1.1- Identify and distinguish between tests of controls, substantive tests of
transactions and substantive tests of balances.
1.2- Identify and understand when the auditor will undertake substantive
audit procedures in response to specific assessed risks of material
misstatement.
1.3- Understand how assertions relate to accountbalances
1.4- Understand how to select the most efficient and effective combination of
audit procedures that allows them to achieve the audit objective
1.5– Active participation in an “audit team context” with professional
group discussions
The following Unit Learning Outcomes are applicable:
1. Demonstrate a thorough understanding of the reporting requirements of
auditing standards relating to auditors’ reports.
2. Explain how the audit planning process directs the auditor to obtain
adequate evidence to support audit findings and address the importance of
materiality in an audit;
3. Explain the process of audit planning to determine risk assessments and
an overall audit strategy;
4. Explain the auditors’ obligations with regards to understanding the
client’s business and internal controls, and assessing business
risks.
5. Achieve a high level of competence in applying prescribed auditing
techniques in gathering evidence to satisfy audit assertions