Main Topics of Study:

Introduction to Auditing:

• The Why of Auditing

Auditing & The Companies Act:

• Rights & Duties
• The Companies Act
• Accounting Records
• Accounting Requirements of the Companies Act
• Professional Rules: Standards & Guidelines
• Accounting Standards
• Professional Conduct
• Letters of Engagement

The Modern Audit:

• Stages
• Timing
• Objectives

The Conduct of the Audit:

• Accounting Systems
• Internal Controls
• Audit Testing
• Analysis Review Techniques
• Working Papers
• Reports to Directors
• Errors & Frauds

Audit Evidence:

• Evidence
• Risk
• Methods
• Reliance on Other Specialists

Review of Financial Statements:

• Final Review
• True and Fair View
• Representations by Management

The Auditors’ Report:

• Auditors’ Report
• Qualified Reports
• Post Balance Sheet Events
• Going Concern

Planning & Control of Audits:

• Planning
• Quality Control

Auditors & The Law:

• Auditors’ Liability
• Unlawful Acts of Clients & Their Staff
• Reading List

Income Tax:

• General Principles
• Administration
• Personal Allowances
• Charges on Income & Interest Paid
• PAYE
• Schedule E
• Schedule A
• Schedule D
• Personal Investment

Corporation Tax:

• General Principles
• Capital Allowances
• ACT

Note: Examination Format - The Auditing questions will account for a minimum of 70% and a maximum of 75% of the marks available. The Taxation questions will account for a minimum of 25% and a maximum of 30% of the marks available. The Taxation questions will be based on UK taxation.

Reading List

Main Texts:

Auditing - Millichamp (Thomson Learning)

Taxation & Self Assessment - Peter Rowes (Thomson Learning)