This subject is about external audits of financial statements. These audits are undertaken in accordance with International Standards on Auditing (ISA) to provide assurance to the intended users regarding the credibility of the information contained within the financial statements.
The subject is designed to equip you with the knowledge and skills required to undertake an external audit under supervision. On completion of this subject, you will:
• Understand the essence and objectives of the audit process, and the ethical and professional implications of the regulatory requirements and pronouncements of the professional bodies
• Understand the nature and importance of internal controls and identify deficiencies in accounting systems
• Be able to contribute to the conduct of all stages of an external audit, including planning, gathering sufficient and appropriate evidence, and concluding and reporting findings in accordance with ISA.
• Demonstrate an appreciation of the concept of assurance
• Discuss the objectives of audits conducted under International Standards on Auditing (ISA)
• Identify the principles and characteristics of ethical codes and the implications for the auditor
• Consider threats to the independence of auditors
• Evaluate safeguards to eliminate or reduce threats to the independence of auditors
• Apply the fundamental principle of confidentiality
• Demonstrate an understanding of the principles of internal control
• Identify the main features of an accounting system
• Evaluate the effectiveness of an accounting control system
• Identify how internal controls mitigate risks
• Evaluate methods used to obtain audit evidence
• Evaluate audit techniques used in an IT environment
• Evaluate and use different sampling techniques
• Develop an audit approach
• Select procedures for a given assertion
• Demonstrate how the concept of materiality applies to external auditing
• Analyse the key audit risks
• Apply audit procedures to achieve audit objectives
• Examine the role of audit working papers
• Evaluate audit evidence and recommend a suitable audit opinion
• Effectively report audit findings to management
On successful completion of this subject, you will:
1. Demonstrate an understanding of the principles of auditing
2. Demonstrate the importance of professional ethics
3. Evaluate the audited entity’s system of internal control
4. Evaluate audit procedures for obtaining audit evidence
5. Evaluate the planning process
6. Evaluate audit procedures
Format: Computer based
Availability: On demand at EIMF Examination Center
Pass: A score of 100 out of 150 will represent a Pass
Length: 120 minutes
Questions: Contains 23 tasks.
Marking: Partially computer / partially human marked
Results: Results will be available in six weeks
Please Note: Official Exam is not provided, It should be purchased separately
Registration and Access
Once you complete an online purchase you will receive confirmation of account activation. Please allow 48 hours to get access to all the modules and for your eLearning account to be set up.
If you wish to receive an invoice instead of paying online, please contact us at [email protected] Access to the subject is valid for 365 days.
Who is this subject for?
• Small business owners
• Undergraduates and graduates
• Experienced accountants
• Anyone with an interest in pursuing a career in accountancy
• Completion of Foundation Certificate in Accounting and Advanced Diploma in Accounting
• Bachelor’s Degree in accounting and finance or other related studies
• Work experience
Upon the successful completion of the subject of External Auditing, you can advance to the next subject of the Professional Diploma in Accounting or if you have already completed other subjects, can apply to the synoptic exam of Professional Diploma in Accounting.