Very Important Topics of AAA
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
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
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