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- Definition of intangible asset - Definition broken down for discussion question and understanding - Recognition criteria - Initial measurement - Amortisation - Impairment - Residual value - Cost model vs Revaluation Model

- Definition of borrowing costs - Qualifying asset definition - Dates to be used - Specific loans calculation framework

- Definition of inventory - Recognition - Subsequent measurement - Credit terms calculation - Initial measurement = Purchase cost, conversion cost and other costs - Overhead example - Inventory systems - Fixed and variable manufacturing overheads - Imports - Net realisable value and journals - Manufacturing t-accounts

Conceptual framework defined including - Definitions of asset, liability, income and expenses. This includes fundamental qualitive characteristics and enhancing characteristics, measurement and presentation and disclosure. IFRS 18 includes statement of profit or loss and other comprehensive income, statement of financial position, statement of changes in equity. Steps to distinguish between financing, investing and operating category

Audit planning process described. This involves: ISA 300 - Planning an audit ISA 315 - Risk if material misstatement (overall) Risk of material misstatement assertion Risk indicators and implications through assertions of Inventory, Debtors and Revenue. ISA 240 - Fraud Risk ISA 320 - Materiality and the calculation thereof

Nature and purpose of the inventory and production cycle, inlduing all the functions within. Each function contains documents used, function, risk, control objective and manual controls. Functions include: - Warehouse - Physical controls - Comparisons and reconciliations - Planning and preperation - Design of stationary - Written instructions - Conducting the count

Explanation of processing/application controls and description of control objectives. Process for batches by using preparations, input, processing and output, while including validity, completeness and accuracy. Changes in the Masterfile - main control and manual controls.

Background to internal controls with policies and procedures

- Definition of Property, plant and equipment - Initial measurement - Subsequent measurement - Depreciation and residual value - Impairments - Revaluation Model calculation

Explanation of recommendations of the King V report and code and principle of the code and report. Such as: Principle 2 - Ethics Principle 5 - Composition of the Governing Body Principle 6 - Committees of Governing Body Principle 7 - Appointment and delegation to management Principle 12 - Assurance

Completion of the Audit

The Companies Act No. 71 of 2008 in Auditing. Contains summaries of sections within the Companies Act relevant to auditing 3rd year. Includes: 1. General - Sections 2,3,4,214,16 2. Company records - Sections 20, 21, 22, 24, 30. 3. Shares - 35, 36, 37, 38, 39, 40, 41 4. Assistance and Distribution - 44, 45, 46, 47, 48 5. Board - 57, 65, 66, 69, 71, 72, 73, 75 6. Auditors - 90, 91, 92, 94 This includes short summaries of everything to know about the sections. Examples such as how to...

Overall risk of bank and cash cycle and the relevant assertions: 1. Accuracy, valuation and allocation 2. Existence, rights and completeness 3. Presentation 4. Procedures for cash on hand

Explanation of overall risk within the payroll and personnel cycle and the relevant assertions relating to salaries and wages as well as fraudulent financial reporting and misappropriations of assets. Test of controls audit procedures, and analytical and substantive audit procedures.

Explanation of overall risk of assertions of the payments and acquistions cycle, with possible fraud. (Asset misappropriation and fraudulent financial reporting) Description of analytical and substantive audit procedures relating to purchases and payments within the cycle.

Explains the revenue and receipts cycle as well as a visual diagram. Inspection, Observation, Enquiry and Re-performance. Substantive procedures explanation including analytical vs detail substantive procedures. Table showing financial statement assertions.

Purpose, quantity, relevance and reliability of audit evidence. Including the procedures done and methods of obtaining audit evidence. Financial statement level aswell as assertion level. Includes Audit documentation.

Purpose of audit sampling including concepts of: 1. Populations 2. Sampling 3. Sampling Unit 4. Error 5.Tolerable error 6. Anomalous Error 7. Stratification Calculation examples for the different types of concepts aswell as methods used.

Steps to planning the audit: 1. Planning the audit at the overall financial statement level 2. Determine the overall audit response 3. Detail planning of each material classes of transactions, account balance and disclosure 4. Audit plan for each separate account

Engagement activities including risks of new clients and exitising clients, purpose of pre engagement checks. Method and timing of obtaining information for risk assessment procedures. Performing a client investigation, determining skills competence requirements and establishing the terms of the engagement.