ACCA - AAA Advanced Audit and Assurance (INT) Study Notes
CONTENTS Sr # Topics Page # 01 About the Exam & How to use this notes 01 02 Re-cap of Important Terms 03 03 Impact of Corporate Governance Principles on Audit 12 04 Laws & Regulations 16 05 Money Laundering 22 06 Code of ethics for Professional Accountants 28 07 Fraud 52 08 Professional Liability 57 09 Quality Control 63 10 Obtaining & Accepting Professional Appointments 73 11 Agreeing the Terms of Engagement 78 12 The Planning Stage of Audit 81 13 Audit Evidence & Audit Procedures 104 14 Group Audit 162 15 The Review Stage of Audit 189 16 Communicating with TCWG & Key Audit Matters 199 17 Evaluation of Misstatements 204 18 Audit Opinion & Audit Report 209 19 Assurance & No-Assurance Engagements 227 20 Review Engagements 231 21 Due Diligence 236 22 Prospective Financial Information 241
23 Forensic Accounting 247 24 Audit of Performance Information in the Public Sector 256 25 Social & Environmental Issues 261 26 Impact of Big Data & Data Analytics on Audit 265 27 Professional Skepticism 270
pg. 1 Syllabus Areas A. Regulatory Environment B. Professional & Ethical Considerations C. Practice Management D. Planning and conducting audit of historical financial information E. Completion and reporting F. Other assignments G. Current issues and development ( ensure you check technical articles on the ACCA website before your exam attempt) About Advanced Audit & Assurance The Exam - 100 marks - 3 hours, 15 minutes - Two sections ( A & B) Section A: One Case Study ‐ 50 marks ‐ Requirement from the entire syllabus. Detailed information will be given which is likely to include: - Extracts of financial information, - Strategic, operational and other relevant financial information for a client business, - Extracts from audit working papers - Results of analytical procedures. Includes 4 professional marks Easiest way to get the 4 professional marks! - Format - Introduction and conclusion - Headings - Clarity of explanation Section B: 2 compulsory 25 mark questions ‐ 50 marks - One question from completion, review and reporting - The other can be from any part of the syllabus
pg. 2 Using these notes For each area of the syllabus, the notes cover: - The key knowledge/technical areas - The answer technique! It is VERY important to understand that the nature of the AAA exam is such that it cannot be passed without excessive practice so these notes HAVE to be used in combination with revision kit. Use the LATEST revision kits from approved content providers as they update past papers to reflect changes in accounting and auditing standards. The past papers on the ACCA website are not updated for changes in ISAs or IFRS. When you are attempting questions from the latest revision kits, focus on ‘knowing’ the language used and understanding the ‘answer technique’; remember, it’s not the English language which will help you get through the exam ‐ it is the ‘audit language’! Lastly, ensure you read the Technical articles on the ACCA website; focus on the ones that have been published in the last 12 months from you exam attempt.
Re ‐ Cap of Important Terms AAA Revision Notes pg. 3 Re ‐
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- Fall '20