Colm Foley B Comm, ACA, Msc Accounting
P2 Audit Practice & Assurance Services Teaching Plan September to April 2016 (Online)
1
Lecture Topic No.
Chapter Ref Syllabus Topic Details A Questions in Class Questions for Homework
Intro 1 - Exam Day Techniques
Intro 1 - Syllabus Overview
- Examiner
Webinar
August 2014
- - -
1 1
6. Special Audits & Other Assurance Engagements
- Group Audits:
Notes - N.B – Article
2011 – An Approach to Exam Questions on Audit of Groups
- ACCA Article
on Group Audits (and 2011 ACCA Article on Moodle) – Place Both on moodle
- Q1 Aug 2011 Do
full question with class (Group Audits)
- Q5 June 2013 ACCA P7 (Group Audits) – “Poodle”
Colm Foley B Comm, ACA, Msc Accounting
P2 Audit Practice & Assurance Services Teaching Plan September to April 2016 (Online)
2
2 2 Read ISA 540 - - -
2 3 6. Special Audits & Other Assurance Engagements
- Other Types of Historical Financial Assurance Engagements
- - -
2 4 6. Special Audits & Other Assurance Engagements
- Future Oriented Information (Including M13)
- Q1 (d) April 2011 – Accountants Report on Profit Forecasts (M13) –
-
2 5 6. Special Audits & Other Assurance Engagements
- Other Miscellaneous Technical Statements (M9)
- - -
2 6 6. Special Audits & Other Assurance Engagements
- Other Miscellaneous Technical Statements – M21
- - -
2 7 6. Special Audits & Other Assurance Engagements
- Other Miscellaneous Technical Statements – M22
- - -
2 8 6. Special Audits - Other - - -
Colm Foley B Comm, ACA, Msc Accounting
P2 Audit Practice & Assurance Services Teaching Plan September to April 2016 (Online)
3
& Other Assurance Engagements
Miscellaneous Technical Statements – M32
2 9 6. Special Audits & Other Assurance Engagements
- Handout M46 - - -
2 10 - 6. Special Audits & Other Assurance Engagements
- M 47
2 11 - 6. Special Audits & Other Assurance Engagements
- M45 - Grant Claims
3 12 - 6. Special Audits & Other Assurance Engagements
- Standards for Investment Reporting 1000 (Audit of Investment Circular)
3 13 - 6. Special Audits & Other Assurance Engagements
Not for Profit Audits Q3 Aug 07 (As contained in the Notes) – Good Question (Not For Profit Entity/Audit Committee)
Colm Foley B Comm, ACA, Msc Accounting
P2 Audit Practice & Assurance Services Teaching Plan September to April 2016 (Online)
4
3 14 - 6. Special Audits & Other Assurance Engagements
ISA 510 – Initial Audit Engagements (Opening Balances)
3 15 - 6. Special Audits & Other Assurance Engagements
Interim Financial Statements
3 16 - 6. Special Audits & Other Assurance Engagements
Value for Money Audits
3 17 - 6. Special Audits & Other Assurance Engagements
Other Types of Audit
3 18 - 6. Special Audits & Other Assurance Engagements
Practice Statement – Management Commentary December 2010 –
3 19 - Audit of Charities – A301
3 20 - 7. Corporate Governance
UK Corporate Governance Code
Q2 (b) April 2012 (Corporate Governance – –
Colm Foley B Comm, ACA, Msc Accounting
P2 Audit Practice & Assurance Services Teaching Plan September to April 2016 (Online)
5
Q4 F8 Dec 2011 - Corporate Governance–
3 21 - 7. Corporate Governance
Audit Committees - Audit
Committees Article – Oct 2014 - Chartered Magazine
-
3 22 - 7. Corporate Governance
Key Concepts in Governance
3 23 - 7. Corporate Governance
Anti Money Laundering
4 24 - 4. Risk Assessment & Audit Process
Letter of Engagement (ISA 210)
4 25 - 4. Risk Assessment & Audit Process
THE STRATEGIC DESIGN AND PLANNING OF AN AUDIT AND KNOWLEDGE OF THE CLIENTS BUSINESS
4 26 - 4. Risk Assessment &
THE REVIEW OF FINANCIAL
Reference Q1 (B)
August 2014 (Use of
Colm Foley B Comm, ACA, Msc Accounting
P2 Audit Practice & Assurance Services Teaching Plan September to April 2016 (Online)
6
Audit Process STATEMENTS TO INCLUDE ANALYSIS AND CRTICAL ASSESSMENT – Analytical Procedures!
Analytical
Procedures – Audit
Planning) -
4 27 - 4. Risk Assessment & Audit Process
Audit Risk
“Deirdre Kiely
Article –
Accountancy Plus
September 2012”
“John McCarthy
Article –
Accountancy Plus
September 2012”
“John McCarthy
Article” – Planning
an Audit
Assignment - June
2009
Reference 2010
“Audit Planning
Article” on Moodle
Audit Risk V
Q1 (a) (i) August
2012 –
Identification and
Discussion of Major
Audit Risks. – Work
Through
- Homework 2: Q1 August 2013 (a to d) – Business Risk/Audit Planning – Overview with Class
Colm Foley B Comm, ACA, Msc Accounting
P2 Audit Practice & Assurance Services Teaching Plan September to April 2016 (Online)
7
Business Risk (See
Ger Long Article
2008
5 28 - 4. Risk Assessment & Audit Process
Materiality Engagemen
t &
Performanc
e
Materiality!
Q2 (a)
April 2013
5 29 - 4. Risk Assessment & Audit Process
QUAILTY CONTROL AND RECORDING OF THE AUDIT (ISA 220 and ISA 230)
Practice Note 26 –
Appendix B – Put
on Moodle - Page
34 onwards
ISA 230 - Q2 (c) April 2011 ; Good Question -
5 30 - 4. Risk Assessment & Audit Process
Consideration of Laws and Regulations in an Audit of Financial Statements
Colm Foley B Comm, ACA, Msc Accounting
P2 Audit Practice & Assurance Services Teaching Plan September to April 2016 (Online)
8
5 31 - 4. Risk Assessment & Audit Process
Use of Experts (ISA 620)
6 32 - 4. Risk Assessment & Audit Process
ISA 240 - FRAUD Q4 April 2013 (ISA 240) Read part (a) and do part (b) with class
6 33 - 4. Risk Assessment & Audit Process
Audit and Review of Accounting Estimates – ISA 540
6 34 - 4. Risk Assessment & Audit Process
ISA 550 – Audit of Related Parties
6 35 - 4. Risk Assessment & Audit Process
- Audit Risk v Business Risk
- See Ger Long
Article 2008
Homework 3: Q1 April 2012 (a) (i) (ii) Audit Risk
6 36 - 4. Risk Assessment & Audit Process
- SIC 32 on
Website Costs
to Capitalise
6 - Place into “Additional Worked Examples” Section
- Q1 August 2013 (a to d) – Business Risk/Audit Planning
Colm Foley B Comm, ACA, Msc Accounting
P2 Audit Practice & Assurance Services Teaching Plan September to April 2016 (Online)
9
6 - Place into “Additional Worked Examples” Section
- “Oak Plc” ….ACCA P7 Q1 Dec 11
7 37 - 3. Internal Controls & Financial Systems
- Control Activities/Control Environment
7 38 - 3. Internal Controls & Financial Systems
- Test of Control v Substantive Tests
7 39 - 3. Internal Controls & Financial Systems
- Ascertaining and Understanding Internal Control Systems
7 40 - 3. Internal Controls & Financial Systems
- Weaknesses of Internal Control Systems in respect of Fraud
7 41 - 3. Internal
Controls &
Financial
Systems
- Internal Control – Sales Cycle
7 42 - 3. Internal
Controls &
Financial
Systems
- Internal Control – Purchases Cycle
Colm Foley B Comm, ACA, Msc Accounting
P2 Audit Practice & Assurance Services Teaching Plan September to April 2016 (Online)
10
7 43 - 3. Internal Controls & Financial Systems
- Internal Control – Capital Expenditure
- Q1 (a) April 2014 - Capital Expenditure System (Excellent Question)
-
- Homework 4: P1 Auditing Aug 2013 – Capital Expenditure System – Good Question
7 44 - 3. Internal Controls & Financial Systems
- Internal Control - Payroll
ACCA F8 Q1 June 2014 – Payroll Internal Control System
8 45 - 3. Internal
Controls &
Financial
Systems
- Internal Control – Inventory System
- Smoothbrush – Inventory Cycle (From Lecture Notes) (c) –
Q1 April 2013 (a,b,d, e (i) ) – Inventory System –
8 46 - - 3. Internal
Controls &
Financial
Systems
- Internal Control – Cash System
Shiny Happy Windows (From Lecture Notes) – Page 222 Part 1 (b)
9 47 3. Internal Controls & Financial Systems
- Computers In Auditing
-
Q5 (c) April 2012 (CAATS) –
Q3 (A, B) Aug 2014 -
Colm Foley B Comm, ACA, Msc Accounting
P2 Audit Practice & Assurance Services Teaching Plan September to April 2016 (Online)
11
Q6 August 2012 –
11 47A 3. Internal Controls and Financial Systems
- INTERNAL AUDIT –
Q1 April 2013 (e) (iii) –
11 47 B 3. Internal Controls and Financial Systems
- A 308 – Guidance for Internal Auditors –
11 47C 3. Internal Controls and Financial Systems
- A 301 – Charities –
9 48 4. Risk Assessment & Audit Process
- Sample Audit Engagement Letter (June 2015)
- Audit Planning Letter (CPA Website)
- Availing of the Audit Exemption Guidance 2015 Article
- Audit Findings Letter
Q2 (A) (B) August 2013
Colm Foley B Comm, ACA, Msc Accounting
P2 Audit Practice & Assurance Services Teaching Plan September to April 2016 (Online)
12
9 49 4. Risk Assessment & Audit Process
- The Evalaution and Testing of Control Procedures and Audit Evidence: Substantive Tests!!! – Overview of the Assertions
-
9 4. Risk Assessment & Audit Process
- Substantive – Non Current Assets - Questions to Go Through - Place into “Additional Worked Examples” Section
- Q2 (A) & (B) Aug 2014 – Non Current Assets and Provisions – Go Through with Class - Q1 April 2012 (c) – Good Question – Audit Planning/Evidence/Non Current Assets Question –
9 4. Risk Assessment & Audit Process
- Questions to Go Through - Place into
- - Q3 April 2012 – Unrecorded Liabilities –
Colm Foley B Comm, ACA, Msc Accounting
P2 Audit Practice & Assurance Services Teaching Plan September to April 2016 (Online)
13
“Additional Worked Examples” Section
Good Question
9 4. Risk Assessment & Audit Process
- Place into “Additional Worked Examples” Section
- Q1 (B) (II) Aug 2012 – Good Question on Substantive Testing of Receivables
9 4. Risk Assessment & Audit Process
- Q1 Aug 2013 (e) – Substantive Testing Redundancy Payments –
10 - MOCK EXAM - MOCK EXAM !!
MOCK EXAM !!
11 50 5. Reporting - ISA 570 – Audit Of Going Concern
Going Concern Article (ICAI Magazine Feb 2009 (Read
- - Q4 Aug 2011 – Going Concern –
Colm Foley B Comm, ACA, Msc Accounting
P2 Audit Practice & Assurance Services Teaching Plan September to April 2016 (Online)
14
through with Class) & CPA Accty Plus Sept 2012 and ICAI Mag Dec 2014
11 51 5. Reporting - ISA 560 – Subsequent Events
11 52 5. Reporting - ISA 580 – Written Representation -
Tutorial Question: Greenfields Co (As contained in the P2 Manual ISA 580 notes) – Good Question –
11 53 5. Reporting - Other Items at Overall Review Stage
- ISA 450
11 54 - 5. Reporting - Audit Reporting
- Use the Sept 2014 Example of an
Q3 (B) August 2014 – and then Read Part A –
Colm Foley B Comm, ACA, Msc Accounting
P2 Audit Practice & Assurance Services Teaching Plan September to April 2016 (Online)
15
Auditors Report as Per ISA 700 -
- - - - - …then go
through the October 2012 Compendium Examples
- Go Through ISA 700&IAS 705 &ISA 706
- Refer class to Following Documents on Moodle:
- Refer Class to the Following: Audit of Opening Balances – ISA 510
- ISA 610, 620
- Refer to IFAC Audit Guide on on Moodle –
Colm Foley B Comm, ACA, Msc Accounting
P2 Audit Practice & Assurance Services Teaching Plan September to April 2016 (Online)
16
See Page 182 of Volume 2 for ISA 265 application to a case study
- ISA 200, 260 Revised Oct 2012(Seperate Handout), 260V265, 265, 320, 330, 450, 500, ISQC 1 –
12 55 1.Legal & Regulatory Environment
- Irish Company
Legislation Summary – COMPANIES ACT 2014
- Q4 (A) April 2014 on Money Laundering
-
12 56 2. Ethics - Ethics Lecture
Notes
- -Q3 (C) April
2014 –
-
Colm Foley B Comm, ACA, Msc Accounting
P2 Audit Practice & Assurance Services Teaching Plan September to April 2016 (Online)
17
Put Ethics for
Accountants
Article on Moodle
Q3(c) April 2011
(Rock Shore &
Co.) –
Mar 11 (Friday)
- REVISION
- Auditing Acryomns
- Questions - Return Mock
Exams
- Ethics – See
Topic 56 – Do a One Pager!
- Audit Planning – One Pager & Audit Risk V Business Risk (See Topic 35 as already uploaded to Moodle)
Q1 © April 2015 ACCA F8 Q3 Dec 2012 – Audit Planning – Good Question – Go through part (a) and (b) with class
Colm Foley B Comm, ACA, Msc Accounting
P2 Audit Practice & Assurance Services Teaching Plan September to April 2016 (Online)
18
Q1 August 2014 (b) (Part B already covered in Topic 26) (c) & (e) – CPA P2 Audit (Planning, Business Risk) - - Q1 Dec 2010
P7 (Business Risk & Financial Statement Risk – Good Question) – Handout and read through – Excellent Question
Mar 12 (Full Day)
Group Audits: Read Examiner HANDOUT on Group Auditing 2011 then (This is already on Moodle Under Section 6)…
ACCA P7 Dec 2013 – Q1 – Group Audit – Excellent Question –
Colm Foley B Comm, ACA, Msc Accounting
P2 Audit Practice & Assurance Services Teaching Plan September to April 2016 (Online)
19
Internal Controls
Why?? (REC) and SOAP SPAM and Weakness/Impact (REC) / Suggest Control/Test of Control….
Substantive – One Pager – 2 starting Audit Procedures for Account Balances and One for Classes of Transactions…then work from the Assertions
Q2 Dec 2012 P7 (Group Audits – Refer class to Q1 April 2013 (Internal Controls – Covered in Topic 45 ); Go through Q5 ACCA F8 Dec 2014 Q3 April 2014 (part a and b – Substantive) - Good Question –AND Q2 (A) (B) August 2014…
Colm Foley B Comm, ACA, Msc Accounting
P2 Audit Practice & Assurance Services Teaching Plan September to April 2016 (Online)
20
Overall Review Stage - One Pager
- Q3 Aug (c)
2011 (Planning/Trade Receivables)
- Q1 Aug 2013
(e) – Substantive Testing Redundancy Payments
Q5 F8 JUNE 2012 – Going Concern – Q2 April 09 – ISA 560 (Subsq Events) Good Question – Q3 Aug 2013 – Written Representations –Refer to Topic 52
Colm Foley B Comm, ACA, Msc Accounting
P2 Audit Practice & Assurance Services Teaching Plan September to April 2016 (Online)
21
Audit Reporting – Quick One PAGER, then PEQ
Audit Reporting – PEQ’s: Read Q3 Aug 2014 (Refer to Topic 54 – already covered); Read Q2 (B) Aug 2014; Refer class to Q2 April 2014; Q4 of Feb 2014 Mock Exam (Quality Control, Reporting, Ethics) – - Refer class to Q2 (a) April 2011 – Audit Reporting
Colm Foley B Comm, ACA, Msc Accounting
P2 Audit Practice & Assurance Services Teaching Plan September to April 2016 (Online)
22
- Audit & Insolvency Article - ACCA 2011 Article–
- Clarity Auditing
Standards Article - 2011 Article –
- Completing the
Audit Acca Article
- Exam Day
Techniques Handout and – Handout Examiner Article Feb 2013
- Examiner
Webinar August
2014 – This is
really NB – Tell
Students of This
Colm Foley B Comm, ACA, Msc Accounting
P2 Audit Practice & Assurance Services Teaching Plan September to April 2016 (Online)
23
-
13 57
8. Current Issues – Do a Separate Recording (Advise Students to Watch Current Issues Webinar)
- Go Through
Examiner
Article FEB
2016 on
Analytical
Procedures
Companies Act 2014 – Refer to Article in Chartered Accts Ireland by Daniel o Donovan - AUGUST 2015 (As saved in “Articles”)
Really N.B. EU Audit REFORM - Audit Article – Audit
Colm Foley B Comm, ACA, Msc Accounting
P2 Audit Practice & Assurance Services Teaching Plan September to April 2016 (Online)
24
Rotation – Oct 2014 – Accountancy Ireland -
Really N.B. “Game Changer” Article – Audit Rotation – June 2014 – Accountancy Ireland – read Also Q1 (A) April 2014
- P2 Examiner Article (March 2014) on Audit Rotation – Excellent Article for Opinions on the NEW EU rules on Audit Firm
Colm Foley B Comm, ACA, Msc Accounting
P2 Audit Practice & Assurance Services Teaching Plan September to April 2016 (Online)
25
Rotation…
- P2 Examiner Article (Feb 2012) on Long Association – Go Through
Really N.B. CSR
and “Greenwashing” – Oct 2014 – Accountancy Ireland – See Q2 April 2015
- P1 Article on Materiality - 2012 – go through
- P1 Article on
Internal
Controls –
Colm Foley B Comm, ACA, Msc Accounting
P2 Audit Practice & Assurance Services Teaching Plan September to April 2016 (Online)
26
- Examiner Article July 2015 – Services Provided by Accountants in Practice –– Go Through
- Credit
Unions Article – 2010 Article
10 Steps to
Improve Your
Audit Planning
Process - “Accty
Plus Dec 2015
Article” –
Dec 2014 – ICAI
Article on Going
Concern –
Colm Foley B Comm, ACA, Msc Accounting
P2 Audit Practice & Assurance Services Teaching Plan September to April 2016 (Online)
27
Handout
“TESCO
WINDOW
DRESSING
ARTICLE”
Top Related