Exam technique 1 – planning questions and risk (part 1): Business Risk
Exam technique 2 – planning questions and risk (part 2): Risks of Material Misstatement (RoMM) and Audit Risks
AAA candidates are expected to be able to evaluate risks relevant to an audit or assurance engagement. These articles are intended to help you achieve both the technical and professional marks usually associated with these types of requirements.
This article focuses on the key areas of group audit, highlighting sections of ISA 600, Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors). Candidates should be familiar with the standard prior to sitting the AAA exam.
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.
Auditing in specialised industries
This article provides some insight into the matters that need to be considered by auditors when engaged to provide the external audit service to a client operating in a specialised industry.
Auditing disclosures in financial statements
This article looks at auditing disclosures in financial statements, an issue that has been considered by the IAASB in recent years following developments in IFRS requirements and the increased level of complexity and subjectivity involved in the preparation of information to be disclosed in financial statements.
Using the work of internal auditors
Also available as a podcast on iTunes
This article focuses on the provision of direct assistance by the internal auditors, which – to date – has been a very controversial issue. Although internal auditors are the employees of the entity, which could result in threats to independence (either in fact or perceived) if direct assistance is provided by the internal auditors, there are benefits relating to this provision which cannot be ignored.
This article outlines and explains the concept of audit risk, making reference to the key auditing standards which give guidance to auditors about risk assessment.
Audit working papers
How working papers provide evidence that an effective, efficient, and economic audit has been carried out.
Auditing in a computer-based environment
The aim of this article is to help students improve their understanding of computer-assisted techniques by giving practical illustrations of computer-based controls and the way they may feature in exam questions. (Also G)
Specific aspects of auditing in a computer-based environment
This article provides guidance on various aspects of auditing in a computer-based accounting environment. (Also G)