CPA P1 Auditing Teaching Plan (Online) Colm Foley B.Comm,...
Transcript of CPA P1 Auditing Teaching Plan (Online) Colm Foley B.Comm,...
CPA P1 Auditing Teaching Plan (Online)
Colm Foley B.Comm, FCA, Msc. Accounting
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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- 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
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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
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Plus - Audit Planning Article –
- Risk Based
Auditing Approach Article
- Exam Day
Techniques