F8 Presentation December 2013 Abdus Salam Jan – FCA, FPFA
Topic List 1. Introduction to assurance 2. Rules and Regulation 3. Ethics and acceptance 4. Risk 5. Planning 6. Evidence 7. Systems and controls 8. Procedures 9. Completion and review 10. Reporting 11. Corporate governance 12. Internal audit
Chapter 1 Introduction to Assurance
Chapter 1. what is assurance? What is assurance? 1. Elements of an Assurance engagement 2. Assurance in the context of a company 3. The development of Assurance Engagements 4. Audit Engagements 5. Types of assurance engagements 6.
Separation of Management from Ownership Management Ownership Assurance Services by independent auditor become vital when MANAGEMENT of business is separated from OWNERSHIP .
What assurance do? Assurance enhances the CONFIDENCE of users of financial statements.
7 Users of financial statements I S C INVESTORS SUPPLIERS CUSTOMERS M L E MANAGEMENT LENDERS EMPLOYEES P G PUBLIC GOVT.
Components of Assurance Engagement Practitioner Subject Matter Responsible Party Criteria Intended User Evidence Conclusion
Assurance services - Overview
Types of Assurance There are two types of assurance engagement a practitioner is permitted to perform: A reasonable assurance engagement (positive but not absolute) & A limited assurance engagement. (moderate & negative). Moderate Negative Assurance Reasonable Positive Assurance
Objective of External Audit
Types of Assurance Services
Limitations of an audit Use of estimation in financial information Inherent limitations of control used as audit evidence Evidence is persuasive not conclusive Can not review 100% of the transactions Representation from management as only evidence.
Extras I F R Ss
Extras Fair Presentation & Compliance with IFRSs
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