Jay at Syllabus

THE CPA LICENSURE EXAMINATION SYLLABUS
AUDITING THEORY
(Effective October 2006 Examination)
This subject tests the candidates’ conceptual knowledge and understanding of assurance and related
services performed by professional accountants. Candidates should know and understand the nature of assurance
and related services particularly independent audits of financial statements, the responsibilities of professional
accountants; the audit process; audit objectives, evidence, procedures, auditing standards, and the elements of the
independent auditors’ report. In all the areas included, the candidate shall apply the Philippine Standards on Auditing
(PSA) and other regulatory laws and regulations in effect at the time of examination.
Each examination will contain a minimum of 80 and a maximum of 100 multiple-choice questions, equitably
allocated to different subject areas, as indicated below:
1.0 Fundamentals of Auditing and Assurance Services
1.1 Introduction to assurance engagements
a. Nature, objective and elem ents
b. Types of assurance engagements (audits, reviews, other assurance engagements)
c. Assurance service vis-à-vis attestation services
1.2 Introduction to auditing
a. Nature, philosophy, and objectives
b. Types of audit
1. According to nature of assertion/data (financial statements audit, operational
audit, compliance audit)
2. According to types of auditor (external independent financial statements audit,
internal audit, government audit)
2.0 The Professional Practice of Public Accounting
2.1 Public accounting profession
a. Public accounting as a profession
b. Organizations that affect public accounting
1. Regulatory government agencies (Professional Regulatory Board of
Accountancy, Commission on Audit, Securities and Exchange Commission,
Bangko Sentral ng Pilipinas, Insurance Commission, Bureau of Internal
Revenue)
2. Standard-setting bodies (Auditing and Assurance Standards Council, Financial
Reporting Standards Council)... [continues]

Read full essay