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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.

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