ACCA Audit and Assurance (AA) Exam Preparation Course

The Audit and Assurance syllabus is essentially divided into five areas. The syllabus starts with the nature, purpose and scope of assurance engagements both internal and external, including the statutory audit, its regulatory environment, and introduces governance and professional ethics relating to audit and assurance. It then leads into planning and risk assessment audit. The syllabus then covers a range of areas relating to an audit of financial statements including the scope of internal control. These include, evaluating internal controls, audit evidence, and a review of the financial statements. In addition to final review procedures, the final section concentrates on reporting, including the form and content of the statutory audit report.

During the course special Course Notes will be used extensively produced by IAB international academy of business. Students should use their study text for additional reference purposes.
IAB’s course notes include explanatory text punctuated by classroom activities. Most of these activities create the illustrations that are presented by the author in a traditional textbook. It is important to complete the activities because in most cases they form a link in the flow of explanatory text. If you leave them blank it will be difficult to review the text at a later date.

Course objectives and learning outcomes:

On successful completion of this paper candidates should be able to:

• Explain the concept of audit and assurance and the functions of audit, corporate governance, including ethics and professional conduct, describing the scope and distinguishing between the functions of internal and external audit
• Demonstrate how the auditor obtains and accepts audit engagements obtains an understanding of the entity and its environment, assesses the risk of material misstatement (whether arising from fraud or other irregularities) and plans an audit of financial statements
• Describe and evaluate internal controls, techniques and audit tests, including IT systems to identify and communicate control risks and their potential consequences, making appropriate recommendations
• Identify and describe the work and evidence obtained by the auditor and others required to meet the objectives of audit engagements and the application of the International Standards on Auditing
• Explain how consideration of subsequent events and the going concern principle can inform the conclusions from audit work and are reflected in different types of audit report, written representations and the final review and report.

Learning approach:

Study book learning during the course By the ACCA approved publisher, supported by additional materials and business cases. Every day homework of the passed chapters, building the knowledge based on the exercises. 2 Mock exams for checking the level of preparation.

Readings

Study books by ACCA Approved Content Providers (Kaplan Publishing and BPP Learning Media), Classroom Notes, Examiner’s articles, examiner’s approach interview, and technical articles.

Required Practice

• E-learning Platform Quizzes
• Mock exams from the Question Bank