Assurance Manual

Topics: Auditing, Audit, Financial audit Pages: 350 (97373 words) Published: March 4, 2015
The Institute of Chartered Accountants of Bangladesh

ASSURANCE
Professional Stage Knowledge Level
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Study Manual
www.icab.org.bd

Assurance
The Institute of Chartered Accountants of Bangladesh Professional Stage These learning materials have been prepared by the Institute of Chartered Accountants in England and Wales ISBN 978-1-84152-637-9

First edition 2009
All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means or stored in any retrieval system, or transmitted in, any form or by any means, electronic, mechanical, photocopying, recording or otherwise without prior permission of the publisher.

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© The Institute of Chartered Accountants in England and Wales, March 2009

Welcome to the ICAB

© The Institute of Chartered Accountants in England and Wales, March 2009

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© The Institute of Chartered Accountants in England and Wales, March 2009

Contents


Introduction

vii



Specification grid for Assurance

viii



The learning materials

ix



Study guide

x



Getting help

xvii



Syllabus and learning outcomes

xviii

1.

Concept of and need for assurance

1

2.

Process of assurance: obtaining an engagement

17

3.

Process of assurance: planning the assignment

37

4.

Process of assurance: evidence and reporting

67

5.

Introduction to internal control

85

6.

Revenue system

107

7.

Purchases system

127

8.

Employee costs

145

9.

Internal audit

159

10. Documentation

169

11. Evidence and sampling

185

12. Management representations

209

13. Substantive procedures – key financial statement figures

221

14. Codes of professional ethics

251

15. Integrity, objectivity and independence

263

16. Confidentiality

287



Sample paper

299

© The Institute of Chartered Accountants in England and Wales, March 2009

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© The Institute of Chartered Accountants in England and Wales, March 2009

INTRODUCTION

1 Introduction
1.1

What is Assurance and how does it fit within the Professional Stage?
Structure
The syllabus has been designed to develop core technical, commercial, and ethical skills and knowledge in a structured and rigorous manner.
The diagram below shows the fourteen modules at the Professional stage, where the focus is on the acquisition and application of technical skills and knowledge, and the Advanced stage, which comprises three technical modules and the Case Study.

The knowledge base
The aim of the Assurance module is ensure that students understand the assurance process and fundamental principles of ethics and are able to contribute to the assessment of internal controls and gathering of evidence on an assurance engagement.

Progression to application level
The knowledge base that is put in place here will be taken further in the Application level Audit and Assurance module where the aim will be to develop the students’ understanding of the critical aspects of managing an assurance engagement (including audit engagements): acceptance, planning, managing, concluding and reporting. Students will be expected to have an understanding of the audit of not-for-profit entities as well as non-specialised profit oriented entities. Progression to advanced stage

The Advanced level paper Advanced Audit & Assurance then takes things further again. Ethical and audit issues are likely to be important in the compliance issues faced by business, including controls and corporate governance. At Advanced Stage this paper also looks at the modern audit process and services other than audit, as well as taking the principles learnt and applying these to services performed for a wide range of different clients.

© The Institute of Chartered Accountants in England and Wales, March 2009

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Assurance
The above illustrates how the knowledge...
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