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    Syllabus of Auditing Theory

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    kellyshaye08
    This document outlines the syllabus for the Philippine CPA licensure examination in auditing theory. It covers 10 major subject areas related to assurance and auditing services including fundamentals of auditing, professional responsibilities of accountants, the audit process, assessing risks, audit evidence, audit reporting, and auditing in a computerized environment. The exam will contain 80-100 multiple choice questions evenly distributed across these topics with a focus on applying Philippine auditing standards and regulations.

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    Syllabus of Auditing Theory

    Uploaded by

    kellyshaye08
    257 views2 pages
    This document outlines the syllabus for the Philippine CPA licensure examination in auditing theory. It covers 10 major subject areas related to assurance and auditing services including fundamentals of auditing, professional responsibilities of accountants, the audit process, assessing risks, audit evidence, audit reporting, and auditing in a computerized environment. The exam will contain 80-100 multiple choice questions evenly distributed across these topics with a focus on applying Philippine auditing standards and regulations.

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    This document outlines the syllabus for the Philippine CPA licensure examination in auditing theory. It covers 10 major subject areas related to assurance and auditing services including fundamentals of auditing, professional responsibilities of accountants, the audit process, assessing risks, audit evidence, audit reporting, and auditing in a computerized environment. The exam will contain 80-100 multiple choice questions evenly distributed across these topics with a focus on applying Philippine auditing standards and regulations.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    257 views2 pages

    Syllabus of Auditing Theory

    Uploaded by

    kellyshaye08
    This document outlines the syllabus for the Philippine CPA licensure examination in auditing theory. It covers 10 major subject areas related to assurance and auditing services including fundamentals of auditing, professional responsibilities of accountants, the audit process, assessing risks, audit evidence, audit reporting, and auditing in a computerized environment. The exam will contain 80-100 multiple choice questions evenly distributed across these topics with a focus on applying Philippine auditing standards and regulations.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    Since 1977

    AUDITING THEORY
    AT.Syllabus

    R. M. VALDEZ
    OCTOBER 2009
    THE CPA LICENSURE EXAMINATION SYLLABUS AUDITING THEORY
    (Effective October 2006 Examination)

    This subject tests the candidates' conceptual knowledge


    and understanding of assurance and related services
    performed by professional accountants. Candidates should
    know and understand the nature of assurance and related
    services particularly independent audits of financial
    statements,
    the
    responsibilities
    of
    professional
    accountants; the audit process; audit objectives, evidence,
    procedures, auditing standards, and the elements of the
    independent auditors' report. In all the areas included, the
    candidate shall apply the Philippine Standards on Auditing
    (PSA) and other regulatory laws and regulations in effect
    at the time of examination.
    Each examination will contain a minimum of 80
    and a maximum of 100 multiple-choice questions,
    equitably allocated to different subject areas, as indicated
    below:
    1.0 Fundamentals of Auditing and Assurance Services
    1.1 Introduction to assurance engagements
    a. Nature, objective and elem ents
    b.
    Types of assurance engagements (audits,
    reviews, other assurance engagements)
    c.
    Assurance service vis-a-vis attestation
    services
    1.2 Introduction to auditing
    a. Nature, philosophy, and objectives
    b. Types of audit
    1.
    According to nature of assertion/data
    (financial statements audit, operational
    audit, compliance audit)
    2. According to types of auditor (external
    independent financial statements audit,
    internal audit, government audit)
    2.0 The Professional Practice of Public Accounting
    2.1 Public accounting profession
    a. Public accounting as a profession
    b. Organizations that affect public accounting
    1.
    Regulatory
    government
    agencies
    (Professional
    Regulatory
    Board
    of
    Accountancy, Commission on Audit,
    Securities and Exchange Commission,
    Bangko Sentral ng Pilipinas, Insurance
    Commission,
    Bureau
    of
    Internal
    Revenue)
    2. Standard-setting bodies (Auditing and
    Assurance Standards Council, Financial
    Reporting Standards Council)
    c. Regulation of the public accounting practice
    1.
    Philippine Accountancy Act of 2004 /
    Implementing Rules and Regulations
    2.
    SEC rulings on financial statement
    presentation
    2.2 The CPA's professional responsibilities
    a. Philippine Standards on Auditing
    b. Code of Ethics for Professional Accountants in
    the Philippines
    c. Quality control
    d.
    Responsibilities on fraud, error, and
    noncompliance
    3.0 The Financial Statements Audit -Client Acceptance,
    Audit Planning, Supervision and Monitoring
    3.1 Overview of the audit process
    3.2 Pre-engagement procedures

    Page 1 of 2

    3.3 Scope and purposes of audit planning


    a. Essential planning requirements
    1. Knowledge of the business
    2. Preliminary analytical procedures
    3. Materiality
    4. Assessing and managing audit risks
    5. Overall audit plan and audit program
    6. Considerations of the work of others
    (experts,
    internal
    auditor,
    other
    independent auditors)
    3.4 Direction, supervision and review
    4.0 Understanding the Entity and its Environment Including
    its Internal Control and Assessing the Risks of Material
    Misstatement
    4.1 Industry, regulatory and other external factors,
    including the applicable financial reporting
    framework
    a. Nature of the entity
    b. Objectives and strategies and related business
    risks
    c.
    Measurement and review of the entity's
    financial performance
    4.2 Internal control
    a. Basic concepts and elements of internal
    control
    b. Consideration of accounting and internal
    control systems
    1. Understanding and documentation
    2. Assessment of control risks
    (a) Test of controls
    (b) Documentation
    4.3 Assessing the risks of material misstatement
    a. Fraud and errors
    b. Risk assessment procedures
    c. Discussion among the engagement team
    d. Significant risks that require special audit
    consideration
    e. Risks for which substantive procedures alone
    do not provide sufficient appropriate audit
    evidence
    f. Revision of risk assessment
    4.4 Communicating
    with
    those
    charged
    with
    governance and management
    5.0 Audit
    Objectives,
    Procedures,
    Documentation
    5.1 Nature and significance
    5.2 Evidential matters
    5.3 Audit procedures/techniques
    5.4 Audit working papers

    Evidences

    and

    6.0 Audit Sampling


    6.1 Basic audit sampling concepts
    a. Nature and purpose
    b. Non-statistical and statistical sampling
    c. Attribute and variables sampling technique
    d. Sampling and nonsampling risk
    e. Testing procedures which do not involve
    sampling
    6.2 Factors affecting sample design
    a. Audit objectives
    b. Population and its characteristics
    c. Risk and assurance

    www.prtc.com.ph

    AT.Syllabus

    EXCEL PROFESSIONAL SERVICES, INC.


    d. Tolerable error
    e. Expected error in the population
    f. Variation in the population
    6.3 Factors affecting sample size
    6.4 Sample selection methods
    6.5 Evaluation of sample results
    7.0 Completing the Audit/ Post-Audit Responsibilities
    7.1 Completing the audit and audit report preparation
    a. Analytical procedures for overall review
    b. Related party transactions
    c. Subsequent events review
    d. Assessment of going concern assumption
    e. Obtaining client's representation letter
    f. Evaluating findings, formulating an opinion and
    drafting the audit report
    7.2 Post-audit responsibilities
    a. Subsequent discovery of facts
    b. Subsequent discovery of omitted procedures
    8.0 Reports on Audited Financial Statements
    8.1 The unqualified auditor's report
    8.2 Basic elements of the unqualified auditor's report
    8.3 Modified auditor's report
    a. Matters that do not affect the auditor's opinion
    b. Matters that do affect the auditor's opinion
    8.4 Report on comparatives
    9.0 Auditing in a Computerized Information Systems (CIS)
    Environment
    9.1 Internal control in a CIS environment
    a. Introduction
    b. Impact of computers on accounting and
    internal control systems

    1. General controls
    2. Application controls
    c. Unique characteristics of specific CIS
    1. Stand alone
    2. On-line
    3. Database system
    9.2 Basic approach to the audit of CIS environment
    a. Introduction
    b. Effects of computers on the audit process
    c. Computer assisted audit techniques
    10.0 Other Assurance and Nonassurance Services
    10.1 Procedures and reports on special purpose audit
    engagements
    a. General considerations
    b. Audit of financial statements prepared in
    accordance with a comprehensive basis of
    accounting other than GAAP in the
    Philippines
    c. Audit of a component of financial statements
    d. Reports on compliance with contractual
    agreements
    e. Reports on summarized financial statements
    10.2 Nonaudit engagements: procedures and reports
    a. Examination
    of
    prospective
    financial
    information
    b. Engagements to review financial statements
    10.3 Nonassurance engagements
    a. Engagements
    to
    perform
    agreed-upon
    procedures regarding financial information
    b. Engagements
    to
    compile
    financial
    information

    Kelly Shaye C. Bayno


    BSA-3

    Page 2 of 2

    www.prtc.com.ph

    AT.Syllabus

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