f8 audit and assurance int study text bpp

[...]... statutory audits and the audit opinion A2 2 Appointment, removal and resignation of auditors A2 3 Regulation of auditors A2 4 International Standards on Auditing A3 Introduction This chapter describes the aims and objectives of the statutory audit and the regulatory environment within which it takes place The regulatory framework for auditors discussed in this chapter and the regulation of auditors... Covered in Text chapter June 2009 Dec 2008 June 2008 Dec 2007 Pilot Paper 2a 2a, 3a 3a 4b, c AUDIT FRAMEWORK AND REGULATION 1 Audit and other assurance engagements 5d 2 Statutory audit and regulation 3 Corporate governance 4b 4 Professional ethics 5b 3a 4a 3b 3, 5b 4 2b 3b, c INTERNAL AUDIT 5 Internal audit 4 PLANNING AND RISK ASSESSMENT 6 Risk assessment 7 Audit planning and documentation 1a 8 Introduction... 5 4b, c REVIEW 18 Audit review and finalisation 5a 5 2b, 5 REPORTING 19 Reports 2c Introduction xi xii Introduction P A R T A Audit framework and regulation 1 2 Audit and other assurance engagements Topic list Syllabus reference 1 The purpose of external audit engagements A1 2 Accountability, stewardship and agency A1 3 Types of assurance services 4 Assurance and reports A1 A1, A2 Introduction In the... given a level of assurance as to the quality of the information in the accounts The degrees of assurance provided by external audits and other engagements are discussed in Section 4 The remainder of the Study Text builds on the themes introduced in this chapter 3 Study guide Intellectual level A1 The concept of audit and other assurance engagements (a) Identify and describe the objective and general principles... of the appointment, removal and resignation of auditors It ends with an examination of International Standards on Auditing which auditors must comply with when carrying out an external audit 17 Study guide Intellectual level A2 Statutory audits (a) Describe the regulatory environment within which statutory audits take place 1 (b) Discuss the reasons and mechanisms for the regulation of auditors 2 (c)... corporate governance (a) Explain the development and status of International Standards on Auditing 1 (b) Explain the relationship between International Standards on Auditing and national standards 1 Exam guide An understanding of the overall regulatory regime is essential to an understanding of external audit and could be examined as part of a longer question on audit planning or in conjunction with a question... have an auditor (as exempt), at any time before the next period for appointing auditors To fill a casual vacancy (c) Members Can appoint auditor by ordinary resolution: (a) During a period for appointing auditors (b) (c) Secretary of State If company should have appointed auditor during a period for appointing auditors but failed to do so If directors failed to do so Can appoint auditors if no auditors... professional accountants reviewing the accounts and system as part of the audit Advantages might include recommendations being made in relation to accounting and control systems and the possibility that auditors might detect fraud and error 4 1: Audit and other assurance engagements Part A Audit framework and regulation Non-statutory audits are performed by independent auditors because the company’s owners,... USA and influenced such issues worldwide The above events illustrate the importance of auditing and other assurance engagements to companies We will go on to demonstrate this below Part A Audit framework and regulation 1: Audit and other assurance engagements 5 2.2 Accountability and stewardship The key reason for having an audit or review can be seen by working through the following case study Case Study. .. information or explanation required by the auditor and Is misleading, false or deceptive in a material particular 2 Appointment, removal and resignation of auditors FAST FORWARD There are various legal and professional requirements on appointment, resignation and removal of auditors which must be followed 2.1 Appointment The auditors should be appointed by and therefore answerable to the shareholders . 1: Audit and other assurance engagements ~ Part A Audit framework and regulation Study guide Intellectual level A1 The concept of audit and other assurance. Accountability, stewardship and agency A1 3 Types of assurance services A1 4 Assurance and reports A1, A2 Audit and other assurance engagements Introduction In