North-West University (NWU)

- Definition of investment property - Ways to account for property - What is investment property? - Joint use and separate classification - Ancillary services - Initial measurement - Initial cost - Subsequent measurement (cost vs revaluation model) - Fair value when unable to measure FV - Transfers

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

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.

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...

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.

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

Objectives if an audit - reasonable assurance, material misstatement and inherent limitations of an audit. Professional scepticism attitude of auditor. Concept of audit risk and audit opinion. Public Interest score theory and calculations. Reasonable assurance engagement and ISAE, ISA, ISRS