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Syllabus GRID:
Here is the grid of Syllabus of CFAP Audit, Assurance and Related Services.
| Grid | Weightage |
| Performance of audit | 45-55 |
| Audit conclusion and reporting | 20-30 |
| Other assurance engagements and related services | 10-15 |
| Professional Ethics, Quality Control and current development | 10-15 |
| Total | 100 |
Course Outline:
The course outline gives an overview of Syllabus of CFAP Audit, Assurance and Related Services . The detailed Syllabus of CFAP Audit, Assurance and Related Services for Spring 2022 attempt is given below.
Performance of audit
Performance of audit – General
Overall Objectives of the Independent Auditor and the Conduct of an Audit in accordance with International Standards on Auditing
Initial engagements and opening balances
Agreeing the terms of Audit engagement
The planning and mobilization phase
Risk assessment procedures and response to risks
Internal Controls (including Test of controls)
Audit materiality
Sampling and other means of testing
Audit evidence(including Specific considerations for Selected Items)
Substantive tests (including Analytical Procedures)
Responsibility to consider fraud
Evaluation of misstatements identified during the audit
Consideration of laws and regulations
External confirmations
Related Parties
Audit documentation
Communication with the management and those charged with governance (including communication of deficiencies in internal controls)
Subsequent events
Management representation
Performance of audit – Specific
Going Concern
Fair value measurements and accounting estimates
Entities using service organizations
Work of expert and internal auditor
Special consideration – Audit of group financial statements (including work of component auditors)
Audit conclusions and reporting
Audit Report
Unmodified audit report
Modification in audit report
Emphasis of matter and other matters in audit report
Communicating key audit matters in the independent Auditor’s Report
Reporting consideration on comparative information
Reporting consideration on other information in document containing financial statements
Assurance Reports on Controls at a Service Organization
Audit report under the Companies Act, 2017
Audit and Reporting on Specialized Areas
Audit of special purpose financial statements prepared in accordance with special purpose framework
Audit of single financial statements and specific elements, accounts or items
Engagement to report on summary financial statements
Auditing Financial Instruments
Understanding of provisions related to audit and accounts under the Banking Companies Ordinance 1962
Understanding of provisions related to audit and accounts under the Insurance Companies Ordinance 2000
Other assurance engagement and related services (Including Reporting on relevant services)
Other assurance engagement
Review Engagements
Assurance Engagements other than audits or review of historical financial information
Examination of prospective financial statements
Related services
Agreed-upon procedures
Compilation engagements
Assurance engagements to Report on the compilation of Pro Forma Financial Information included in Prospectus
Services under the provisions of corporate laws
Services under the provisions of tax laws
Professional Ethics, Quality Control and current development
Code of Ethics (revised 2019) issued by The Institute of Chartered Accountants of Pakistan
Quality control – ISQC 1, ISA 220, quality control framework of ICAP, Quality Assurance Board of ICAP
Acceptance and continuance of client including legal, professional and ethical consideration relating to appointment and removal of auditor
“Current development in auditing profession
Exposure draft issued by IAASB, Draft conceptual framework and Other development projects of IAASB”
Key elements that create an environment for audit quality
syllabus of CFAP6 Audit Assurance and Related Services:
syllabus of CFAP6 Audit Assurance and Related Services syllabus of CFAP6 Audit Assurance and Related Services syllabus of CFAP6 Audit Assurance and Related Services syllabus of CFAP6 Audit Assurance and Related Services syllabus of CFAP6 Audit Assurance and Related Services
