20

Days' Revision Plan for CAF 08 Spring 2022 Attempt (Prepared For students of Muhammad Asif, FCA)

Overall Importance of
Date Day Chapter(s) to Revise Most Important Concepts wihtin the Chapter Questions to Do
Chapter

Grid C. Audit Evidence and Internal Controls: (45 ‐ 55 Marks)

-LO 2: Types of Representations Requested By Auditor
-LO 3: Auditor’s Course Of Action If Representation Not Provided
Vol. 1: Q. # 3, 5, 16
12-Feb-22 Saturday Chapter # 20: Final Matters High By Management
Vol. 2: Q. # 1, 13, 13A
-LO 7: Subsequent Events Occurring Till date of Auditor's Report
-LO 8: Subsequent Events Identified after Auditor's Report

Chapter # 18: Reliance on Work -LO 2: Using The Work Of Internal Audit Function Vol. 1: Q. # 3, 5, 11
13-Feb-22 Sunday Moderate
of Others - LO 5: Auditor’S Responsibilities If He Uses Expert In An Audit Vol. 2: Q. # 2
Vol. 1: Q. # 1, 7, 9, 12
14-Feb-22 Monday Chapter # 17: Audit Sampling Moderate -LO 3: Sample Design.
Vol. 2: Q. # 2, 3
Vol. 1: Q. # 8, 9, 10
15-Feb-22 Tuesday Chapter # 16: Related Parties Moderate -LO 4: Substantive Procedures to respond to Risk.
Vol. 2: None.
Chapter # 15: Analytical Vol. 1: Q. # 3
15-Feb-22 Tuesday Low -LO 2: Use Of Analytical Procedures As Substantive Procedures:
Procedures Vol. 2: Q. # None.
-LO 3: Deciding Type Of Confirmation
Chapter # 14: External - LO 4: Audit Procedures After The Receipt Of Replies Vol. 1: Q. # 3, 9, 11
16-Feb-22 Wednesday High
Confirmation - LO 5: Audit Procedures if management refuses to send Vol. 2: Q. # 2, 4, 6
confirmation letter
-LO 5: Categories Of It General Controls Vol. 1: Q. # 12, 13, 14, 15,
Chapter # 13: IT Systems,
17-Feb-22 Thursday High -LO 6: Categories Of It Application Controls 17, 22
Controls, CAATs and Flowcharts
-LO 9: Test Data And Audit Softwares Vol. 2: Q. # 9, 10, 14, 1A
-LO 3: The Sales System:
Chapter # 12: Understanding of Vol. 1: Q. # 7, 10
18-Feb-22 Friday Moderate -LO 4: The Purchases System:
Internal Control Vol. 2: Q. # 1A, 1B, 4, 21
-LO 7: (Inventory Count Instructions)
-LO 1: Tangible Non-Current Assets
Chapter # 10: Substantive -LO 2: Intangible Non-Current Assets: Vol. 1: Q. # 1, 5, 9, 10,
19-Feb-22 Saturday High
Procedures -LO 3: Inventory: Vol. 2: Q. # 1, 2, 3, 6, 8, 9
-LO 9: Provisions & Contingencies:
- LO 1: (Reliability Of Evidence) Vol. 1: Q. # 1, 2, 10, 11
19-Feb-22 Saturday Chapter # 3: Audit Evidence Low
- LO 3: (Risk At F/S Level And Responde) Vol. 2: None.
20‐Feb‐22 Sunday Revision of All Chapters in Grid

Grid D. Conclusion and Reporting: (10 ‐ 15 Marks)

Vol. 1: Q. # 4, 13, 15, 16,

Chapter # 4: Auditor’s Report &
21-Feb-22 Monday High Whole Chapter Is Important. 21, 22, 26
Types of Opinions
Vol. 2: Q. # 2, 5, 6, 14
LO 3: Procedures To Perform In A Review Engagement
Chapter # 22: Review Vol. 1: Q. # 9
22-Feb-22 Tuesday Moderate LO 5: (Reading of Review Report Format to identify
Engagement Vol. 2: Q. # 2
errors/omissions)

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 20 Days' Revision Plan for CAF 08 Spring 2022 Attempt (Prepared For students of Muhammad Asif, FCA)

Overall Importance of
Date Day Chapter(s) to Revise Most Important Concepts wihtin the Chapter Questions to Do
Chapter

Grid B. Planning and Risk Assessment: (15 ‐ 20 Marks)

-LO 3: Additional Planning Considerations For Initial Audit

Vol. 1: Q. # 1, 5, 14, 16, 18
23-Feb-22 Wednesday Chapter # 9: Planning an Audit Low Engagement
Vol. 2: None.
-LO 6: Qualitative Materiality:
Chapter # 21: Audit Vol. 1: Q. # 8, 11
23-Feb-22 Wednesday Low -LO 4: Changes In Documentation After Auditor’S Report
Documentation Vol. 2: None.
Chapter # 11: Understanding of Vol. 1: None.
24-Feb-22 Thursday High -LO 4: Audit Risks And Related Substantive Procedures.
Entity and Inherent Risk Vol. 2: Q. # 1A. 1B. 13
Chapter # 19: Fraud Vol. 1: Q. # 6, 7, 12
25-Feb-22 Friday Moderate -LO 2: Risk Assessment Procedures And Fraud Risk Factors.
Considerations in Audit Vol. 2: Q. # 1, 2, 3, 7

26‐Feb‐22 Saturday Revision of All Chapters in Grid D and B

Grid A. Audit Framework, Regulation and Ethics: (15 ‐ 25 Marks)

Chapter # 5: Acceptance and -LO 1: Procedures To Be Performed By Audit Firm Before Vol. 1: Q. # 1, 2
27-Feb-22 Sunday Low
Continuance Procedures Accepting Engagement Vol. 2: None.
-LO 2: Legal Procedures For Appointment And Removal Of
Chapter # 6: Compliance With Vol. 1: Q. # 1, 7, 11
27-Feb-22 Sunday Moderate Statutory Auditor
Legal Requirements Vol. 2: Q. # 2, 5, 12
-LO 4 Qualification And Disqualification Of Statutory Auditor
-LO 10: Financial Interests
-LO 13: Family And Personal Relationships
-LO 18: Long Association Of Personnel
Vol. 1: Q. # 1, 7
Chapter # 7: Compliance With -LO 12: Business Relationships
28-Feb-22 Monday High Vol. 2: Q. # 9, 10, 13, 14,
Ethical Requirements -LO 16 Employments With Audit Client
8, 7, 4, 3
-LO 18: Inducements (Gifts And Hospitality)
-LO 19: Accounting And Bookkeeping Services
- LO 17: Temporary Personnel Assignment
Chapter # 23: Quality Control in Vol. 1: None.
01-Mar-22 Monday Moderate -LO 6 Engagement Acceptance
Audit Vol. 2: Q. 1, 4
Chapter # 1: Introduction To LO 3: Levels Of Assurance And Why Absolute Assurance Cannot Be Vol. 1: Q. # 7, 11
02-Mar-22 Tuesday Low
Assurance Services Provided Vol. 2: None.
Chapter # 2: Basic Concepts of LO 5: Overall Objectives (Or Responsibilities) Of Auditor/Audit Vol. 1: Q. # 4, 9, 14
02-Mar-22 Tuesday Low
Auditing LO 7: Essentials For Proper Conduct Of Audit Vol. 2: None.
-LO 1 Preconditions For Audit
Vol. 1: Q. # 1, 7
02-Mar-22 Tuesday Chapter # 8: Engagement Letter Low -LO 3 Management’S Request To Change The Terms Of Audit
Vol. 2: None.
Engagement
03‐Mar‐22 Wednesday Revision of All Chapters in Grid

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 Full Revision: (First)
06‐Mar‐22 Sunday Revision of Chapter 1 to Instructions for Last Revision (2 days before Exam):
1. Do NOT open Volume-2 now (because revision is more important than practice now).
Full Revision: (Second) 2. Do NOT write any thing (because writing will slow down your revision).
09‐Mar‐22 Wednesday Revision of Chapter 1 to 3. To revise a chapter, go to first page of chapter (with list of Learning Objectives), read LO and try to recall whatever
matter is discussed in the LO without looking at matter.
Full Revision: (Last) 4. Read case studies given in Appendix (Vol. 1), particulary focusing on Presentation of Case Studies.
12‐Mar‐22 Saturday Last Revision

Last but not Least: Please note that ICAP can test any concept from any chapter. Importance is based on latest trend of papers, however, there is no guarantee that whole paper will be
set from these topics.

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