets
    00:00:00
  • Substantive Procedures NCA
    00:00:00
  • Substantive Procedure other areas
    00:00:00
  • Substantive Procedure Current assets Bank and Receivable
    00:00:00
  • Audit Finalization and reporting
    00:00:00
  • Revision
    00:00:00
Lesson Notes AA May 24 Premium
16 Lessons 00:00:00 Hours
  • 1. DOC-20230720-WA0001.
    .
  • 2. Audit_Assurance
    .
  • 3. CHAPTER THREE - OBTAINING AN ENGAGEMENT
    .
  • 4. CHAPTER FOUR- INTERNAL AUDIT
    .
  • 5. AA_Audit Planning and Risk Assessment
    .
  • 6. CHAPTER TWO - PROFESSIONAL ETHICS & CODE OF CONDUCT.pptx
    .
  • 7. AA-Internal Control -Note 1
    .
  • 8. AA_REV_Internal_Controls_(Cherry)_Question
    .
  • 8b. CC-AA
    .
  • 9. AA_Introduction To Substantive Procedure
    .
  • 9b. ISA 520 _Analytical Procedures _Practice Questions
    .
  • 10. SUBSTANTIVE PROCEDURES FOR CURRENT ASSETS
    .
  • 10b. AA_REV_Dec_2012_Q4_-_Oregano_solution
    .
  • 11. SUBSTANTIVE PROCEDURES- RECEIVABLE & BANK AND CASH
    .
  • 12. AA-MAY 24 MOCK QUESTIONS
    .
  • 13. AA_MOCK QUESTION_solution
    .
Video Lectures AA Nov 23 Premium
17 Lessons 03:07:48 Hours
  • Concept and Need For Assurance
    00:00:00
  • Professional Ethics and Codes of Conduct
    00:00:00
  • Obtaining an Engagement
    00:00:00
  • Internal Audit
    00:00:00
  • Audit Planning and Risk Assessment
    00:00:00
  • Audit Planning and Risk Assessment Cont
    00:00:00
  • Materiality
    00:00:00
  • Evidence and Sampling
    00:00:00
  • Evidence and Sampling Conts
    00:00:00
  • Internal Control
    00:00:00
  • Internal Control Cont
    00:00:00
  • Testing Internal Controls
    00:00:00
  • Introduction to Substantive Procedures
    00:00:00
  • Audit Finalization and Reporting
    00:00:00
  • Business System and Associated Information Technology Risk
    00:00:00
  • Revision Class
    00:00:00
  • Mock Question Revision
    03:07:48
Lesson Notes AA Nov 23 Premium
14 Lessons 00:00:00 Hours
  • 0. Course outline AA
    .
  • 1. Concept and Need for Assurance
    .
  • 2. Audit 2.pptx
    .
  • 3. CHAPTER THREE - OBTAINING AN ENGAGEMENT
    .
  • 4. CHAPTER FOUR- INTERNAL AUDIT
    .
  • 5. CHAPTER FIVE- AUDIT PLANNING & RISK ASSESSMENT
    .
  • 6. CHAPTER SIX- EVIDENCE & SAMPLING
    .
  • 7. CHAPTER SEVEN - INTERNAL CONTROL
    .
  • 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
    .
  • 12. CHAPTER 13 - AUDIT FINALIZATION & REPORTING
    .
  • 13. Audit procedures _ ACCA Qualification _ Students _ ACCA Global
    .
Lesson Notes AA
11 Lessons 00:00:00 Hours
  • Course outline AA.docx
    .
  • Lesson one_ Concept and need for assurancee.pdf
    .
  • audit 1.pptx
    .
  • Audit 2.pptx
    .
  • 3 - Obtaining an Engagement_Internal Audit_final.pdf
    .
  • 4 - Audit Planning and Audit Risks
    .
  • Audit_Class slide 5.pptx
    .
  • Slide 6.pptx
    .
  • 7 - Test of Controls_Nov 22-3.pdf
    .
  • AUDIT 2 SUBSTANSIVE PROCEDURE.pptx
    .
  • AUDIT 3.pptx
    .
Lesson Notes AA
12 Lessons 00:00:00 Hours
  • Concept and Need for Assurance.pdf
    .
  • Professional Ethics and Codes of Conduct - NOV 2022.pdf
    .
  • Obtaining an Engagement_Internal Audit_final.pdf
    .
  • Audit Planning and Audit Risks.pdf
    .
  • TEST OF CONTROLS_SUMMARY OF ISAs.pdf
    .
  • TEST OF CONTROLS_SUMMARY OF ISAs note.pdf
    .
  • DOC-20220704-WA0023..pdf
    .
  • Course Outline & Study Plan.pdf
    .
  • audit Intro to substantive techniques.pptx
    .
  • AUDIT 2 SUBSTANSIVE PROCEDURE.pptx
    .
  • AUDIT 3.pptx
    .
  • AUDIT 4.pptx
    .
STUDY PACK
1 Lessons 00:00:00 Hours
  • Audit_Assurance.pdf
    .
Pathfinder
20 Lessons 00:00:00 Hours
  • MAY 2024 - PATHFINDER
    .
  • NOV 2023 - PATHFINDER
    .
  • MAY 2023-PATHFINDER
    .
  • NOV 2022-PATHFINDER
    .
  • MAY 2022-PATHFINDER
    .
  • skills nov21.pdf
    .
  • skills may21.pdf
    .
  • skills nov20.pdf
    .
  • skills mar-jul20.pdf
    .
  • skills nov19.pdf
    .
  • skills may19.pdf
    .
  • skills nov18.pdf
    .
  • skills may18.pdf
    .
  • skills nov17.pdf
    .
  • skills may17.pdf
    .
  • skills nov16.pdf
    .
  • skills may16.pdf
    .
  • skills nov15.pdf
    .
  • skills may15.pdf
    .
  • SKILLS_NOV_2014.pdf
    .
+ View more
Other related courses
00:00:00 Hours
0 214 ₦20,000 ₦15,000
00:00:00 Hours
Updated Sun, 28-Jul-2024
0 313 ₦25,000 ₦20,000
05:41:48 Hours
Updated Sat, 27-Jul-2024
3 276 ₦35,000 ₦30,000
00:00:00 Hours
3 287 ₦25,000 ₦20,000
00:00:00 Hours
Updated Sat, 23-Sep-2023
5 163 ₦17,500 ₦12,500
About instructor

ICAN Online Tutors

9 Reviews | 1796 Students | 106 Courses
Student feedback
0
0 Reviews
  • (0)
  • (0)
  • (0)
  • (0)
  • (0)

Reviews

₦17,500 ₦12,500
Includes: