Implementing audit procedures for financial reporting
Unit summary
Aims
To develop knowledge and understanding of the audit process from the planning stage through to the reporting stage and the techniques used in the conduct of internal and external audits.
Objectives
On completion of this paper, candidates should be able to:
explain the rules of professional conduct relating to the ethics of integrity, objectivity, independence and confidentiality and undertake audit procedures accordingly
identify control objectives and weaknesses for an accounting system under review
assess audit risks, produce an audit plan and design appropriate audit procedures
carry out appropriate audit procedures in accordance with an audit plan on the basis of a validly selected sample
draw valid conclusions from the results of audit tests
prepare draft reports relating to an audit assignment.
Unit details
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15 Business, Administration and Law
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15.1
Accounting and Finance