Assurance Exam Essentials

Categories: Certificate Level
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About Course

Assurance is the module where marks are won on precision of language. The
examiner asks for the exact wording of an engagement, the specific procedure
that gathers a particular piece of evidence, and the precise ethical threat in
play — near-enough answers score nothing.

The bank follows the syllabus weighting, with gathering evidence on an assurance
engagement carrying the most, then internal controls and information flows,
professional ethics and regulatory issues, and the concept, process and need for
assurance.

Sixteen chapters take you from what assurance is and why it is needed, through
accepting and planning an engagement, the revenue, purchases and payroll
systems, internal audit, documentation, sampling, substantive procedures, and
the full professional ethics sequence of integrity, objectivity, independence
and confidentiality.

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What Will You Learn?

  • State what assurance is, what it is not, and the levels of assurance available
  • Work through the acceptance procedures in the order the examiner expects
  • Say exactly what an engagement letter does and does not contain
  • Plan an assignment, assess risk and set materiality
  • Distinguish the controls in the revenue, purchases and employee cost systems
  • Identify the control objective a given procedure is designed to meet
  • Explain the role and limitations of internal audit against external audit
  • Apply documentation requirements and know what working papers must show
  • Select the right sampling method and evidence-gathering procedure for a stated objective
  • Judge the reliability of evidence by its source and nature
  • Apply substantive procedures to specific financial statement assertions
  • Identify the ethical threat in a scenario and the safeguard that answers it
  • Apply the confidentiality rules, including when disclosure is permitted or required

Course Content

Chapter 1: The concept of and need for assurance

  • Practice Mock
  • Result

Chapter 2: Process of assurance: obtaining an engagement

Chapter 3: Process of assurance: planning the assignment

Chapter 4: Process of assurance: evidence and reporting

Chapter 5: Introduction to internal control

Chapter 6: The revenue system

Chapter 7: The purchases system

Chapter 8: Employee costs

Chapter 9: Internal audit

Chapter 10: Documentation

Chapter 11: Evidence and sampling

Chapter 12: Written representations

Chapter 13: Substantive procedures

Chapter 14: Codes of professional ethics

Chapter 15: Integrity, objectivity and independence

Chapter 16: Confidentiality

Comprehensive Exam

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