AA

ACCA AA Audit and Assurance

ACCA Audit and Assurance (AA)

AA ACCA Syllabus

How to Pass ACCA AA

Books & Revision Kits

Topic-wise Notes


Audit:

First of all the basic means of Audit is investigations.

Another way in accounts, this word being used Audit for the examination of Financial Statements prepared by entities annually.

  • Balance sheet
  • Statement of profit and loss
  • Income statement
  • Statement of changes in equity
  • Statement of cash flow

Likewise, ACCA AA (F8) is a theoretical paper Probably consists of 90% theory and 10% calculations.

In theory, examiner test the concepts of students by giving a situation, and students need the resolve that situation in different ways in different questions, like Analytical procedures, Test of controls, internal controls

Also in other parts of the parts consist of calculations, Calculations of this part probably from IAS-IFRS, like if examiner explains the situation by referring IFRS-16 then you should be attentive there is something wrong in the calculation of IFRS 16 which examiner wants you to correct this problem,

Furthermore, like assets are recorded correctly, Disposals are calculated in the right way, Depreciation treatments accounting according to the IFRS 16,

Similarly with other accounting standers.

The main motive of ACCA AA paper

Is to develop basic understanding and knowledge of the audit process to give an assurance engagement to a Clint by following the Professional Regulatory Framework

However, to pass AA you need to:

  • Concepts regarding the audit and assurance
  • what is procedures of an audit, how an auditor perform his audit assignments
  • Understand and evaluation of internal controls to assess the risk factors

AA Video Lectures

AA Pass Rate

Dec 2017Jun 2018Dec 2018Jun 2018Dec 2019
40%40%38%39%38%

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Previously Known as F8

Audit and Assurance Video Lectures

ACCA AA Video Lectures

Audit and Assurance Video Lectures

Previously know as F8

Here are AA Audit and Assurance Video lectures, held by ACCA. for exam preparation within a few days with these short lectures,

The best preparation for tomorrow is doing your best today.

This is one-week revision classes, at the end of day 6, hopefully, you will be able to pass your exam of Audit & Assurance,

How ever practice makes perfect, try to practice past exam questions as much as you can.

There is no shortcut to success, so don’t be trying to guess the exam questions, every single topic is important and you should prepare every topic its necessary

Day 1

Day 2

Day 3

Day 4

Day 5

Day 6

it’s all, now best of luck for your ACCA exam of Audit and Assurance.

Exam rule is:

  • Don’t be panic at all
  • Do your best
  • Don’t leave any question unanswered

As well also prepare straight forward knowledge too. because in the audit exam there are many areas that examiner test straightforwardly and purely knowledge-based. so those can be rote learning. for for you can check our Audit and Assurance exam tips

Substantive procedures are a major area of the Audit and Assurance course, so you need to learn substantive procedures very defectively.

Let us sacrifice our today so that our children can have a better tomorrow

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Threats to Auditor Independence

threats for auditor

International Code of Ethics for Professional Accountants ACCA AA & AAA

Conceptual Framework

Conceptual Framework
Conceptual Framework

What is Auditor Independence? & Threats to Auditor Independence

Auditors are expected to provide an unbiased opinion on the work that they have performed. An auditor who has lacks of independence or has Threats to Auditor Independence, his audit report useless to those who rely on it.

For example, consider yourself a potential shareholder in XYZ Company. If you know that the auditor for XYZ Company keeps a personal relationship with the CEO of the company, would you trust that the audited work is a fair representation of the company’s financial standing? How can you be certain that the auditor and CEO did not influence issues a favorable audit report? so must ensure that Auditor no have Threats to Auditor Independence

Read moreThreats to Auditor Independence

True and Fair presentation

True and Fair presentation

True and Fair presentation Definition

Financial statements are produced by the Board of directors which give a true and fair view of the entity’s results. The auditor in reviewing these financial statements gives an opinion on the truth and fairness of them. Although there is no definition in the International Standards on Auditing of true and fair it is generally considered the meaning of

True and Fair presentation as following

True – Information is based on facts and conforms with reality in that there are no factual errors. In addition, it is assumed that to be true it must comply with accounting standards and any relevant legislation. True includes data that is correctly transferred from accounting records to the financial statements.

Fair – Information is impartial, clear and unbiased, and representing the commercial substance of the transactions of the entity.

Board of directors = The person who is responsible for overviewing the strategic direction of the entity and obligations related to the accountability of the entity. This includes overviewing the financial reporting process.

Management – The persons with executive responsibility for the conduct of the companies operations. In some cases, all of those charged with governance are involved in managing the company, Example, a small business (sole trader) where a single owner manages the entity and no one else has a governance role

Engagement partner – The partner in the firm who is responsible for the audit engagement and its performance (who is authorized to sign the audit report), and for the auditor’s report that is issued on behalf of the firm and who has the authority from a professional, legal or regulatory body.

Professional judgment – The application of audit training, experience and knowledge, within the context provided by the client, accounting and principles of ethical standards, in making decisions on the base of information about the courses of action that are appropriate in the circumstances of the audit engagement.

Professional skepticism – An attitude that includes a questioning mind, being alert to conditions which can indicate possible misstatement due to error or fraud, and a critical assessment of audit evidence. Professional skepticism includes being alert to, for example:

• Audit evidence that conflicts with other audit evidence obtained by the auditor.

• The questionable information brings the reliability of documents and responses to inquiries to be used as audit evidence.

• Conditions that may indicate possible fraud.

• Circumstances that suggest the need for audit procedures required by the ISAs.

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