Part 1: THE AUDITING AND ASSURANCE SERVICES PROFESSION 1.
Assurance and auditing: an overview2. Audit regulation, structure
of the profession and auditor's liability3. Ethics, independence
and corporate governance
Part 2: PLANNING AND RISK ASSESSMENT4. Overview of elements of the financial report audit process5. Planning, understanding the entity and assessing business risk6. Assessing inherent risk, and other specific business risks7. Understanding and assessing internal control
Part 3: RESPONSE TO ASSESSED RISKS: TESTS OF CONTROLS AND TESTS OF DETAILS 8. Tests of controls9. Substantive tests of transactions and balances10. Audit sampling
Part 4: COMPLETION AND COMMUNICATION 11. Completion and review12. The auditor's reporting obligations
Part 5: OTHER ASSURANCE SERVICES 13. Other assurance services and advanced topics14. Internal auditing15. Audit and assurance services in the public sector
Appendix: Continuous case study: background information
Grant Gay, MEc Monash, FCA, is an associate professor in the Department of Accounting and Finance at Monash University, specialising in auditing and financial accounting. He is a former audit partner with KPMG and has extensive Australian and international audit experience. Grant is a former member of the Australian Auditing and Assurance Standards Board, as well as being an experienced facilitator in the CA Program and an author in the CPA Program. He researches actively in the audit area and has published numerous refereed articles. ROGER SIMNETT, PhD, UNSW, is a Professor in the School of Accounting at The University of New South Wales. He teaches and researches in the financial accounting and auditing areas and has recently become the first academic appointed as a member of the International Auditing and Assurance Standards Board (IAASB). Roger has a background in standard setting, including his time spent on the Australian Auditing and Assurance Standards Board from 1995-1999.