Introduction to Auditing
- The why of auditing
Auditing and the Companies Act
- Rights and duties
- The Companies Act
- Accounting records
- Accounting requirements of the Companies Act
Professional Rules
- Standards and guidelines
- Accounting standard
- Professional conduct/ethical principles
- Letters of representation/engagement
The Conduct of the Audit
- Accounting systems
- Internal controls
- Audit testing
- Sampling and analysis review techniques
- Working papers
- Reports to directors
- Errors and frauds
Audit Evidence
- Evidence
- The audit of assets
- The audit of liabilities
- Risk
- Methods/techniques
- Reliance on other specialists/auditors’ expert
Review of Financial Statements
- Final review
- True and fair view
- The Management letter
The Auditors’ Report
- Auditors’ report
- Qualified reports
- Subsequent events (post balance sheet events)
- Going concern
Planning and Control of Audits
- Planning
- Quality control
Auditors and the Law
- Auditors’ liability
- Unlawful acts of clients and their staff
Income Tax
- General principles
- Administration
- Personal allowances
- Allowable expenses
- Pension contribution allowances
- PAYE – basic principles
Corporation Tax
- General principles
- Capital allowances
Note: Examination Format – The Auditing questions will account for a minimum of 70% and a maximum of 75% of the marks available. The Taxation questions will account for a minimum of 25% and a maximum of 30% of the marks available. The Taxation questions will, in general terms, be based on some elements of UK taxation.
Example Candidate Response Booklet
Example Candidate Response (ECR) Booklets are a source of crucial information for Centres and Candidates as they use real candidate responses. We ask Senior Examiners to comment on five or more responses in terms of why the mark was awarded with commentary about how to improve the answer (if necessary).
