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The document outlines key topics related to audit and assurance practices, including the elements of assurance engagements, the differences between reasonable and limited assurance, and the principles of ACCA's Code of Ethics. It also discusses the importance of audit planning, the auditor's responsibilities regarding fraud detection, and the significance of internal controls. Additionally, it covers various audit procedures, engagement letters, and the auditor's reporting responsibilities.

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nobitanobi2209
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13 views3 pages

Direct Questions

The document outlines key topics related to audit and assurance practices, including the elements of assurance engagements, the differences between reasonable and limited assurance, and the principles of ACCA's Code of Ethics. It also discusses the importance of audit planning, the auditor's responsibilities regarding fraud detection, and the significance of internal controls. Additionally, it covers various audit procedures, engagement letters, and the auditor's reporting responsibilities.

Uploaded by

nobitanobi2209
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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AUDIT AND ASSURANCE

THE LIST BELOW IS NOT EXHAUSTIVE, HOWEVER PROVIDES VALUABLE PRACTISE


1. Explain the five elements of an assurance engagement
2. Difference between reasonable and limited assurance
3. Explain the purpose of review engagements and how these differ from external
audits
4. Identify and explain each of the FIVE fundamental principles contained within
ACCA’s Code of Ethics and Conduct
5. State the FIVE threats contained within ACCA’s Code of Ethics and Conduct and
for each threat list examples of a circumstance that may create the threat
6. When can disclosure of confidential information be made?
7. PRECONDITIONS for an audit
8. Matters to be considered prior to accepting the audit
9. Explain conflict of interest and the safeguards which should be implement to
ensure that the identified conflict of interest is properly managed
10.Identify and explain factors which would indicate that an engagement letter for
an existing audit client should be revised
11.List matters which should be included within an audit engagement letter
12.Define audit risk and the components of audit risk
13.Explain the term ‘misstatement’ and describe the auditor’s responsibility in
relation to misstatements
14.Explain the concepts of materiality and performance materiality in accordance
with ISA 320 Materiality in Planning and Performing an Audit
15.Explain the benefits and importance of audit planning
16.List and explain the main financial statements assertions (transaction & events
and account balances) tested
17.Discuss the importance of assessing risks at the planning stage of an audit
18.Explain the additional factors that the auditor’s should consider during the audit
in relation to client’s use of the service organisation.
19.Explain the external auditors’ responsibilities in relation to the prevention and
detection of fraud and error
20.Explain the quality control procedures that an auditor should have in place during
the engagement performance
21.Engagement Quality Control Review
22.List the purposes of audit working papers
23.Define sufficient appropriate evidence
24.Relying on the work of expert’s
25.Sources of information that would be of use in gaining an understanding of Client
26.Explain what are CAAT’s. Explain the potential advantages and disadvantages of
using CAATs
27.Methods of documenting client’s system
28.List and explain limitations of internal controls
29.Identify and briefly explain the FIVE components of an entity’s internal control
30.Describe FOUR different types of control activities
31.Explain the benefits of establishing an audit committee
32.Explain the advantages and disadvantages of outsourcing the internal audit
department
33.Describe the factors the finance director should consider before establishing an
internal audit department
34.Describe assignments the internal audit department could carry out
35.Professional scepticism and professional judgement
36.Explain the difference between an interim and a final audit
37.Matters that the auditors may communicate to those charged with governance
38.Explain the purpose of, and procedures for, obtaining written representations
39.Potential indicators that the company is not a going concern
40.Describe elements of an unmodified auditor’s report and for each explain why
they are included
41.Identify what a key audit matter (KAM) is and explain how the auditor
determines and communicates KAM
42.Explain Emphasis of Matter and give examples of matters that can be included in
Emphasis of matter
43.Explain Other Matter and give examples of matters that can be included in Other
Matter
44.Explain Other Information and auditor’s duty in relation to Other Information
included in the Annual Report
45.Explain what is expectations gap
46.Explain the purpose of Nomination and Remuneration Committee
47.Explain what are analytical procedures. Explain why analytical procedures are
used during THREE stages of an audit
48.Matters to be considered in audit strategy document
49.Post-issuance (cold) review
50.Features/Content of Working Papers
51.Permanent and Current Audit File
52.Explain what is sampling, what are the different methods of sampling?
53.Examination of Cash Flow forecast for going concern evaluation
54.The suitability of analytical procedure as substantive tests
55.Using Internal Audit to provide direct assistance
56.Explain examples of matters the auditor should consider in determining whether
a deficiency in internal controls is significant
57.Explain the terms ‘control objectives’ and ‘control procedures’ and explain the
relationship between them
58.Explain FOUR factors which influence the reliability of audit evidence
59.Explain the meaning of the term ‘pervasive’ in the context of the independent
auditor’s report
60.Explain the two types of modified opinions when there is an issue which is
considered material and pervasive

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