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WEEK TOPIC LARNING OBJECTIVES

Week 1
Week 2-3 Consideration of Internal Control

 Nature of Internal Control  To explain the elements of internal control


 Components of Internal Control  To determine the major categories of control procedures
 Consideration of Internal Control  Describe the stages in studying and evaluation of internal control
 Communication of Internal Control Weaknesses  Proper documentation of the understanding of the entity’s internal
control structure
 To determine the reportable conditions to the management

Week 3-5 Performing Substantive Test

 Analytical Procedures  Describe the types of response to the assessed risk of misstatement
 Test of Details in both financial statement level and assertion level
 Audit of Evidence  Define compliance test and substantive procedures
 Working Papers  Enumerate and define the types of compliance test and substantive
 Related Parties procedures
 Using the Work of an Auditor’s Expert  To determine the relationship between audit techniques, audit
 Auditing Accounting Estimates
procedures and assertions
 Determine the audit procedures to be used to achieve specific audit
objectives
 To determine the nature and significance of audit evidence
 Define what is sufficient appropriate audit evidence
 Explain the procedures in obtaining audit evidence
 Determine the function, form content and extent of audit documents

Week 6-8 Audit Sampling


 To define audit sampling and explain the rationale behind its nature,
 Basic audit sampling concepts purpose and applicability
 Distinguish between Sampling and Non-sampling risk
 Nature and purpose
 Distinguish between Statiscal and Non-statistical Sampling
 Non-statistical and statistical sampling  Distinguish between Attribute and Variables Sampling Techniques
 Attribute and variables sampling technique  To properly align the most appropriate sampling technique with the
 Sampling and Non-sampling risk given test population
 Testing procedures which do not involve  Explain the steps in designing and selecting sample
sampling  To explain factors affecting sample design
 Factors affecting sample design  Explain the steps involved in evaluating sample results
 Audit objectives
 Population and its characteristics
 Risk and assurance
 Tolerable error
 Expected error in the population
 Variation in the population
 Factors affecting sample size
 Sample selection methods
 Evaluation of sample results

Week 9 Midterm exam


Week 11-13 Completing the Audit / Post-Audit Responsibilities

 Completing the audit and audit report preparation  Explain the various issues that the auditor
 Analytical procedures for overall review considers in completing his audit examination
 Related party transactions  Execute the process of reviewing audit working
 Subsequent events review papers
 Assessment of going concern assumption  Identify and explain the post-audit
 Obtaining client’s representation letter responsibilities of the auditor
 Evaluating findings, formulating an opinion
and drafting the audit report

 Post-audit responsibilities
 Subsequent discovery of facts
 Subsequent discovery of omitted
procedures

Week 14-17 Reports on Audited Financial Statements

 The unqualified auditor’s report  Identify and explain the principles underlying audit reporting on
audited financial statements
 Basic elements of the unqualified auditor’s report
 To identify the factors that the auditor should be considered in
 Modified auditor’s report issuing a standard unqualified report on financial statements
 Matters that do not affect the auditor’s  Form an opinion relative to the audited financial statements.
opinion  Identify and explain the circumstances that would require
 Matters that do affect the auditor’s opinion modifications of auditor’s report and the effect on the auditor’s
 Report on comparatives opinion.

Week 18 Final term exam

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