Assurance Study Guide 2013
The Institute of Chartered Accountants in England and Wales
ASSURANCE
Professional Stage Knowledge Level
For exams in 2013
Study Guide
www.icaew.com
Contents
1
Introduction
1
2
Assurance
2
3
Study guide
3
4
Syllabus and learning outcomes
21
5
Key Resources
27
1 Introduction
1.1
What is Assurance and how does it fit within the ACA Professional Stage?
Structure
The ACA syllabus has been designed to develop core technical, commercial, and ethical skills and knowledge in a structured and rigorous manner.
The diagram below shows the twelve modules at the ACA Professional Stage, where the focus is on the acquisition and application of technical skills and knowledge, and the ACA Advanced Stage which comprises two technical integration modules and the Case Study.
If you are studying for CFAB, you will only complete the first six knowledge modules. However, you may decide to progress to the ACA after you have completed the CFAB qualification.
The knowledge level
The aim of the Assurance module is ensure that students understand the assurance process and fundamental principles of ethics and are able to contribute to the assessment of internal controls and gathering of evidence on an assurance engagement.
Progression to ACA application level
The knowledge base that is put in place here will be taken further in the Application level Audit and
Assurance module where the aim will be to develop the students’ understanding of the critical aspects of managing an assurance engagement (including audit engagements): acceptance, planning, managing, concluding and reporting. Students will be expected to have an understanding of the audit of not-for-profit entities as well as non-specialised profit oriented entities.
Progression to ACA Advanced Stage
The Advanced Stage papers – Business Reporting (BR) and Business Change (BC) – then take things further again. The emphasis in the BR paper is the compliance issues faced by business. Here ethical and audit issues
ASSURANCE
Professional Stage Knowledge Level
For exams in 2013
Study Guide
www.icaew.com
Contents
1
Introduction
1
2
Assurance
2
3
Study guide
3
4
Syllabus and learning outcomes
21
5
Key Resources
27
1 Introduction
1.1
What is Assurance and how does it fit within the ACA Professional Stage?
Structure
The ACA syllabus has been designed to develop core technical, commercial, and ethical skills and knowledge in a structured and rigorous manner.
The diagram below shows the twelve modules at the ACA Professional Stage, where the focus is on the acquisition and application of technical skills and knowledge, and the ACA Advanced Stage which comprises two technical integration modules and the Case Study.
If you are studying for CFAB, you will only complete the first six knowledge modules. However, you may decide to progress to the ACA after you have completed the CFAB qualification.
The knowledge level
The aim of the Assurance module is ensure that students understand the assurance process and fundamental principles of ethics and are able to contribute to the assessment of internal controls and gathering of evidence on an assurance engagement.
Progression to ACA application level
The knowledge base that is put in place here will be taken further in the Application level Audit and
Assurance module where the aim will be to develop the students’ understanding of the critical aspects of managing an assurance engagement (including audit engagements): acceptance, planning, managing, concluding and reporting. Students will be expected to have an understanding of the audit of not-for-profit entities as well as non-specialised profit oriented entities.
Progression to ACA Advanced Stage
The Advanced Stage papers – Business Reporting (BR) and Business Change (BC) – then take things further again. The emphasis in the BR paper is the compliance issues faced by business. Here ethical and audit issues