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CPA P1 Auditing Teaching Plan (Online)
Colm Foley B.Comm, FCA, Msc. Accounting
1
Topic No.
Lecture Date Recorded
Chapter Ref
Syllabus Topic Details A Questions in Class Questions for Homework
Intro 1 - Exam Day
Techniques
Intro 1 - Syllabus
Topic 1 1 1. The Auditor
and the Audit
Environment
Introduction to
Auditing and the
Office of the Auditor
Topic 2 1 1. The Auditor
and the Audit
Environment
DIFFERENT TYPES
OF
ENGAGEMENTS
AND LEVEL OF
ASSURANCE
PROVIDED
Topic 3 1 1. The Auditor
and the Audit
Environment
Regulation of
Auditing and Other
Matters
Topic 4 1 1. The Auditor
and the Audit
Environment
Corporate
Governance
Topic 5 2 2. Auditor’s
Legal, Ethical
and Professional
Professional Ethics Paul, Chris &
Ali – In
Class
Homework 1:Q2
Question Bank – Currant
& Co Part (b) only
CPA P1 Auditing Teaching Plan (Online)
Colm Foley B.Comm, FCA, Msc. Accounting
2
Responsibilities Exercise
Q7 (a) April
2014 (Ethics)
Q7 April
2013 (Ethics)
Topic 6 2 2. Auditor’s
Legal, Ethical
and Professional
Responsibilities
Legal Framework
Topic 7 2 2. Auditor’s
Legal, Ethical
and Professional
Responsibilities
Audit Committee
Topic 8 2 1. The Auditor
and the Audit
Environment
Internal Audit
Q4 (A) (I) (B) 4/14 -
Internal Audit
Q7 April 2011 –
Internal Audit –
Topic 9 2 1. The Auditor
and the Audit
Environment
Outsourcing Internal
Audit
Topic 10 3 2. Auditor’s
Legal, Ethical
and Professional
Responsibilities
Fraud/Laws and
Regulations
Topic 11 3 2. Auditor’s
Legal, Ethical
Pre Appointment
Procedures : Letter of
- Q 4 (a) 4/11 (ISA
210) –
CPA P1 Auditing Teaching Plan (Online)
Colm Foley B.Comm, FCA, Msc. Accounting
3
and Professional
Responsibilities
Engagement
Topic 12 3 3. Audit Planning
and Supervision
Planning the Audit (Smoothbrush – Question is in the Notes) Part (a) and (b) – Audit Planning
- Q 3 (a) April 2013
(Planning/) –
Homework 2:ACCA F8 Q3 June 2014 (a) –
Topic 13 3 3. Audit Planning
and Supervision
Audit Risk Norbert
Topic 14 3 3. Audit Planning
and Supervision
Audit Supervision
and Review – Quality
Control
Topic 15 4 3. Audit Planning
and Supervision
Audit Documentation
Topic 16 4 3. Audit Planning
and Supervision
Materiality Q6 April 2013
(Planning/
Materiality)
- Q2 Aug 2011
(Materiality)
Topic 17 4 3. Audit Planning
and Supervision
Analytical Procedures Q5 4/11 (a/b) –
(Analytical
Procedures) –
Homework 3: Zak Ltd F8 June 08 Part (a) and (b)
Topic 18 4 3. Audit Planning Tests of Control v Question
CPA P1 Auditing Teaching Plan (Online)
Colm Foley B.Comm, FCA, Msc. Accounting
4
and Supervision Substantive Tests Contained in Notes
Topic 19 5 3. Audit Planning
and Supervision
Financial Statement Assertions
Topic 20 5 3. Audit Planning
and Supervision
Audit Evidence (ISA 500)
Topic 21 5 3. Audit Planning
and Supervision
Reliance on 3rd Parties
Topic 22 5 3. Audit Planning
and Supervision Audit And Review of
Accounting
Estimates (ISA)
Topic 23 6 4. Audit
Execution:
Internal Control ,
Assessing
Control Risk, and
Tests of Control
Introduction to Internal Control Systems
Topic 24 6 4. Audit
Execution:
Internal Control ,
Assessing
Control Risk, and
Tests of Control
ESTABLISHING/U
NDERSTANDING &
DOCUMENTING &
ASSESSING THE
INTERNAL
CONTROL SYSTEM
Topic 25 6 4. Audit
Execution:
Internal Control ,
Assessing
Limitations Of
Internal Control
Systems In
Context Of Fraud
CPA P1 Auditing Teaching Plan (Online)
Colm Foley B.Comm, FCA, Msc. Accounting
5
Control Risk, and
Tests of Control And Error.
Topic 26 6 4. Audit
Execution:
Internal Control ,
Assessing
Control Risk, and
Tests of Control
Internal Control - Sales Cycle Overview - Weakness, Impact (REC), Recommendation (SOAP SPAM) and Test of Control
Q1 April 2015 (Sales System)
Homework 4: Hummingbird – F8 December 2014 ; Section B; Q5 – Sales Internal Control
Topic 27 6 4. Audit
Execution:
Internal Control ,
Assessing
Control Risk, and
Tests of Control
Internal Control – Purchases Cycle
Q5 April 2014 (Purchases System)
Homework 4: Q2 (A) and (b) Aug 2014 – Purchases System
Topic 28 6 4. Audit
Execution:
Internal Control ,
Assessing
Control Risk, and
Tests of Control
Internal Control – Capital Expenditure
Q1 (a) April 2014 - Capital Expenditure System
Homework 4: Q1 August 2013 – Capital Expenditure
Topic 29 7 4. Audit
Execution:
Internal Control ,
Assessing
Control Risk, and
Tests of Control
Internal Control - Payroll
- Q1 August 2012 (a) & (b) - (Payroll System) –
Homework 5: “Chuck Industries” - Q1 (A) ACCA F8 Dec 2011
Topic 30 7 4. Audit Internal Control – Q9 Question Bank (c) –
CPA P1 Auditing Teaching Plan (Online)
Colm Foley B.Comm, FCA, Msc. Accounting
6
Execution:
Internal Control ,
Assessing
Control Risk, and
Tests of Control
Inventory Cycle Inventory System –Smoothbrush
Q3 (D) Aug 2014
Topic 31 7 4. Audit
Execution:
Internal Control ,
Assessing
Control Risk, and
Tests of Control
Internal Control – Cash Cycle
Q 17 (b) Question Bank – “Shiny Happy Windows” - Cash System –
Topic 32 7 6. Audit
Execution: Other
Considerations
Audit Sampling (ISA 530)
Q3 April 2013 © and (d) Q5 Aug 2011 (b,)
Homework 5: Q2 Aug 2012 (Sampling) –
Topic 33 8 7. Audit
Execution:
Computer
Information
Systems (CIS)
Auditing
CATTS
Q5 (c) April 2012
(CAATS) –
Q3 (A, B) Aug 2014 -
Q6 August 2012 –
Topic 34 8 5. Audit
Execution:
Financial
Statement Items
Substantive
Procedures
Substantive Procedures for Inventory
Q4 April 2012 Q1 Aug 2011
Homework 6: Q2 April 2014 (Inventory)
Topic 35 9 5. Audit - Substantive - Q1 April 2013
CPA P1 Auditing Teaching Plan (Online)
Colm Foley B.Comm, FCA, Msc. Accounting
7
Execution:
Financial
Statement Items
Substantive
Procedures
Procedures: Non Current Assets
Topic 36 9 5. Audit
Execution:
Financial
Statement Items
Substantive
Procedures
- Substantive Procedures : Receivables, Prepayments, Sundry Debtors –
- Q7 (B) August 2014
– Receivables Circularisation
- Q5 April 2013
(Prepayments and ISA 230) –
- Homework 7: Q14 Question Bank – Seeley Ltd – Part c,d
Topic 37 9 5. Audit
Execution:
Financial
Statement Items
Substantive
Procedures
- Substantive Procedures : Bank & Cash Balances
Homework 7: Q3 Aug 2013 -
Topic 38 9 - Practice Note 25
MOCK EXAM
10 MOCK EXAM
Topic 39 11 5. Audit
Execution:
Substantive Procedures :
Q2 April 2011
CPA P1 Auditing Teaching Plan (Online)
Colm Foley B.Comm, FCA, Msc. Accounting
8
Financial
Statement Items
Substantive
Procedures
Payables, Accruals, Provisions
Topic 40 11 5. Audit
Execution:
Financial
Statement Items
Substantive
Procedures
Substantive Procedures : Investments & Market Securities
Topic 41 11 5. Audit
Execution:
Financial
Statement Items
Substantive
Procedures
Substantive Procedures : Debenture Loans & Bank Borrowings
Q6 (B) (iii) August 2015
Topic 42 11 5. Audit
Execution:
Financial
Statement Items
Substantive
Procedures
Substantive Procedures : Capital & Reserves, Equity
Topic 43 11 5. Audit
Execution:
Financial
Statement Items
Substantive
Procedures
Substantive Procedures : Revenues & Expenses
Substantive
Procedures : Sales/Purchases
Q5 (B) April 2014 – Purchases Expenses
CPA P1 Auditing Teaching Plan (Online)
Colm Foley B.Comm, FCA, Msc. Accounting
9
Topic 44 11 5. Audit
Execution:
Financial
Statement Items
Substantive
Procedures
Substantive Procedures : Wages & Salaries
Q3 4/14 (b) Payroll–
Topic 45 11 5. Audit
Execution:
Financial
Statement Items
Substantive
Procedures
Substantive Procedures : Other SOCI Items
Topic 46 12 6. Audit
Execution: Other
Considerations
ISA 570 – Audit of Going Concern -
Q6 8/11 – Going Concern
Topic 47 12 6. Audit
Execution: Other
Considerations
ISA 560 – Subsequent Events Review
Q4 April 2013 – ISA 560
Topic 48 12 6. Audit
Execution: Other
Considerations
ISA 580 – Written Representations -
Q5 August 2013 – ISA 580 Written Representations
Topic 49 12 6. Audit
Execution: Other
Considerations
Sundry Items – Overall Review Stage - ISA 450
Topic 50 12 8. Audit
Reporting
Audit Reporting (ISA 700, 705, 706, 710,)
Q3 8/11 :Audit Reporting….
CPA P1 Auditing Teaching Plan (Online)
Colm Foley B.Comm, FCA, Msc. Accounting
10
ISA 720
Friday Night - Revision
Ethics - Audit Planning
Q1 August 2014 Ethics - Q3 August (A) & (B) 2012 –
F8 Q3 Dec 2012 (b) Audit Planning F8 Q3 June 2011 – Audit Planning - Audit Planning - F8
Q3 Dec 2012 (b)
Saturday - Revision
- Internal Control Questions -
Mention Control Objectives for Internal Control Systems/ Control Activites and Tests of Control
- Do Q2 August 2014 (Purchases Internal Control)
- - Q5 April 2014 –
Good Question (Purchases System
CPA P1 Auditing Teaching Plan (Online)
Colm Foley B.Comm, FCA, Msc. Accounting
11
Internal Control – Inventory
- Q4 (a) (b) Question Bank (Sales System)
: ACCA F8 Q1 (a) and (c) June 2011 - Sales System Question – n.b – Excellent Question. - Q1 Aug 2010 –
Read with Class
CPA P1 Auditing Teaching Plan (Online)
Colm Foley B.Comm, FCA, Msc. Accounting
12
Internal Control – Payroll Internal Control for a Non Current Asset System –Q1 Aug 2013 Internal Control - Bank Issue Overnight Question!!F8 June 2015 - Q5
Q1 April 2011 Internal Control Bank - Q4 (A) August 2011 – Read with Class
Sunday - Revision
- Solution to Overnight Question - F8 June 2015 - Q5
CPA P1 Auditing Teaching Plan (Online)
Colm Foley B.Comm, FCA, Msc. Accounting
13
Substantive Substantive Payables/Purchases Substantive on Inventory, Substantive on Receivables,
- Q5 (b) April 2014 –;
Q2 (C) April 2011 - Refer Class to Q2
April 14 ; Q3(D Aug 14 –; Q7 (C Aug 14 –
- Q5 April 2013 (Q4
(b) (ii) F8 Dec 2012
CPA P1 Auditing Teaching Plan (Online)
Colm Foley B.Comm, FCA, Msc. Accounting
14
Substantive Bank & Cash (Read) Substantive TNCA (Read) Substantive Payroll: Refer class to Substantive Topic Tracker for Other Subs. Items
- Q6 Aug 2014 - Q1 (b) April 2014
Q1 April 2013 Substantive Payroll: Q4
(B) August 2013 –
CPA P1 Auditing Teaching Plan (Online)
Colm Foley B.Comm, FCA, Msc. Accounting
15
- Overall Review Stage
Audit Reporting Stage
Q6 April 2014 – Going Concern – Q7 (a) August 2014 – Written Representations - Refer class to Q7
April 2012 Reporting (“Matters for Attention of Partner”)
Q2 Aug 2013 (c) only – refer to cpa solution for (a) and (b) (Reporting) Revision : Reporting - Q3 4/11 – Audit Reporting
CPA P1 Auditing Teaching Plan (Online)
Colm Foley B.Comm, FCA, Msc. Accounting
16
Other Revision Items - Materiality Article
(P1 Article) – - Long Association
Article (P2 Article)
- Audit Risk &
Business Risk Article (P2 Examiner)
- July 2014 – P1
Examiner – Internal Control Article –
- - External
Confirmations Article –
- - Dec 2015 – Accty
- Q5 (c) F8 June
2011 (Reporting)
CPA P1 Auditing Teaching Plan (Online)
Colm Foley B.Comm, FCA, Msc. Accounting
17
Plus - Audit Planning Article –
- Risk Based
Auditing Approach Article
- Exam Day
Techniques
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