icap caf8 audit study text:
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The course outline gives an overview of Syllabus of CAF Audit and Assurance . The detailed Syllabus of CAF Audit and Assurance for Spring 2022 attempt is given below.
Audit Framework, Regulations and professional ethics
“1. Describe briefly the history, vision, mission, objectives and functions of the international auditing and assurance standards board (IAASB).
- Discuss the types, scope and inherent limitations of an External Audit.
- Discuss the concepts of true and fair view, professional skepticism, professional judgement, accountability and stewardship.
- Discuss the responsibility of management, those charged with governance and external auditors in relation to financial statements.”
Concept of assurance and non-assurance engagements
1. Discuss the types and levels of the assurance engagement.
- Discuss briefly the non-assurance engagements related to Preparing Accounting Records and Financial Statements, Valuation Services and Recruitment Services.”
Agreeing the terms of Audit Engagements
1. Discuss the concept, importance and the contents of Engagement Letter.
- Discuss factors to be considered in the case of recurring audits.”
- Discuss Preconditions for an audit and Course of action in the case when preconditions are not present.
Quality Control Procedures
1. Explain the overall objectives and importance of quality control procedures in conducting an audit.
- Explain briefly the quality control procedures for acceptance and continuance of client relationship and engagement, engagement performance and monitoring.”
Appointment, removal and qualification of auditors
- Discuss the requirements related to appointment, removal, fee, qualification and disqualification of auditors.
- Discuss the objectives, rights and duties of external auditors in relation to the Financial Statement.
Code of Ethics
1. Discuss fundamental principles and threats to Independence and Objectivity.
- Discuss the circumstances that cause threats and explain the safeguards to offset threats to compliance with the fundamental principles and threats to independence and objectivity.
- Explain the matters to be considered by an audit firm in the following circumstances:
Planning and Risk Assessment
Planning an Audit
“1. Discuss the importance of planning an audit and the content of an audit strategy and detailed audit plan.
- Discuss preliminary engagement activities.
- Discuss additional considerations in initial audit engagements.
- Discuss briefly the concept of interim and final audit and list the audit procedures that can be performed by the external auditor at the interim and final stage of an audit.”
1. Discuss the importance of audit documentation including custody, ownership, confidentiality and retention.
- Discuss types of working papers (Permanent and current), including automated and standardized working papers.
- Discuss factors to be considered in determining the form and content of audit documentation.
Risk identification and Assessment
“1. Define audit risk and its components.
- Explain audit risk from the given scenario and the auditor’s response to the risk identified.
- Explain why auditors obtain an understanding of the entity and its environment.
- Explain the matters about which the auditor will obtain an understanding of the entity and its environment.
- Explain how the auditor will obtain an understanding of the entity and its environment.
- Explain the purpose of risk assessment procedures at the planning stage of an audit.
- Discuss documentation.
Materiality in planning and performing an Audit
1. Explain the concepts of materiality, qualitative materiality, revision in materiality, performance materiality.
- Explain how materiality is calculated.
- Explain the application of materiality on audit.
Study material provided by ICAP
Download caf8 Audit and Assurance Study Text published by ICAP in year 2018 in pdf format from google drive by clicking the link given below. Download caf8 Audit and Assurance Question Bank published by ICAP in year 2018 in pdf format from google drive by clicking the link given below.
Study material from various sources:-
Download caf8 Audit and Assurance Study Text published by Rise School of Accountancy author by Sir Asif in pdf format from google drive by clicking the link given below.
Practice Questions & Answers:
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Danish Aziz Notes:
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- Final Mock
- Final Mock Solution
- Mock 1
- Mock 2
- Mock 1 solution
- Mock 2 solution
- Practice Questions
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Standard Wise tests:
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- Code of Ethics Test 1
- Code of Ethics Test 2
- Companies Ordinance
- ISA 200
- ISA 210
- ISA 220,230,300
- ISA 315
- ISA 320
- ISA 505
- ISA 530
- ISA 550
- ISA 560
- ISA 580
- ISA 610
- ISA 700, 706
- ISA 705
- ISA 2410
- Opinion Discussion
- Substantive Procedures
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- Solution of Audit Test 1
- Solution of Audit Test 2
- Solution of Audit Test 3
- Solution of Audit Test 4
- Solution of Audit Test 5
- Solution of Audit Test 6
- Solution of Audit Test 7
- Solution of Audit Test 8
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