Syllabus of S-2 Audit and Assurance

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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