ACCA: AA (F8) - Audit and assurance from Udemy

This targeted course is designed to cultivate knowledge and understanding of the assurance engagement process within the context of the professional regulatory framework. Upon successful completion of this paper, candidates will be equipped to:

A. Conceptual Clarity: Articulate a comprehensive understanding of audit and assurance concepts, elucidating the functions of audit and corporate governance, with a specific focus on ethics and professional conduct. Distinguish between the scopes of internal and external audit functions.

B. Engagement Lifecycle: Demonstrate proficiency in the auditor's engagement lifecycle, encompassing the acceptance of audit engagements, obtaining an understanding of the entity and its environment, assessing the risk of material misstatement (whether arising from fraud or other irregularities), and meticulous planning of financial statement audits.

C. Internal Control Evaluation: Describe and critically evaluate internal controls, techniques, and audit tests, including those related to IT systems. Identify and communicate control risks and their potential consequences, offering pertinent recommendations for enhancement.

D. Application of Standards: Identify and describe the work and evidence essential for meeting the objectives of audit engagements, aligning with the application of International Standards on Auditing (ISAs). This includes a comprehensive understanding of the audit process and the role of various stakeholders.

E. Subsequent Events and Going Concern Principle: Explain the significance of considering subsequent events and the going concern principle in informing conclusions drawn from audit work. Illustrate how these considerations are reflected in different types of auditor’s reports, written representations, and the final review and report.

This course is strategically designed to provide candidates with a holistic understanding of the assurance engagement process, from conceptual frameworks to practical applications. By integrating theoretical knowledge with real-world scenarios, candidates will emerge well-prepared to navigate the complex landscape of audit and assurance engagements within the framework of international standards and professional regulatory requirements.

What's inside

Learning objectives

Understand a basic understanding of the audit environment.
Understand how to conduct an external audit through various audit procedures.

Understand the audit cycles from planning, execution and audit reports.
Understand internal control and how to implement them.

Understand a basic understanding of the audit environment.
Understand how to conduct an external audit through various audit procedures.
Understand the audit cycles from planning, execution and audit reports.
Understand internal control and how to implement them.

Syllabus

Introduction

Audit and other assurance engagements

Statutory audit and regulation

Corporate governance

Ethics

Internal audit

Risk assessment

Audit planning and documentation

Introduction to audit evidence

Internal control

Tests of control

Audit procedures and sampling

Non-current assets

Inventory

Receivables

Cash and bank

Liabilities, capital and directors' emoluments

Not-for-profit organisations

Review and reporting

Reports

20 Question quiz

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Comprehensive course covers all aspects of assurance and financial reporting

Strong focus on International Standards on Auditing (ISAs), ensuring relevance to industry standards

Teaches practical skills such as risk assessment, audit planning, and fraud detection

Useful for both beginners seeking a foundation in auditing and experienced professionals looking to enhance their knowledge

Includes interactive materials and real-world case studies to enhance practical understanding

Designed for individuals seeking to advance their careers in accounting, auditing, or financial management

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in ACCA: AA (F8) - Audit and assurance with these activities:

Identify mentors in the audit profession

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Seek guidance and support from experienced professionals by identifying mentors who can provide valuable insights, advice, and industry connections.

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Network with professionals in the auditing field attending workshops, industry events, and online forums
Research potential mentors and reach out to individuals whose experience and expertise align with your career goals

Review the concepts of audit and assurance

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Review foundational audit and assurance principles to strengthen your understanding of the course material.

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Read the course syllabus and outline
Review your notes or textbooks from previous accounting courses covering audit and assurance
Take practice quizzes or solve sample problems related to audit and assurance concepts

Watch video tutorials on internal control evaluation

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Enhance your understanding of internal control evaluation by watching video tutorials, providing visual and expert guidance on the subject.

Browse courses on Internal Control

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Search for video tutorials on internal control evaluation
Choose reputable sources and experienced instructors
Take notes on key concepts and techniques
Review the tutorials multiple times for better retention

Five other activities

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Solve mock audit scenarios

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Sharpen your problem-solving skills by practicing mock audit scenarios, enabling you to apply course concepts in practical situations.

Browse courses on Audit Planning

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Identify the key audit objectives and risks
Develop an audit plan to address the identified risks
Perform audit procedures to gather evidence
Evaluate the evidence and draw conclusions
Prepare an audit report based on your findings

Discuss audit case studies with classmates

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Engage in peer discussions to analyze and interpret real-world audit scenarios, enriching your understanding through diverse perspectives and collaborative problem-solving.

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Select an audit case study provided by the instructor or choose one from a reputable source
Prepare in advance by reviewing the case study materials
Meet with a group of classmates to discuss the case study
Brainstorm and share insights on key audit issues and challenges
Develop recommendations and conclusions based on the group discussion

Create a flowchart of the audit process

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Visualize and grasp the interconnected steps of the audit process by creating a flowchart, solidifying your understanding of the overall structure and flow of an audit.

Browse courses on Planning

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Identify the main stages of the audit process
Determine the key activities and milestones within each stage
Map out the logical flow and relationships between the stages
Use symbols and annotations to enhance clarity and understanding
Review and refine the flowchart for accuracy and completeness

Attend workshops on International Standards on Auditing (ISAs)

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Advance your knowledge of International Standards on Auditing by attending workshops, gaining insights from industry experts and staying updated on the latest developments in auditing practices.

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Research and identify relevant workshops offered by professional organizations or training providers
Register and attend the selected workshops
Actively participate in discussions and take notes on key takeaways
Connect with other professionals and exchange knowledge

Conduct a mock audit of a small organization

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Apply your acquired knowledge and skills by conducting a mock audit of a small organization, providing you with hands-on experience in the entire audit process.

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Identify a suitable small organization willing to participate in a mock audit
Plan and scope the audit based on the organization's size and industry
Perform risk assessment procedures
Design and execute audit procedures to gather evidence
Evaluate the evidence, draw conclusions, and prepare an audit report

Career center

Learners who complete ACCA: AA (F8) - Audit and assurance will develop knowledge and skills that may be useful to these careers:

Forensic Accountant

A Forensic Accountant investigates financial information to uncover fraud, embezzlement, and other irregularities in accounting records. The course's emphasis on internal control, audit procedures, risk assessment, and financial statement audits would provide a strong foundation for understanding how to detect and prevent financial irregularities in a role as a Forensic Accountant.

See salaries and explore the career path for Forensic Accountant

Internal Audit Manager

An Internal Audit Manager oversees the internal audit function of an organization. The course's focus on internal control evaluation, risk assessment, and audit planning would provide a solid understanding of how to manage and improve internal audit processes in the role of an Internal Audit Manager.

See salaries and explore the career path for Internal Audit Manager

Auditor

An Auditor conducts audits of accounting data, accounting reports, and financial information to ensure accuracy. They specialize in executing audit procedures, and have a deep understanding of various audit cycles. This course's focus on audit and assurance engagements, including statutory audit, regulation, risk assessment, and audit planning and documentation, would help build a foundation for performing auditing activities successfully in a career as an Auditor.

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Internal Auditor

An Internal Auditor evaluates the effectiveness of internal controls within an organization. This course's focus on internal control evaluation, techniques, and audit tests, as well as risk assessment and audit planning, would provide a solid understanding of how to assess and improve internal controls in the role of an Internal Auditor.

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Auditor Manager

An Auditor Manager supervises and manages auditors, and is responsible for the quality of audit work. The course's focus on audit and assurance engagements, including risk assessment, audit planning, and internal control evaluation, would provide a solid foundation for understanding the management of audit teams and audit processes in a role as an Auditor Manager.

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Auditor Senior Associate

An Auditor Senior Associate performs various audit procedures and assists in the planning and execution of audits. The course's focus on audit and assurance engagements, including audit procedures, risk assessment, and audit planning, would provide a strong foundation for performing auditing activities effectively in a role as an Auditor Senior Associate.

See salaries and explore the career path for Auditor Senior Associate

Compliance Officer

A Compliance Officer ensures that an organization complies with relevant laws and regulations. The course's focus on statutory audit, regulation, and corporate governance would provide a foundation for understanding the regulatory landscape and compliance requirements in a role as a Compliance Officer.

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Corporate Controller

A Corporate Controller is responsible for the accounting and financial reporting of an organization. The course's focus on financial statement audits, internal control evaluation, and corporate governance would provide a strong foundation for understanding the accounting and financial reporting requirements of organizations in a role as a Corporate Controller.

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Financial Reporting Manager

A Financial Reporting Manager oversees the financial reporting process of an organization. The course's focus on financial statement audits, corporate governance, and reporting would provide a foundation for understanding the financial reporting requirements and processes of organizations in the role of a Financial Reporting Manager.

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Risk Manager

A Risk Manager identifies, assesses, and manages risks within an organization. The course's focus on risk assessment, internal control evaluation, and audit planning would help one entering a career as a Risk Manager to gain an understanding of how to evaluate and mitigate risks effectively.

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Accountant

An Accountant prepares and maintains financial records, and provides financial advice. The course's focus on financial statement audits, internal control evaluation, and audit procedures would provide a strong foundation for understanding financial accounting and auditing principles in a role as an Accountant.

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Chief Financial Officer

A Chief Financial Officer (CFO) is responsible for managing the financial resources of an organization. The course's focus on financial statement audits, internal control evaluation, and corporate governance would provide a foundation for understanding the financial management of organizations and the role of the CFO.

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Financial Analyst

A Financial Analyst researches and analyzes financial data to make recommendations to clients for investment purposes. The course's emphasis on audit and assurance engagements, including financial statement audits, would help build a foundation for understanding the financial health of companies in preparation for a career as a Financial Analyst.

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Not-for-Profit Manager

A Not-for-Profit Manager oversees the financial and operational aspects of a non-profit organization. The course's focus on not-for-profit organizations, including audit considerations and reporting, would provide a foundation for understanding the financial management and reporting requirements of non-profit organizations.

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Consultant

A Consultant provides advice to clients on a range of business issues. This course's focus on audit and assurance engagements, including risk assessment, internal control evaluation, and financial statement audits, would provide a foundation for understanding how to evaluate and improve business processes in a role as a Consultant.

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