Risk-based audit methodology for private and public sector engagements. From appointment through planning, performance and reporting in accordance with International Standards on Auditing (ISAs).
Builds on: New topic at Level 2
Audit and Assurance introduces candidates to the principles and practice of external audit. The paper follows the full audit cycle — from client acceptance and engagement planning through risk assessment, evidence collection, and reporting. Candidates develop a deep understanding of International Standards on Auditing (ISAs), internal control evaluation, and the responsibilities of auditors under Ghanaian legislation. This paper also covers assurance engagements beyond the statutory audit, including reviews and agreed-upon procedures.
The purpose of audit, legal requirements in Ghana, auditor appointment, independence, and the expectation gap.
Understanding the entity, inherent risk, control risk, detection risk, and the audit risk model.
Overall audit strategy, audit programme, materiality setting, and audit team briefing.
Types of controls, control testing, walkthrough procedures, and reporting deficiencies to management.
Sufficiency and appropriateness of evidence; inspection, observation, inquiry, confirmation, and analytical procedures.
Subsequent events (ISA 560), going concern (ISA 570), management representations (ISA 580), and audit reports.
The role of the Auditor-General of Ghana, value for money audits, and compliance auditing in the public sector.
Audit scenario questions require you to identify specific risks or control weaknesses from the scenario — then link each risk to a suitable audit procedure. Generic audit procedures not tied to the scenario score minimal marks.
External Auditor
Internal Auditor
Audit Manager
Risk & Compliance Officer
Forensic Accountant
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