ACCA CAT FAU Foundations in Audit aims to develop knowledge and understanding of the principles of external audit and the audit process and technical proficiency in the skills used for auditing financial statements.

RATIONALE

The syllabus for Paper FAU starts with an introduction to the nature and purpose of an audit, including the duties and liability of auditors, and the regulation that auditors must adhere to. The syllabus then covers the areas relating to the process of an audit of financial statements starting at audit planning and risk assessment, recording and evaluating internal control, as well as tests of controls, audit evidence and the use of substantive procedures. The final section deals with audit completion including the audit report.

MAIN CAPABILITIES

On successful completion of this paper, candidates should be able to:

  • Explain the purpose and scope of an audit and its regulatory framework
  • Explain how an auditor assesses risk and plans an audit
  • Identify the principles of internal control and describe and evaluate the features of information systems
  • Identify and describe audit evidence and audit procedures required to meet the objectives of an audit and apply International Standards on Auditing (ISAs)
  • Explain how the audit is completed and reflected in the different types of audit report

APPROACH TO EXAMINING THE SYLLABUS

The syllabus is assessed by a two hour paper-based examination. Questions will assess all parts of the syllabus.

The examination will consist of two sections structured as follows:

Section A –

  • 10 compulsory multiple choice
  • Questions of 1, 2 and 3 marks 20

Section B

  • Nine compulsory questions
  • Q1 & 2 (15 marks each) 30
  • Q3 & 4 (10 marks each) 20
  • Q5 to 9 (6 marks each) 30

Total: 100Marks

Course Curriculum

ACCA FIA/CAT FAU SECTION A: Business environment and audit framework
ACCA FIA/CAT FAU A1. The purpose and scope of an audit
ACCA FIA/CAT FAU A1. The purpose and scope of an audit Details 00:00:00
Quiz ACCA FIA/CAT FAU A1. The purpose and scope of an audit 00:00:00
ACCA FIA/CAT FAU A2. The legal duties of auditors
ACCA FIA/CAT FAU A2. The legal duties of auditors Details 00:00:00
Quiz ACCA FIA/CAT FAU A2. The legal duties of auditors 00:00:00
ACCA FIA/CAT FAU A3. Professional ethics
ACCA FIA/CAT FAU A3. Professional ethics Details 00:00:00
Quiz ACCA FIA/CAT FAU A3. Professional ethics 00:00:00
ACCA FIA/CAT FAU A4. The liability of auditors
ACCA FIA/CAT FAU A4. The liability of auditors Details 00:00:00
Quiz ACCA FIA/CAT FAU A4. The liability of auditors 00:00:00
ACCA FIA/CAT FAU 5. Audit regulation
ACCA FIA/CAT FAU 5. Audit regulation Details 00:00:00
Quiz ACCA FIA/CAT FAU 5. Audit regulation 00:00:00
ACCA FIA/CAT FAU SECTION B: Audit planning and risk
ACCA FIA/CAT FAU SECTION B: Audit planning and risk Details 00:00:00
Quiz ACCA FIA/CAT FAU SECTION B: Audit planning and risk 00:00:00
ACCA FIA/CAT FAU B1. Audit risk and risk assessment
ACCA FIA/CAT FAU B1. Audit risk and risk assessment Details 00:00:00
Quiz ACCA FIA/CAT FAU B1. Audit risk and risk assessment 00:00:00
ACCA FIA/CAT FAU B2. Understanding the entity and its environment
ACCA FIA/CAT FAU B2. Understanding the entity and its environment Details 00:00:00
Quiz ACCA FIA/CAT FAU B2. Understanding the entity and its environment 00:00:00
ACCA FIA/CAT FAU B3. Audit strategy and the audit plan
ACCA FIA/CAT FAU B3. Audit strategy and the audit plan Details 00:00:00
Quiz ACCA FIA/CAT FAU B3. Audit strategy and the audit plan 00:00:00
ACCA FIA/CAT FAU B4. Audit documentation
ACCA FIA/CAT FAU B4. Audit documentation Details 00:00:00
Quiz ACCA FIA/CAT FAU B4. Audit documentation 00:00:00
ACCA FIA/CAT FAU SECTION C: Internal control
ACCA FIA/CAT FAU C1. General principles of internal control
ACCA FIA/CAT FAU C1. General principles of internal control Details 00:00:00
Quiz ACCA FIA/CAT FAU C1. General principles of internal control 00:00:00
ACCA FIA/CAT FAU C2. Techniques to record and evaluate accounting systems
ACCA FIA/CAT FAU C2. Techniques to record and evaluate accounting systems Details 00:00:00
Quiz ACCA FIA/CAT FAU C2. Techniques to record and evaluate accounting systems 00:00:00
ACCA FIA/CAT FAU C3. Tests of controls
ACCA FIA/CAT FAU C3. Tests of controls Details 00:00:00
Quiz ACCA FIA/CAT FAU C3. Tests of controls 00:00:00
ACCA FIA/CAT FAU C4. Communicating control deficiencies
ACCA FIA/CAT FAU C4. Communicating control deficiencies Details 00:00:00
Quiz ACCA FIA/CAT FAU C4. Communicating control deficiencies 00:00:00
ACCA FIA/CAT FAU SECTION D: Audit evidence and procedures
ACCA FIA/CAT FAU D1. Audit evidence
ACCA FIA/CAT FAU D1. Audit evidence Details 00:00:00
Quiz ACCA FIA/CAT FAU D1. Audit evidence 00:00:00
ACCA FIA/CAT FAU D2. Audit procedures
ACCA FIA/CAT FAU D2. Audit procedures Details 00:00:00
Quiz ACCA FIA/CAT FAU D2. Audit procedures 00:00:00
ACCA FIA/CAT FAU D3. Substantive procedures
ACCA FIA/CAT FAU D3. Substantive procedures Details 00:00:00
Quiz ACCA FIA/CAT FAU D3. Substantive procedures 00:00:00
ACCA FIA/CAT FAU D4. Audit sampling
ACCA FIA/CAT FAU D4. Audit sampling Details 00:00:00
Quiz ACCA FIA/CAT FAU D4. Audit sampling 00:00:00
ACCA FIA/CAT FAU D5. Computer-assisted audit techniques (CAATs)
ACCA FIA/CAT FAU D5. Computer-assisted audit techniques (CAATs) Details 00:00:00
ACCA FIA/CAT FAU D5. Computer-assisted audit techniques (CAATs) 00:00:00
ACCA FIA/CAT FAU SECTION E: Audit completion
ACCA FIA/CAT FAU E1. Going concern
ACCA FIA/CAT FAU E1. Going concern Details 00:00:00
Quiz ACCA FIA/CAT FAU E1. Going concern 00:00:00
ACCA FIA/CAT FAU E2. Written representations
ACCA FIA/CAT FAU E2. Written representations Details 00:00:00
Quiz ACCA FIA/CAT FAU E2. Written representations 00:00:00
ACCA FIA/CAT FAU E3. Recording significant and material errors
ACCA FIA/CAT FAU E3. Recording significant and material errors Details 00:00:00
Quiz ACCA FIA/CAT FAU E3. Recording significant and material errors 00:00:00
ACCA FIA/CAT FAU E4. Audit reports
ACCA FIA/CAT FAU E4. Audit reports Details 00:00:00
Quiz ACCA FIA/CAT FAU E4. Audit reports 00:00:00

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