Summary GAA 2 Notes

G AA Z
I Pre engagement Audit Preengagement

2 Companies Act
3 AuditingProfessions Act
4 companiesRegulations Goverance
5 King IV
6 Codeofprofessionalconduct
7 Risks Controls Business


8 Planning31 Materiality
9 Riskassessment 2 AuditPlanning
ROMMoverallFIS
oRommassertion
10 AuditstrategyApproach Plan
11 Test of controls
12 Substantiveprocedures I audit riskresponse

, Audit process
1 Pre engagement am I goingtoacceptclient
governance
competenceofteam




Iacceptclient



2 Planning plantheaudit
RomMI YYtions
planningmateriality catchoutmi
statementst
Auditstrategy plan Approach
assertions



jf
ftp.iintl
resources extent




3 Riskresponse
Test ofcontrols onlylook integrityofinfo vac thiseffectsFis
Cfortheauditorsperspective
Substantiveprocedures comparesourcedocuments w statements to
checkthat ithasbeenteredaccording toVAC

, Pre engagement
provideconsiderations actionsyouwouldperformasauditpartner beforeacceptingappointment

1 evaluate if itmeetscriteriafor professional relationships
2 evaluate if auditteam isindependent
assessobjectivity link CPC
3 evaluate
anyconflictsofinterest
4 evaluate competenceofauditstaffBsufficient
time
5 assessintegrityofclient13commitment
tocorporategoverance linktoking
6 discusstermsof
engagement
7 assess if 00 Actformaltieshavebeencomplied
withprior



Planning
Phases
1 obtain understanding
2 Risk assessment
3 Planning materiality
4 Plan response



2 Risk Assessment

AR VS BR
akedment assetscontinuity
fmm.at profits confidentiality
Fslevel romm
Ar IRXCRXDR Imitevidement

Hand lack integrity
override
controls
controlweakness
nogEmp
overall Fls level bigpictureofFls
assertionlevel specifictransactions accounts