Very Important Topics of AAA

Share on Social Networks

Very Important Topics of AAA by Sir Rashid Hussain

Advanced Audit & Assurance (P7) – Important topics for September 2019

Question # 1

  • Business Risks
  • Risks of Material Misstatements along with analytical procedures
  • Audit Procedures
  • Ethical Issues
  • Knowledge Based Part

Important Standards you should know for Q1:

  • IAS 2,16,21,23,33,36
  • IFRS 2,8,15 & 16

Important Procedures for Q1:

  • Leases
  • Impairment
  • Borrowing Cost
  • Operating Segment

Knowledge Based Area you should know:

  • Materiality & Performance Materiality
  • Use of AP’s at Planning Stage
  • Auditor’s responsibility in relation to fraud/Laws or regulation

Important Questions from Kaplan Kit:

  • Laurel Group Q 3
  • Vancouver Group Q 5

Very Important Topics of AAA by Sir Rashid Hussain

Question # 2

  • Types of misstatements identified in ISA 450
  • Auditor’s responsibility in relation to uncorrected Misstatements
  • Audit Report
  • Ethics & Quality Control
  • Professional Scepticism

Requirement Expected:

  • Explain the matters which should be discussed with management in relation to each of the uncorrected misstatements; and
  • Assuming that management does not adjust the misstatements, justify an appropriate audit opinion and explain the impact on the auditor’s report.
  • Explain the quality control and other professional issues raised by the audit assistant’s comments, discussing any implications for the completion of the audit.

Important Questions from Kaplan Kit:

  • Bradley Q 12
  • Basking Q 13

Question # 3

  • PFI
  • Big Data
  • Money laundering
  • Read technical article both for Big Data & Money Laundering

Important Questions from Kaplan Kit:

  • Waters Q 25
  • Rope Q 26
(Visited 676 times, 3 visits today)

Add a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.