Get access to latest and updated syllabus of S2 Audit and Assurance now. Here you will find detailed course content or Syllabus of Audit and Assurance for upcoming attempt.
Now you know what topics to study and practice .The next step would be to download the latest official Audit and Assurance Study Text. Click
to Download.
Syllabus GRID:
Here is the grid for Syllabus of S2 Audit and Assurance.
| GRID | WEIGHTAGE |
| Audit framework and Regulation | 10% |
| Planning and risk assessment General Principles and Responsibilities | |
| Risk Assessment and Response to Assessed Risk | |
| Internal Control Internal Audit | 45% |
| Audit Evidence | |
| Collecting Audit Evidence | |
| Using the Work of Others | |
| Audit Conclusions and Reporting Other Assurance Engagement and Related Services | 35% |
| Cost Audit | 10% |
Detailed Syllabus Contents:
The detailed Syllabus of Audit and Assurance for upcoming attempt is given below.
PART – A
1. Audit framework and regulation
- Application of ISAs, ISREs, ISAEs, ISRSs
- Audit and other assurance engagements (De scribe the concepts of assurance engagement)
- Discuss the types and levels of assurance i.e. absolute, reasonable and limited assurance including elements of an assurance engagement, assurances provided by audit
- and review engagement)
- Explain assurance and non-assurance engagement with examples
- Statutory audit and regulation
- Legal consideration relating to appointment and removal of auditor
PART – B
2. Planning and risk assessment General Principles and Responsibilities
- ISA 200, Overall objectives of the Independent Auditor and the conduct of an Audit in accordance with International Auditing Standards
- ISA 210, Agreeing the terms of Audit Engagements
- ISA 220, Quality Control for an Audit of Financial Statements,
- ISA 230, Audit Documentation
- ISA 240, The Auditor’s responsibilities relating to fraud in an audit of financial statements
- ISA250, Consideration of laws and regulations in an audit of financial statements
- ISA 260, Communication with those charged with governance
- ISA 265, Communicating deficiencies in internal control to those charged with governance and management
3. Risk Assessment and Response to Assessed Risk
- ISA 300, Planning an audit of financial statements
- ISA 315, Identifying and assessing the risks of material misstatement through understanding the entity and its environment
- ISA 320, Materiality in planning and performing an audit
- ISA 330, The auditor’s response to assessed risks
- ISA 402, Audit considerations relating to an entity using a service organization
- ISA 450, Evaluation of misstatements identified during the audit.
4. Internal Control
- Internal control
- Testing the controls regarding
- Inventory
- Sales
- Purchases
- Cash and bank
- Revenue and capital expenditure
- Non-current tangible assets
- Payroll
- Explain the concept of Computer Assisted Audit Techniques, test data and audit software with advantages and disadvantages
- Application of I. T Controls
5. Internal Audit
- Internal audit and code of corporate governance, 2019
- Distinction among external and internal auditing
- Scope of and need for internal auditing
- Nature and types of internal operation audits
- Relationship between internal and external auditors
- Nature and types of internal audits
6. Audit Evidence
- ISA 500, Audit Evidence
- ISA 501, Audit Evidence-specified consideration for selected items
- ISA 505, External confirmation
- ISA 510, Initial audit engagements-opening balances
- ISA 520, Analytical procedures
- ISA 530, Audit Sampling
- ISA 540, Auditing accounting estimates, including fair value accounting estimates, and related disclosures
- ISA 550, Related parties
- ISA 560, Subsequent events
- ISA 570, Going concern
- ISA 580, Written representation
7. Collecting Audit Evidence
- Collecting Audit Evidence of:
o Non-current assets
o Inventory
o Receivables
o Cash and bank
o Liabilities, capital and directors’ emolu ments
o Not-for-profit organization
PART – C
8. Using the Work of Others
- ISA 600, Special consideration-audits of group financial statements (including the work of component auditors)
- ISA 610, Using the work of internal auditors
- ISA 620, Using the work of auditor’s expert
9. Audit Conclusions and Reporting
- ISA 700, Forming an opinion and reporting on financial statements
- ISA 705, Modifications to the opinion in the independent auditor’s report
- ISA 706, Emphasis of matter paragraphs and other matter paragraphs in the independent auditor’s report
- ISA 710, Comparative information- corresponding figures and comparative financial statements
- ISA 720, the auditor’s responsibilities relating to other information in documents containing audited financial statements.
- ISA 800 (revised): Special considerations- Audits of Financial Statements prepared in accordance with special purpose frameworks
- ISA 805 (revised): Special considerations- Audit of Single statements and specific elements, accounts or items of a financial statements
- ISA 810 (revised): Engagement to report on summary financial statements
10. Other Assurance Engagement and Related Services
- ISRE 2400: Engagements to review historical financial statements
- ISRE 2410: Review of interim financial information performed by the independent auditor of the entity
- ISAE 3000: Assurance engagements other than audits or reviews of historical financial information
- ISAE 3400: The examination of prospective financial information
- ISAE 3402: Assurance reports on controls at a service organization
- ISAE 3410: Assurance engagements
- ISAE 3420: Assurance engagements on Greenhouse Gas Statements
- ISRS 4400: Engagements to perform agreed upon procedures regarding financial information
- ISRS 4410: Compilation engagement
- Amended international framework for assurance engagement
- Apply Ethical Principles
PART – D
11. Cost Audit
- Nature, Objectives, Functions, advantages and Scope of Cost Audit
- Planning the Cost Audit
- Provision of Cost Accounting Records Rules
- Material Cost
- Labor Cost
- Overheads
- Sales, Royalty, Inter-Company Transactions
- Companies audit of cost accounts rules
Focus:
syllabus of S2 Audit and Assurance syllabus of S2 Audit and Assurance syllabus of S2 Audit and Assurance syllabus of S2 Audit and Assurance syllabus of S2 Audit and Assurance syllabus of S2 Audit and Assurance syllabus of S2 Audit and Assurance