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Bac 582: Advanced Auditing and Assurance: Purpose

This module introduces advanced concepts of auditing and assurance. It aims to help students understand how to plan and execute audit engagements by making them aware of legal and professional requirements. The module covers topics such as audit planning and strategy, evidence, evaluation, and reporting. Students will learn how to develop audit plans, assess risks and governance, and analyze an entity in order to complete audit objectives. Assessment includes assignments, tests, and a final exam.

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GABRIEL KAMAU KUNG'U
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47 views

Bac 582: Advanced Auditing and Assurance: Purpose

This module introduces advanced concepts of auditing and assurance. It aims to help students understand how to plan and execute audit engagements by making them aware of legal and professional requirements. The module covers topics such as audit planning and strategy, evidence, evaluation, and reporting. Students will learn how to develop audit plans, assess risks and governance, and analyze an entity in order to complete audit objectives. Assessment includes assignments, tests, and a final exam.

Uploaded by

GABRIEL KAMAU KUNG'U
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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BAC 582: ADVANCED AUDITING AND ASSURANCE

Purpose:

This module introduces to the students the concepts and practical aspects of planning and
execution of audit and assurance engagements. The module makes the learner be aware of legal
and professional requirements of an audit assignment and how to conduct and audit assessment.
Objectives:

By the end of this module, the learner will be able to:

 Develop clear and concise audit plan, program and reports for management and third
party to use for decision making.
 Analyze the corporate governance and risk assessment practices of organization and
then recommend adjustments to ensure that audit objectives are attained.
 Explain the advanced audit and assurance concepts and principles as used in practice.
 Demonstrate the ability to develop and execute audit plans, programme, corporate governance
and risk assessment of an entity

MODULE OUTLINE:

TOPIC ONE: INTRODUCTION

1.1 Definitions
1.2 Why Auditing & Assurance
1.3 Types of Audit
1.4 Audit Procedure
1.5 Audit Techniques
1.6 Limitations of an Audit
1.7 Audit Environment

TOPIC TWO: PROFESSIONAL CONDUCT

2.1 Fundamental Principles


2.2 Audit Independence
2.3 Audit Confidentiality

TOPIC THREE: PROFESSIONAL APPOINTMENTS

3.1 Accepting new Audit Clients


3.2 Preconditions for an Audit
3.3 Change of Auditor

TOPIC FOUR: PROFESSIONAL RESPONSIBILITY AND LIABILITY

4.1 Introduction
4.2 Auditor’s Responsibility
4.3 Fraud and Auditor’s Responsibility
4.4 Professional Liability

TOPIC FIVE: PRACTICE MANAGEMENT & ENVIRONMENT

5.1 Risk Exposure


5.2 Quality Control
5.3 Audit and Assurance Services
5.4 Emerging Trends

TOPIC SIX: AUDIT PLANNING AND STRATEGY

6.1 Audit Planning


6.2 Types of Audit Plans
6.3 General Planning Matters
6.4 Importance of Audit Planning
6.5 Audit Programmes
6.6 Methodology of an Audit
6.7 Audit Documentation

TOPIC SEVEN: AUDIT EVIDENCE

7.1 Introduction
7.2 Audit Procedure
7.3 Nature of Audit evidence
7.4 Limitations of Audit Evidence

TOPIC EIGHT: AUDIT EVALUATION AND REVIEW

8.1 Audit and Investigation


8.2 Review Procedures
8.3 Opening Balances
8.4 Comparatives
8.5 Other Information

TOPIC NINE: AUDIT REPORTS

9.1 Introduction
9.2 Forming an Audit Opinion
9.3 Effective Communication
9.4 Special Purpose Reports
9.5 Reports to Management

TOPIC TEN: AUDIT OF FINANCIAL STATEMENTS

10.1 Introduction
10.2 Audit of Assets
10.3 Audit of Liabilities, Capital and Directors’ Emoluments
10.4 Audit of Sales
10.5 Audit of Expenses
10.6 Disclosures
Assessment:

Assignment 1=10%

Assignment 2=10%

CAT 1=20%

CAT 2=20%

Final=40%

Reading Materials:
Carmichael, D. R., Willingham, J. J., & Schaller, C. A. (1989). Auditing concepts and methods: A guide to
current auditing theory and practice. McGraw-Hill.{click here}

Gomez, C. (2012). Auditing and assurance: Theory and practice. PHI Learning Pvt. Ltd.{click here}

Kumar, A., & Sharma, R. (2001). Auditing: Theory and Practice. Atlantic Publishers & Dist. {click here}

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