Technical articles

Technical articles

The audit of financial statement assertions
This article looks at the effect of revisions to ISA 315, Identifying and Assessing the Risks of Material Misstatements through Understanding the Entity and its Environment with respect to financial statement assertions.

The audit of wages
The most common payroll frauds can affect even those companies that appear to have good internal controls. This article sets out to help FAU candidates better identify significant deficiencies in internal control, explain the implications of the deficiencies and recommend appropriate controls. It considers the different stages in a typical wages system – for example, what tasks should be undertaken during both the interim audit and final audit stages – as well as the link between control objectives, controls and audit tests.

Risk and understanding the entity
Candidates studying Audit and Assurance (AA) and Advanced Audit and Assurance (AAA) are often presented with questions that focus on the planning stage of the audit. A sound understanding of ISA 315 (Revised 2019) is therefore essential.

Audit procedures
Candidates tend to perform less well when examined on writing audit procedures. This article helps to clarify the concepts behind audit procedures, and gives advice on how to correctly approach such questions, as well as tips on what to avoid.

Audit sampling
This article will consider the various sampling methods in the context of the AA and the FAU exams.

Using the work of an auditor's expert
This article considers when an auditor may need to rely on the opinion of experts to provide assurance in areas of an entity's financial statements.

Specific aspects of auditing in a computer-based environment
This article provides guidance on various aspects of auditing in a computer-based accounting environment.

Analytical procedures
An outline of the analytical procedures relevant to FAU.

Audit documentation
The redrafted ISA 230 and how it redefines audit documentation.

A risk-based approach to auditing financial statements
The key points of a risk-based audit.

Computerised accounting and the auditor – connecting the dots
Relevant from December 2023
From December 2023, Foundations in Audit (FAU) has increased its coverage of computerised accounting systems and so the context of the examination has changed to incorporate this. 

Exam technique

How to answer multiple-choice questions
Answering MCQs successfully requires you to develop a range of skills and exam techniques. Taking the steps set out in this article will help you to maximise your marks.

Computer-based exams
This article considers the benefits of computer-based exams (CBEs), highlights the points that you need to be aware of when completing ACCA's current CBEs, and looks at the different types of questions.

Five steps to multiple-choice success
A five-step approach to answering multiple-choice questions.

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