An in-depth knowledge of the Companies Act / Orders and relevant EU directives and other company law legislation affecting the auditor. • Responsibilities imposed on auditors of Irish Stock Exchange (ISEQ) and London Stock Exchange listed companies and legal responsibilities to shareholders. • An in-depth knowledge of standards and other technical pronouncements issued by the IASB, IAASB and the APB. • A detailed awareness of case law decisions and their implications for the auditing process. • An in-depth knowledge of other legal liabilities affecting auditors and accountants in providing audit and assurance services.

Application of the CPA Code of Ethics. • The fundamental principles of professional ethics. • Threats and safeguards. • Responsibilities to clients and colleagues. • Other responsibilities and practices including: - Changes in professional appointments. - Use of lien in fee disputes. Advertising and publicity. - Use of professional designations. • Conflicts of interests. • Code of confidentiality. • Professional liability and indemnity. • Misconduct and negligence. • APB published “Ethical Standards for Auditors.”

The definition of the control environment and control procedures. • Effective internal controls. • The limitations on the effectiveness of internal controls. • Ascertaining and understanding internal control systems: narrative notes, flowcharts, checklists, internal control questionnaires, walk through tests. • Evaluation and assessment of accounting systems and internal control systems and subsequent impact on audit work. • Reliance on internal controls and internal audit. • The principles and control procedures in a computer environment, including system analysis and design considerations. • The use of computer-assisted audit techniques.

New engagements. • The strategic design and planning of an audit and knowledge of the client’s business. • The review of financial statements to include analysis and critical assessment. • Quality control and recording of the audit. • The evaluation and testing of control procedures and audit evidence. • The design and carrying out of tests of substance on specific audit areas. • Consideration of materiality, audit risk, reliance on other specialists, events after the reporting period, contingencies, related parties. • Use of experts. • Characteristics of fraud and the responsibility of auditors for detecting material misstatement due to fraud.

Reporting on Audited Financial Statements. • Key concepts: opinion, true and fair view, materiality and statutory requirements. • Basic elements of the Auditor’s Report. • Modified Reports, differentiating between – Matters that do not affect the auditor’s opinion, and – Matters that do affect the auditor’s opinion. • Circumstances giving rise to Modified Reports. – Limitations on scope. – Disagreements with management • Auditor’s responsibility before and after the date of the Auditor’s Report. • Auditor’s responsibility for other information in documents (e.g. Annual Report) containing audited financial statements.

Relevant audit planning, execution (including internal control implications), reporting and professional practice considerations concerning: • Group audits, small business audits (including small business exemption), not-for-profit audits, first time audits. • Prospectuses and other offering documents (investment circulars): historical year-end financial statements, interim financial statements, and future oriented information. • Other types of historical financial assurance engagements: financial statements review engagement (Accountant’s Report), financial statements compilation engagements (Compilation Report), audit orreview of specific financial information (e.g. sales figures for retail park leases), compliance with agreements (e.g. loan covenants), and agreed-upon procedures. • Assurance on internal controls in service organisations (eg: data processing company). • Other types of audits: value for money/operational, social and environmental, health and safety, forensic (fraud identification, analysis and assessment).

The Code of Best Practice (based on Cadbury Report) • Audit Committees – structures, roles, benefits and drawbacks. • Roles and effectiveness of Non-Executive Directors. • Anti-Money Laundering Procedures. • The Combined Code (of the Committee on Corporate Governance) • UK Corporate Governance Code.

The current issues and developments relating to auditing, including audit expectations and developments in the regulation of audits.