Description

A candidate who passes this CPA paper should be able to:

• Describe the nature and purpose of auditing
• Describe the regulatory framework governing the external audit of financial statements, including an understanding of International Standards of Auditing where appropriate and Professional Ethics and codes of conduct
• Describe the rights, duties and professional obligations of an auditor
• Explain the process of planning an audit and the necessity for an appropriate audit programme taking into account audit evidence and audit risk (excluding group accounts)
• Explain the risk based approach to audit of limited companies; describe the audit evidence required in specified situations
• Describe the audit work required at the final review and report stage of an audit
• Explain the role of internal audit.