About this course
The Advanced Audit and Assurance exam is designed to reflect the challenges auditors will face in their professional life. You will be required to analyse, evaluate and conclude on the assurance engagement and other audit and assurance issues in the context of best practice and current developments.
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Intro to Tutor Sir Abdul Rehman (FCCA)
AAA Syllabus Structure
AAA Exam Pattern
AAA Challenges
How to Pass AAA in First Attempt
Overall Course Plan
Why External Audit Required
Role of IFAC
Role of IASB, IESBA & IAASB
Corporate Governance & Audit
Advertisements Rules for Audit Firms
Tendering Process
Money Laundering Stages & Offences
Anti-Money Laundering Program
Money Laundering & Role of Accountants
Auditor Fee & It's Basis
Acceptance Procedures:
Previous Auditor Contact
Client Related Issues
Firm Related Issues
Engagement Letter
Auditor Responsibilities:
Regarding Fraud and Errors & Laws and Regulations
Auditor Liability:
To Shareholders & Third Party
5 Code of Ethics
Public Interest Entities (PIEs)
EQCR
Self Interest Threats
Self Interest Threats
Familiarity Threats
Self Review Threats
Advocacy Threats
Intimidation Threats
Conflict of Interest
Intro to Quality Management
ISQM 1 Understanding of Technical Article
Understanding & Discussion of Technical Article:
ISQM 2 (Engagement Quality Review)
ISA 220
Verbs Used in AAA
Understanding of Professional Skills
Application of Professional Skills in AAA
Practice questions of 2 Topics:
1. Advertisement
2. Tendering
Practice Question of Topic:
Money Laundering
Practice Question of Topic:
Auditor Responsibilities & Liability
Quality Management
ACCA Specimen Question 2022
Post Audit Review Quality Issues
Practice Question:
Evaluation of Quality Management Issues
Understand Client
Audit Strategy & Plan
Materiality & Performance Materiality
Professional Skepticisms
New Client Procedures
Risk of Material Misstatement (RoMM)
Audit Risk
Risk Identification Process (ISA 315)
Evaluation of RoMM & Audit Risk
Professional Skills Application in RoMM & Audit Risk.
Use of CAATs
Data Analytics:
Examples in Audit
Advantages
Challenges
Business Risk
Evaluation of Business Risks wit Professional Skills
Additional Information
ISA 600
Intro to Group Structure
Acceptance as Group Auditor
Acceptance as Component Auditor
Communication With Component Auditor
Group Materiality
Complexity of Group
Risk Indicators in Group Process
Group Risk Assessment
Joint Audit
Transnational Audit
Financial Statements Assertions
Types of Audit Procedures
Sufficient Appropriate Evidence
How to Apply Audit Procedure
Exam Techniques
Mistakes to be Avoided in Procedures
Application of Techniques in Practice Question
Relying on Work of Others:
ISA 500 Expert
ISA 610 Internal Audit
ISA 402 Service Organization
ISA 550 Related Party Transaction
ISA 540 Accounting Estimates
ISA 510 Initial Engagements
ISA 710 Corresponding figures & Comparative Financial Statements
Practice Question:
Related Party Transaction
Relying on Work of Others
Acquisition of Subsidiary
Question 1 Planning:
Key tips
Syllabus Areas
Marks Allocation
Time Management
Application of Professional Skills
Question Reading & Planning
Business Risks Answers
Answers Drafting of:
ROMMs
Audit Procedures
Professional Ethics
Practice Session:
Question Planning
Answer Drafting
Answer Drafting:
Significant Audit Risks
Procedures on Invest Property
Ethical Issues
Question Reading & Planning (Sept-2022)
Briefing Notes Format
Materiality Calculation
Answer Drafting:
Evaluation of Business Risks
Evaluation of ROMM
Audit procedures on Classification of Investment
Auditor Responsibility regarding Client Laws & Regulations
Question Reading & Planning
Answer Draft:
Audit Risk Using Analytical procedures
Principal Procedures on Goodwill
Ethical & Professional Issues
Detail Practice Plan
How to do Practice by Students
How many Questions Need to be Practice
Subsequent Events
IAS-10 Adjusting & Non Adjusting Events
Auditor Active & Passive Duty Regarding Subsequent Events
Going Concern
Going Concern Indicators
Management Responsibility
Auditor Responsibility
Evaluation of Material Misstatements
Overall Financial Statements Review
Written Representation
Content & Structure of Audit Report ISA 700/701
Types of Opinion
Unmodified
Qualified
Adverse
Disclaimer
Modification of Audit Report
EOMP ISA 706
Going Concern Uncertainty Paragraph ISA 570
Other Matter Paragraph ISA 760
Opinion & Basis of Opinion Paragraph Wordings
Going Concern Implications
Key Audit Matters (ISA 701)
Communication with TCWG (ISA 260)
Communicate Deficiencies to TCWG (ISA 265)
Group Completion & Review Implications
Group Audit Report Implications
Plan how to attempt completion & Report Question
Possible Requirements
Exam Techniques to Answer
Practice Question:
1. Matters to be considered and Evidence you would Expect
2. Implications on Audit Report
Evaluation of Matters and further actions required
Implications on Audit Report
Comment on Sufficiency and Appropriateness of Evidence
Further Audit Procedures
Report Deficiencies to TCWG
Critical Appraisal of Content of Audit Report
Matter to Report to TCWG
Intro to Non Audited Services
Intro to PFI
Nature, Types of PFI
Acceptance Considerations
Evaluation of Assumptions
Examination Procedures on PFI
Report content of PFI
PFI & Professional Skills
Review of Forecasted Profit & Loss account
Learn Answer Drafting
Evaluation Assumptions of Forecasted Cash Flow
Intro to Due Diligence
Purpose of Due Diligence
Benefits of Due Diligence
Acceptance Considerations
Examination Procedures of Due Diligence
CHEETA CO Question Reading Planning
Answer Drafting
Jacob Co
Benefits of Due Diligence
Additional information required and also why Additional Information Required.
Types of Frauds
Acceptance Consideration
Planning the Investigation
Examination Procedures
Forensic Audit Report
Beyer Co
Matters to Consider before acceptance of Forensic Assignment
Examination Procedures
Recommendations
Social & Envirnmental
Importance
Challenges
Procedures
Report
Public Sector Organizations
Performance Information
Procedures
Performance Information Usefulness, Measurability & Reliability
