AUDITING 1 FOR ADVANCED PROGRAM

Course duration: 16 sessions

Chapter Name Content Questions

(ACCA F8)
Chapter 1 Audit and other - Purpose of an audit Workbook:
assurance - Assurance - Q4, 5
engagement engagement - Q46 Audit and assurance
- Limitations of an engagements
audit Revision kit:
- Q1 external audit
- Q3, 4 Assurance engagement

Chapter 2 Statutory audit - The statutory audit Workbook:

and regulation opinion - Q6, 7
- Duties and rights of - Q47 Standards
auditors
- Appointment,
removal of auditors
Chapter 3 Corporate - The importance of Workbook:
governance corporate - Q1
governance - Q48 Corporate governance
- Corporate Revision kit:
governance - Q8, 9 Audit committee
principles - Q16-20 Tangerine
- Audit committee - Q30 Orange
- Internal control - Q31-35 SGCC
effectiveness - Q108 Freesia (d) corporate
governance deficiencies

Chapter 4 Internal audit - Internal audit Workbook:

definition - Q1, 8, 9, 12, 32
- Internal audit - Q45 Objectives, characteristics,
assignments responsibilities
- Internal audit - Q64 ZPM
outsourcing Revision kit:
- Q112 Bluesberry (a) money for
value audit

Chapter 5 Professional - The fundamental Workbook:

ethics and quality principles - Q10, 11
control - Threats and - Q49 Independence
procedures safeguards - Q50 Confidentiality, Independence
- Accepting audit Revision kit:
appointments - Q5 Ethics
- Quality control - Q6, 7 Quality mgt
- Q11-15 Stark
- Q21-25 LV Fones
- Q26-29 Orange

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 - Q78 Hart Co (d) conflict of
interest
- Q116 Comet Publishing (d)
conflict of interest
Chapter 6 Risk assessment - The audit process Workbook:
- Why risk - Q13, 15, 18, 19
assessment - Q52 Glo
- Audit risk and its - Q53 Stone Holidays
components - Q54 Parker a, b(i)
- Risk assessment - Q55 Heels a, b, c
- Materiality - Q56 Turbo a, b
- Fraud, law and Revision kit:
regulations - Q2 (law and regulations)
- Q37 materiality
- Q71 Sleeptight (a) (prof. Skeptism,
Prof. Judgment)
- Q71 Sleeptight (b) (risk-response)
- Q72 Peony (a) (materiality), (b)
risk-response
- Q74 Harlem (a) (auditor
responsibility to fraud and error)

Chapter 7 Audit planning - Audit strategy and Workbook:

and Audit plan - Q16, 20
documentation - Audit - Q57 Audit planning and
documentation documentation
Revision kit:
- Q36 audit strategy vs audit plan
- Q46 South
- Q78 Hart Co (a) benefits of audit
planning; (b) risk – response
- Q79 (a) preconditions of an audit;
(b) audit strategy; (c) risk-response

Chapter 8 Introduction to - Audit evidence Workbook:

audit evidence - Assertions - Q17
- Evidence gathering - Q58 Audit evidence considerations
techniques (analytical procedures,
appropriateness of audit evidence)
Revision kit:
- Q73 Walter (b) risk-response
- Q80 Blackberry (a) (auditor
responsibility to fraud and error),
(b) risk-response
- Chapter 6, 7 questions (risk-
responses)

Chapter 9 Internal control - Internal control Workbook:

definition - Q21, 22
- Internal control - Q59 Internal control systems
components Revision kit:

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 - Recording internal - Q97 Cherry
control - Q108 Freesia (a) method of
- Assessing internal documenting internal controls
control - Q111 Castle Courierm (a) methods
- Tests of controls of documenting IC
- Q114 Swift Co (a) methods of
documenting IC

Chapter 19 Audit review and - Subsequent events Workbook:

finalisation - Going concern - Q3 (items 1-3), Q14, 35-38
- Written - Q54 Parker b(ii) (going concern)
representations - Q75 Going concern
- Overall review of - Q76 Audit review and finalisation
financial statements Revision kit:
- Q169-172 Humphries Subsequent
events
- Q179-183 Strawberry Going
concern
- Q185-188 Clarinet Going concern
- Q194-198 Madimade Going
concern, Subsequent events
- Q199-203 Brown & Green
Subsequent events, representation
- Q157 Rose (d) writen
representation
- Q158 Hyacinth (d) subsequent
event
- Q163 Spadefish (c,d) going
concern
Chapter 20 Reports - Audit report Workbook:
- Audit opinion - Q3 (items 4, 5)
- Q46b Parker b(ii) (reporting by
exception)
- Q77 Wiseguys National Bakeries
- Q78 Homes r Us
- Q79 Builders Merchants
Revision kit:
- Q204 Panda
- Q161 Airsoft (e) KAM

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