1. Auditing Standards
- The International Federation of Accountants (IFAC)
- The International Auditing and Assurance Standards Board (IAASB)
- The framework of International Standards on Auditing (ISAs)
- ISAs - what they represent and how they are set.
2. ISA 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing
- Overall objectives of an audit of financial statements
- General principles governing auditors and their work
- The nature and scope of an audit.
3. ISA 230, Audit Documentation
- Preparing and retaining documentation
- Assembly of the final audit file
4. ISA 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
- Fraud in an audit of financial statements
- Types of fraud and the difference between fraud and error
- Role of those charged with governance and management in preventing and detecting fraud
- The limitations of internal controls
- Ways of recognising material misstatements
- Responsibilities of the auditor
- Substantive procedures
- Withdrawing from an engagement.
- ISA 300, Planning an Audit of Financial Statements
- ISA 315, Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment
- ISA 320, Materiality in Planning and Performing an Audit
- ISA 450, Evaluation of Misstatements Identified during the Audit
- ISA 570 Going Concern – planning considerations.
6. Internal Control and Risk Assessment
- ISA 265, Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
- ISA 315, Identifying and Assessing the Risks of Material Misstatements through Understanding the Entity and Its Environment
- ISA 330, The Auditor’s Responses to Assessed Risks
- ISA 402, Audit Considerations Relating to an Entity Using a Service Organisation
- ISA 520 Analytical Procedures.
7. ISA 500, Audit Evidence
- Identifying sources of evidence
- Financial statement assertions and distinguishing between the testing of transactions and balances
- Evaluating evidence collected
- Procedures for obtaining audit evidence.
8. Audit sampling and substantive procedures
- Substantive procedures to address the risks of material misstatement
- ISA 520, Analytical Procedures
- ISA 580, Written Representations
- ISA 570, Going Concern – audit procedures.
9. Specific items (ISA 501, Audit evidence – Specific Considerations for Selected Items and ISA 505, External Confirmations)
- Physical inventory counting procedures
- Litigation and claims
- Segment information
- Designing and evaluating an external confirmation.
10. Internal Auditing (ISA 610, Using the Work of Internal Auditors)
- The roles of the internal and external auditors
- How external auditors assess whether to make use of internal auditors’ work.
- Audit conclusion and reporting (ISAs 700, 701, 705,706 and 720)
- ISA 560, Subsequent Events
- ISA 570, Going Concern.
Syllabus and assessment updates
ACCA reserves the right to examine anything contained within the syllabus of the Certificate. This includes knowledge, techniques, principles, theories and concepts as specified in the syllabus and in the examinable documents contained within the syllabuses.
We update the materials, the syllabus and the examinable documents once a year to indicate which regulations and legislation could potentially be assessed. The updated syllabuses, examinable documents, materials and assessments are uploaded on the ACCA website on or around 1 April each year.
Regulation 'issued' or legislation 'passed' on or before 31 October annually will be assessed within the certificates from early in April until 31 March of the following year. Regulation issued or legislation passed in accordance with the above dates may be examinable even if the 'effective' date is in the future. The term 'issued' or 'passed' relates to when regulation or legislation has been formally approved. The term 'effective' relates to when regulation or legislation must be applied to entity transactions and business practices.
The syllabus and materials offer more detailed guidance on the depth and level at which examinable documents will be assessed. The study guide should therefore be read in conjunction with the syllabus and the examinable documents listed within the relevant syllabus.