cpa p1 auditing teaching plan (online) colm foley b.comm,...

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


and the Audit

Environment

DIFFERENT TYPES

OF

ENGAGEMENTS

AND LEVEL OF

ASSURANCE

PROVIDED


and the Audit

Environment

Regulation of

Auditing and Other

Matters


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



2

Responsibilities Exercise

Q7 (a) April

2014 (Ethics)

Q7 April

2013 (Ethics)


Legal, Ethical

and Professional

Responsibilities

Legal Framework


Legal, Ethical

and Professional

Responsibilities

Audit Committee


and the Audit

Environment

Internal Audit

Q4 (A) (I) (B) 4/14 -

Internal Audit

Q7 April 2011 –

Internal Audit –


and the Audit

Environment

Outsourcing Internal

Audit


Legal, Ethical

and Professional

Responsibilities

Fraud/Laws and

Regulations


Legal, Ethical

Pre Appointment

Procedures : Letter of

- Q 4 (a) 4/11 (ISA

210) –



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) –


and Supervision

Audit Risk Norbert


and Supervision

Audit Supervision

and Review – Quality

Control


and Supervision

Audit Documentation


and Supervision

Materiality Q6 April 2013

(Planning/

Materiality)

- Q2 Aug 2011

(Materiality)


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



4

and Supervision Substantive Tests Contained in Notes


and Supervision

Financial Statement Assertions


and Supervision

Audit Evidence (ISA 500)


and Supervision

Reliance on 3rd Parties


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



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) –



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



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



8

Financial

Statement Items

Substantive

Procedures

Payables, Accruals, Provisions


Execution:

Financial

Statement Items

Substantive

Procedures

Substantive Procedures : Investments & Market Securities


Execution:

Financial

Statement Items

Substantive

Procedures

Substantive Procedures : Debenture Loans & Bank Borrowings

Q6 (B) (iii) August 2015


Execution:

Financial

Statement Items

Substantive

Procedures

Substantive Procedures : Capital & Reserves, Equity


Execution:

Financial

Statement Items

Substantive

Procedures

Substantive Procedures : Revenues & Expenses

Substantive

Procedures : Sales/Purchases

Q5 (B) April 2014 – Purchases Expenses



9


Execution:

Financial

Statement Items

Substantive

Procedures

Substantive Procedures : Wages & Salaries

Q3 4/14 (b) Payroll–


Execution:

Financial

Statement Items

Substantive

Procedures

Substantive Procedures : Other SOCI Items


Execution: Other

Considerations

ISA 570 – Audit of Going Concern -

Q6 8/11 – Going Concern


Execution: Other

Considerations

ISA 560 – Subsequent Events Review

Q4 April 2013 – ISA 560


Execution: Other

Considerations

ISA 580 – Written Representations -

Q5 August 2013 – ISA 580 Written Representations


Execution: Other

Considerations

Sundry Items – Overall Review Stage - ISA 450


Reporting

Audit Reporting (ISA 700, 705, 706, 710,)

Q3 8/11 :Audit Reporting….



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



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



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



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



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 –



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



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)



17

Plus - Audit Planning Article –

- Risk Based

Auditing Approach Article

- Exam Day

Techniques

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