Audit & Assurance (AA)

About AA

Audit and Assurance (AA) introduces you to the principles and practices of auditing and develops your understanding of the audit process from planning to completion.

AA provides knowledge and understanding of the process of carrying out the assurance engagement and its application in the context of the professional regulatory framework. You'll learn how to demonstrate professional skepticism, exercise professional judgment, and evaluate audit evidence.

Why AA is Important

AA is fundamental for anyone pursuing a career in auditing, accounting, or finance. It provides the essential knowledge needed to:

Understand the audit process and regulatory environment
Apply auditing techniques to different business scenarios
Evaluate internal control systems and audit evidence
Understand professional ethics and their application in auditing

Exam Details

Duration: 3 hours

Pass Mark: 50%

Availability: March, June, September, December

Format: Computer-based exam

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AA Syllabus Areas

Audit Framework & Regulation

The concept of audit and other assurance engagements
External audits and regulatory environment
Corporate governance and professional ethics
Internal audit and differences with external audit
The scope of the internal audit function

Planning & Risk Assessment

Obtaining and accepting audit engagements
Audit planning and documentation
Assessing audit risks
Understanding the entity and its environment
Materiality and performance materiality

Internal Control

Internal control systems and components
The use and evaluation of internal control systems
Tests of controls and substantive procedures
Communication on internal control
Audit implications of IT systems

Audit Evidence

Financial statement assertions and audit evidence
Audit procedures for obtaining evidence
Sampling and other testing approaches
The audit of specific items
Audit evidence for specific account balances

Review & Reporting

Subsequent events and going concern
Management representations
Audit finalization and the final review
Auditor's reports and types of opinions
Reporting to management and those charged with governance

Professional Ethics

Code of Ethics for Professional Accountants
Fundamental ethical principles
Threats and safeguards approach
Confidentiality and conflicts of interest
Professional skepticism and professional judgment

Professional Skills Developed

Audit Process Understanding

Comprehensive understanding of the end-to-end audit process

Professional Judgment

Ability to apply professional judgment in audit scenarios

Risk Assessment

Skills to identify and assess audit risks in various scenarios

Analytical Skills

Ability to analyze financial information and identify anomalies

Ethical Reasoning

Application of ethical principles to audit situations

Reporting Skills

Ability to formulate appropriate audit opinions and reports