zica manual - syllabus

7/30/2019 ZICA Manual - Syllabus

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INTRODUCTION

Contents

Page

Syllabus

Part A Framework

1 Audit and assurance services 3

2 Rules of professional conduct 23

3 Changes in professional appointment 39

4 Professional responsibility and liability 615 Practice management 85

6 Regulatory environment 101

Part B Process

7 Audit planning 1298 Audit evidence 155

9 Audit evaluation and review 185

10 Internal control and evaluation of control risk 22511 Audit of financial statements 261

Part C Other service

12 Internal audit and other assurance engagements 29313 Environmental issues 341

Part D Reporting

14 Reports 351

Exam question bank

Exam answer bank

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Advanced Stage

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SYLLABUS

Purpose:

This paper covers the fundamental principles and concepts of auditing of financial

statements. Students are required to have a good knowledge of the legal and professionalframework governing the proper conduct of an audit. In addition, they are expected to

have a thorough knowledge of the audit process of evidence accumulation and reporting.This process would ordinarily include planning, assessment of risk and materiality,

performance of tests of control and substantive procedures and the final issuance of an

auditors report. The paper will also ensure that candidates can exercise judgement and

apply techniques in the analysis of matters relating to the provision of audit and assuranceservices, and can evaluate and comment on current practices and comments.

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INTRODUCTION

This paper also covers the principles and procedures relating to other assurance

engagements, which include internal audit and other work where opinion is provided tointerested parties who have participated in setting the scope of the engagement.

General Learning Objectives:

On completion of this paper, the student should be able to:

Demonstrate ability to carry out Audit services as required under the CompaniesAct and Approved International Standards on Auditing.

Undertake procedures of auditing and the provision of other forms of assuranceservices so as to enable them integrate this knowledge with training and work

experience.

Explain and evaluate the Auditors position in relation to the acceptance and

retention of professional appointment.

Evaluate and recommend quality control policies and procedures in operations.

Identify and confirm the work required to meet the objectives of AuditAssignment.

Evaluate findings and results of work performed and submit an appropriate Audit

report.

Position of the Paper in the Overall syllabus:Candidates need a thorough understanding of paper 2.4 Auditing, 1.1 FinancialAccounting I and 2.1 Financial Accounting II. Knowledge of Management Information

Systems will be needed considering its impact on assignments.

Paper 3.3 develops further the knowledge gained in paper 2.4 Auditing by extending thebasic awareness of professional codes of ethics and fundamental principles to a detailed

understanding of rules of professional conduct. Practice management as also been

introduced. Procedures involved in planning, conducting and reporting on auditassignments to audit related services and non-audit assignments. Current issues and

developments have also been addressed.

Weights for Exams and Coverage purposes:

Overview of Audit Framework (5%)

Legal and Professional Considerations (10%)

Audit Committee and Functions (5%)

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Audit Planning (10%)

Internal Control and Evaluation of Control Risk (15%)

Performance of Audit (15%)

Internal Audit and Other Assurance Engagements (15%)

Reporting and Communications (15%)

New Developments in Auditing (10%)

LINKAGE OF THE COURSES

Structure of Examination paper:

The Examination paper will be a Three (3) hour paper divided into TWO (2) sections;

section A and section B. Questions in both sections will be almost entirely discursive.However, students may also be required to do some calculations where need arise for

judgement purposes.

Section A: This will be based on case study type scenarios, which address a range of

topics, issues and requirements. It will comprise of TWO (2) COMPULSORY questions

worth TWENTY FIVE (25) marks each.

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1.1 Financial Accounting I

2.1 Financial Accounting II

3.1 Advanced Financial

Accounting and

Reporting

2.4 Auditing

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Section B: In this section, there will be FOUR (4) questions each worth TWENTY

FIVE (25) marks each. Candidates are required to attempt any TWO (2) questions. These

are likely to be set on specific audit topics such as practice management, audit relatedservices, non-audit assignments and new developments in auditing not examinable in

paper 2.4-Advanced auditing. This does not preclude these topics from featuring in

section A. they will have less scenario than in section A.

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zica manual - syllabus

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