A1. Differentiates between various types of engagements in audit and assurance and any relevant considerations before accepting these.

A2. Understands the purpose and objectives of engagements, including the regulatory and reporting requirements and the comparative levels of assurance needed for different engagements; reporting these to stakeholders in an understandable manner.

A3. Advises on the life-cycle of an audit engagement including planning, risk assessment, obtaining evidence, evaluation and review.

A4. Advises on the principles of corporate governance, professionalism and ethics in the context of audit and assurance engagements.

B1. Applies relevant, laws, regulations, standards and other guidance for audit, assurance and related services.

B2. Evaluates current and emerging issues In providing audit and assurance services relating to professional, ethical, social, IT, environmental and global issues.

B3. Complies with ACCA’s Code of Ethics and Conduct and applies professional judgement and professional scepticism when conducting audit and assurance engagements.

B4. Applies best practice in operations of engagements such as:

•  internal and external audits
• audit-related services
• specific assignments
• social, environmental and integrated reporting audits
• the audit of performance information in the public sector.
  

C1. Applies best practice and code of ethics to the process of obtaining and accepting audit and assurance engagements communicating professionally with stakeholders and previous auditors.

C2. Obtains a thorough understanding of the entity and its environment to support engagement planning and work.

C3. Carries out the risk assessment process relating to financial and IT systems using professional judgement to determine materiality.

C4. Uses the determined level of risk to develop an appropriate audit plan and formulate the work required to meet the objectives of the audit assignment.

D1. Carries out and documents appropriate substantive tests of control and other audit work to meet the objectives of the engagement and comply with the International Standards on Auditing (ISA).

D2. Evaluates evidence and investigates areas of concern during the audit demonstrating professional scepticism, ensuring documentation and evidence is sufficient and appropriate and that it highlights any significant issues for engagement and partner resolution.

D3. Supports the reaching of judgements and forming an opinion identifying and communicating the main factors to be considered by the engagement partner.

D4. Manages audit risk, people and time to achieve engagement objectives, manages audit risk. people and time and where relevant recommends innovative audit practices.

D5. Exploits of the capabilities of computer-assisted audit techniques and other digital technology tools to support audit work.

E1. Reviews how the audit has been carried out ensuring evidence is accurate, complete, sufficient and appropriate.

E2. Identifies and facilitates resolution of audit issues to ensure there are no outstanding queries.

E3. Communicates the findings and implications of an audit with management and governance teams.

E4. Drafts written representations and reports significant control deficiencies to management and governance teams.

E5. Prepares timely auditor’s reports for approval by the engagement partner in accordance with relevant legislation, regulations and standards.

F1. Provides assurance of compliance to company directors, through monitoring the operation of internal control and system review to ensure the achievement of an organisation’s objectives and to safeguards its assets.

F2. Evaluates the effectiveness of management reporting, risk management, internal controls and review systems.

F3. Identifies and evaluates risks of inefficiencies and non-compliance.
To focus on these risk areas, if necessary, will make changes to the audit plan.

F4. Collects accurate and complete evidence discussing review findings and improvements with management and non-executive directors.

F5. Produces reports on internal controls and ensures adequate and timely information flows to the Audit Committee or those with governance for the purposes of effective governance.