P8 Notes

AUDIT – F8

NOTES

CONTENTS

OVERVIEW OF SYLLABUS AND EXAM 3

ASSURANCE AND AUDIT 6

OVERVIEW OF THE STATUTORY AUDIT PROCESS 9

REGULATORY STANDARDS 9

RESPONSIBILITIES 12

ACCEPTING ENGAGEMENTS 14

ETHICS FRAMEWORK 15

ACCA ETHICAL GUIDANCE 18

PLANNING THE AUDIT 20

MATERIALITY AND RISK ASSESSMENT 22

INTERNAL CONTROLS 23

MANAGEMENT LETTER 24

ANALYTICAL PROCEDURES 25

AUDIT APPROACH 26

EVIDENCE 28

Computer Assisted Audit Techniques - CAAT’s 35

RELIANCE ON THE WORK OF OTHERS 42

COMPLETION 44

QUALITY CONTROL 48

REPORTING 50

CORPORATE GOVERNENCE 51

INTERNAL AUDIT 53

|OVERVIEW OF SYLLABUS AND EXAM |

Core areas of the syllabus:

|Syllabus area |

|Corporate governance and Ethics |

|Internal audit |

|Planning and risk assessment |

|Internal controls |

|Substantive audit evidence |

|Review |

|Reporting...