ACCA P7 (Int)

Course Overview
Chapter 1

REGULATION IN A GLOBAL
ECONOMY
Chapter 2

CODE OF ETHICS AND

CONDUCT
 Confidentiality

Integrity Objectivity
ACCA/IFAC
Code of
Ethics

Professional Professional
Competence Behaviour
Chapter 3

PROFESSIONAL
APPOINTMENTS
Chapter 4

QUALITY CONTROL
 Leadership
Monitoring Human
Resources

ISA 220/ISQC 1

Engagement
Acceptance/
Performance
Continuance
Ethics
Chapter 5

ADVERTISING, PUBLICITY,
OBTAINING PROFESSIONAL
WORK AND FEES
Chapter 6

TENDERING
Advantages of Tendering Disadvantages of Tendering
More efficient auditing Loss of long-term
relationships between
Auditing can be a loss clients and auditors
leader Market choice reduced by
increased concentration
Lowballing
Companies may
constantly change
auditors to reduce costs
further
What Goes In a Proposal?

The basis of the fee.

Nature, purpose and legal requirements of an audit.
Client requirements and how the audit firm will meet
them.
Audit methodology.
Outline of firm and personnel.
Assumptions made, e.g. deadlines, geographical
coverage, work performed by client.
Ability of firm to offer other services.
Chapter 7

PROFESSIONAL LEGAL
ISSUES
 ISA 250
Directors Responsibilities Auditors Responsibilities
To ensure the entity To obtain sufficient
complies with relevant appropriate audit evidence
laws and regulations. about compliance with all
To establish effective relevant laws and regs.
arrangements for To plan and perform the
preventing and detecting audit with an attitude of
non-compliance. professional scepticism.
To consider risk of non-
compliance with laws &
regulations when seeking
mgt reps & forming audit
opinion.
Chapter 8

THE AUDIT OF HISTORICAL

FINANCIAL INFORMATION
METHODOLOGY AND
APPROACH
Chapter 9

PLANNING, MATERIALITY AND

ASSESSING THE RISK OF
MISSTATEMENT
Chapter 10

GROUP AND
TRANSNATIONAL AUDITS
Chapter 11

EVIDENCE
Chapter 12

COMPLETION
Events After the Reporting Period
Types of Modification

Material Material and

Pervasive

Disagreement except for.... Adverse

Limitation in Scope except for.... Disclaimer

Chapter 13

AUDIT RELATED SERVICES

Chapter 14

ASSURANCE SERVICES
Environmental/Social Audit
Chapter 15

PROSPECTIVE FINANCIAL
INFORMATION
Chapter 16

FORENSICS AUDITS
Chapter 17

INTERNAL AUDIT
Outsourcing IA
Chapter 18

OUTSOURCING
Chapter 19

AUDITORS REPORTS
Chapter 20

REPORTS TO MANAGEMENT