Students are required to:
1. Identify and distinguish between tests of controls, substantive tests of transactions and substantive tests of balances.
2. Identify and understand when the auditor will undertake substantive audit procedures in response to specific assessed risks of material
3. Understand how assertions relate to account balances
4. Understand how to select the most efficient and effective combination of audit procedures that allows them to achieve the audit objective
The following Unit Learning Outcomes are applicable:
1. Demonstrate a thorough understanding of the reporting requirements of auditing standards relating to auditors’ reports.
2. Explain how the audit planning process directs the auditor to obtain adequate evidence to support audit findings and address the importance of materiality in an audit;
3. Explain the process of audit planning to determine risk assessments and an overall audit strategy;
4. Explain the auditors’ obligations with regards to understanding the client’s business and internal controls, and assessing business risks.
5. Achieve a high level of competence in applying prescribed auditing techniques in gathering evidence to satisfy audit assertions.
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