Identify and distinguish between tests of controls, substantive tests of transactions and…

1.1- Identify and distinguish between tests of controls, substantive tests of

transactions and substantive tests of balances.

1.2- Identify and understand when the auditor will undertake substantive

audit procedures in response to specific assessed risks of material

misstatement.

1.3- Understand how assertions relate to accountbalances

1.4- Understand how to select the most efficient and effective combination of

audit procedures that allows them to achieve the audit objective

1.5– Active participation in an “audit team context” with professional

group discussions

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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