The paper is introduction to audit and assurance engagements governed by regulatory framework, ISAs and ethical conduct that students are required to adhered to. The paper outlines the engagement acceptance procedures and conduct of audit through planning and risk assessment including understanding of entity’s internal controls, evaluation of the audit evidence, auditor’s conclusions thereon and form and content of the audit reporting. The paper require student to identify potential control deficiencies in a client reporting system and their impact on the overall audit methodology. Further implications of specific auditing standards including Going Concern and Subsequent Events on the final reporting stage are also addressed in the paper.
M. SAJID KAPADIA
M. Sajid Kapadia is a renowned Chartered Accountant (ACA), Fellow Chartered Certified Accountant (FCCA) and Public Financial Accountant (APFA). He has been engaged in the teaching field since last 20 years and specializes in the teaching Audit & Assurance of both CA ( PK) and ACCA (UK)
He is currently the Principal & M.D of one of the leading RAETs in Karachi. He was previously associated with Lakson Group, Siemens Pakistan and Ernst & Young. He is currently serving in 02 committees of ICAP including PAIB ( Professional Accountants in Business)and ETCOM (Education and Training committee).He has been a Public speaker and a Motivational speaker for the last 20 years and has a student base of more than 25,000 and 1,500 Qualified Chartered Accountants being his Alumni. He has conducted numerous sessions on presentation and communication skills, self grooming and train the trainer sessions