Key Concepts::
The concept, process and need for assurance: Concept of assurance- Why need assurance reports- Which parties are benefited from an assurance report- Functions and responsibilities of an assurance engagement- Parties involved in an assurance report – The purposes and characteristics of assurance- Define the assurance process- Obtaining the engagement- Engagement acceptance- Planning the engagement- Obtaining evidence- evaluation of results of assurance work- concluding and reporting on the engagement- Perform assurance engagements with professional skepticism- the concept of reasonable assurance- expectation gap.
Internal controls: Concept of internal control- reasons behind effective internal control- principles of internal control- needs for effective control systems- components of internal control- preventative and detective controls- different types of internal control- internal controls risk- limitations of internal control.
Gathering evidence on an assurance engagement: reasons for keeping documentation- different methods of obtaining audit evidence- tests of control- substantive test procedures- different types of assurance evidence- quantity and quality of audit evidence- sufficient and appropriate level of audit evidence-.
Professional ethics: role of ethical codes- importance of codes of ethics- rules based ethical code- principles based ethical code- features of the professional ethics- fundamental principles underlying the IFAC- integrity and objectivity to professional accountants- accidental disclosure of information.
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