F8 Presentation December 2013 Abdus Salam Jan FCA, FPFA Topic List - - PowerPoint PPT Presentation
F8 Presentation December 2013 Abdus Salam Jan FCA, FPFA Topic List 1. Introduction to assurance 2. Rules and Regulation 3. Ethics and acceptance 4. Risk 5. Planning 6. Evidence 7. Systems and controls 8. Procedures 9. Completion and review 10.
Abdus Salam Jan – FCA, FPFA
Topic List
Chapter 1. what is assurance?
1.
What is assurance?
2.
Elements of an Assurance engagement
3.
Assurance in the context of a company
4.
The development of Assurance Engagements
5.
Audit Engagements
6.
Types of assurance engagements
Separation of Management from Ownership
Ownership Management
Assurance Services by independent auditor become vital when MANAGEMENT
OWNERSHIP.
What assurance do?
7 Users of financial statements
INVESTORS
CUSTOMERS
SUPPLIERS
LENDERS
EMPLOYEES
PUBLIC
GOVT.
MANAGEMENT
Components of Assurance Engagement Conclusion Practitioner Subject Matter Intended User
Responsible Party
Evidence Criteria
Assurance services - Overview
Types of Assurance
Reasonable
Moderate
Negative Assurance Positive Assurance There are two types of assurance engagement a practitioner is permitted to perform: A reasonable assurance engagement (positive but not absolute) & A limited assurance engagement. (moderate & negative).
Objective of External Audit
Types of Assurance Services
Limitations of an audit
Use of estimation in financial information Evidence is persuasive not conclusive
Inherent limitations of control used as audit evidence Representation from management as only evidence.
Can not review 100% of the transactions
Extras
Fair Presentation & Compliance with IFRSs
Extras