Auditing and Assurance Fundamentals

What the page covers

The resources here follow the path of an audit from start to finish. Some cover the basics: what assurance is, why we need auditors, and the nature of the financial statement audit. Others look at ethics, independence, quality control, risk, evidence, internal controls and reporting. Mind maps include External Audit, Going Concern and one on ISA 240 and fraud.

Where to start

Begin with the introductory material. The flashcard deck Introduction to assurance CH1 and the mind map Assurance give you the vocabulary. Then move to Audit Planning, where risk and materiality come in, and on to evidence, controls and reporting.

1. Read or build a mind map on the topic.
2. Go through a flashcard deck to fix the terms.
3. Take a quiz to see what you missed.

Using quizzes and maps together

Quizzes work best as a check after you have looked at a map. The chapter quizzes, such as Auditing chapter 6 pre quiz and Auditing Chapter 8 Pre Quiz, test points like risk of material misstatement and sampling for tests of controls. If you get a question wrong, go back to the matching map and read that branch again.

For wider practice, Becker Post-Test (Chapters 1-8) and Audit and Assurance Multiple choice questions mix topics. The CPA Exam Sample Questions Pt. 1 quiz suits professional candidates, and the ACCA-labelled decks such as F8 - Audit Risk are there for ACCA students.

The standards

The flashcard deck on International Standards on Auditing lists ISA numbers in order, from ISA 200 onwards. Use it beside maps such as ISA 210 - Agreeing the terms of audit engagements to link each number to what it requires.

Where it fits

This unit sits in the Auditing and Assurance strand of Accounting and auditing. Teachers can use the quizzes and maps as ready-made starting points for classes.

Choose one topic today, open its map and try the matching quiz.