PRACTISING AUDIT

Nature and purpose of an audit

1.1 Nature and objectives of an audit

1.2 Development of audit (early audit and modern audit)

1.3 Users of audited financial statements 1.4 Features of audits

1.5 Distinction between auditing and accounting

1.6 Types and classification of audits

1.7 Situations when different audits are performed (interim, continuous, final, and operational)

1.8 Advantages and disadvantages of various types of audits

1.9 Nature of work done for different audits

1.10 Inherent limitations of an audit

2. Assurance and non- assurance engagements

2.1 Definition and objectives of assurance engagements

2.2 Audit as an assurance engagement 2.3 Elements of an assurance engagement

2.4 Types of assurance engagements (Audit, Review assignments)

2.5 Differences between audit and review engagements

2.6 International Standard on Assurance Engagement-ISAE 3000

Levels of assurance and reports issued on assurance engagement

s 2.10 Non-assurance engagements (Agreed upon procedures engagement

-ISRS 4400 and compilation assignments-ISRS 4410

2.11 Attestation and direct reporting engagements

3. Legal and professional framework

3.1 Regulatory framework for external audits

3.1.1 Appointment of the auditors

3.1.2 Qualifications and disqualifications of auditors

3.1.3 Removal and resignation of auditors

3.1.4 Remuneration of the auditors

3.1.5 Rights and duties of auditors

3.1.6 Mechanisms of regulations of auditors-role of professional bodies, Audit committee, rotation of audit firms

3.2 Professional ethics/code of ethics for professional accountants

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