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It develops in-depth understanding of Companies Act and EU company law, auditing standards from IASB/IAASB/IAASA, case law implications, and responsibilities toward shareholders. It covers audit acceptance, strategic planning, risk assessment, materiality, quality control and professional scepticism, substantive testing, internal controls, and completion reporting. 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It also emphasizes client business knowledge and audit documentation.",{"name":113,"@type":104,"acceptedAnswer":114},"How do materiality and risk assessment relate to audit execution?",{"text":115,"@type":107},"It explains materiality and performance materiality, how they are applied, and how materiality and risk are linked. It also evaluates business and audit risk, including the risk of material misstatement, and considers additional risk factors impacting the assurance engagement.","https://schema.org",{"og:url":83,"og:type":118,"og:title":65,"og:site_name":90,"og:description":67},"article",{"robots":120,"canonical":83},"index,follow",{"doc_id":122,"site_id":62},180682,1788341741,{"code":4,"msg":5,"data":125},{"doc_id":122,"user_id":126,"nickname":87,"user_avatar":127,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":128,"file_id":129,"file_url":130,"file_type":131,"file_size":132,"view_count":4,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":24,"language":133,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":134,"faqs":135,"seo_title":136,"seo_description":67,"update_tm":123,"read_time":137},962085320529,"https://ap-avatar.wpscdn.com/davatar_9964176cb1d06d4a9deccf72a44ae3dc","| LEVEL | SUBJECT |  |  |  |  |  |\n| --- | --- | --- | --- | --- | --- | --- |\n| CPA\u003Cbr>Foundation | Financial\u003Cbr>Accounting | Management\u003Cbr>Fundamentals | Taxation |  | Management\u003Cbr>Accounting |  |\n| CPA\u003Cbr>Professional | Financial\u003Cbr>Reporting | Corporate\u003Cbr>Law | Advanced\u003Cbr>Taxation | Audit &\u003Cbr>Assurance | Performance\u003Cbr>Management | Managerial\u003Cbr>Finance |\n| CPA\u003Cbr>Strategic | Advanced\u003Cbr>Financial\u003Cbr>Reporting | Strategy &\u003Cbr>Leadership | Advanced Tax\u003Cbr>Strategy | Advanced Audit & Assurance | Data Analytics\u003Cbr>for Finance | Strategic\u003Cbr>Corporate\u003Cbr>Finance |\n\n|  |  |  | Competency\u003Cbr>Level |\n| --- | --- | --- | --- |\n| The legal, | • | Companies Act / Orders, EU Directives & Company Law | 3 |\n| regulatory, | • | Irish & London Stock Exchange listed companies | 2 |\n| professional | • | Auditing Standards – IASB, IAASB & IAASA | 3 |\n| and ethical | • | Case law, legal liabilities & obligations | 2 |\n| framework of | • | Anti-money laundering | 2 |\n| auditing | • | Corporate governance frameworks | 2 |\n|  | • | CPA Code of Ethics and the Ethical Standard for Auditors (Ireland) 2017 | 3 |\n|  | • | Professional negligence & indemnity | 3 |\n| Risk Assessment, audit planning and execution | ••\u003Cbr>•\u003Cbr>••\u003Cbr>••\u003Cbr>••\u003Cbr>• | New engagements and acceptance procedures Planning, conducting and documenting an audit\u003Cbr>Review of financial statements, analysis and interpretation of data and other information\u003Cbr>Materiality and risk assessment\u003Cbr>Quality control, professional scepticism and practice management Evaluation and testing controls (see below)\u003Cbr>Substantive testing Using the work of others Laws and regulations Fraud and error | 3 3\u003Cbr>3\u003Cbr>3 3\u003Cbr>3 3\u003Cbr>3 3\u003Cbr>3 |\n| Internal | • | Control environment and control procedures | 3 |\n| Controls and | • | Internal controls & internal control systems | 3 |\n| Financial | • | Computer control environment | 2 |\n| Systems | • | Continuous control monitoring | 2 |\n| Completion | • | Subsequent events and going concern | 3 |\n| and Reporting | • | Final review and matters arising | 3 |\n|  | • | Key concepts – opinion, true & fair view/ fair presentation, materiality & statutory requirements | 3 |\n|  | • | Auditor’s report | 3 |\n|  | • | Modified reports | 3 |\n|  | • | Limitations on scope/ Disagreement | 3 |\n|  | • | Emphasis of matter / other matters / KAMs | 3 |\n|  | • | Auditor’s responsibility | 3 |\n| Special Audits & Other Engagements | •• | Engagement, planning, execution and reporting\u003Cbr>Professional practice considerations | 2 2 |\n| Performance Evaluation | • | Corporate reports and extended stakeholder reports e. g. sustainability, governance and environmental reports | 2 |\n|  | • | Performance management reports and KPIs | 2 |\n| Current Issues | • | Current developments in the audit and assurance environment | 2 |\n|  | • | Auditing new technologies e. g. Artificial Intelligence (AI) and Blockchain | 1 |\n\n| The legal, regulatory, professional and ethical framework of auditing\u003Cbr>• Demonstrate an in-depth understanding of the Companies Act / Orders and relevant EU directives and other company law legislation affecting the auditor\u003Cbr>• Explain the responsibilities imposed on auditors of Irish Stock Exchange (ISEQ) and London Stock Exchange listed companies and describe the auditor’s legal responsibilities to shareholders\u003Cbr>• Demonstrate an in-depth understanding of Auditing standards and other technical pronouncements issued by the IASB, IAASB and IAASA\u003Cbr>• Describe the implications for the auditing process of relevant case law decisions and explain how other legal liabilities and obligations affects auditors and accountants in providing audit and assurance services\u003Cbr>• Define money-laundering; advise how auditors and accountants can meet their obligations under anti-money laundering legislation; demonstrate an ability to recognise suspicious transactions and describe how these transactions should be reported\u003Cbr>• Appraise and critique the implications of corporate governance","cbCaijBPFMOzepvo","https://ap.wps.com/l/cbCaijBPFMOzepvo","pdf",66033,"English","# The legal, regulatory, professional and ethical framework of auditing\n## Risk Assessment, audit planning and execution\n## Internal Controls and Financial Systems\n## Completion and Reporting\n## Special Audits & Other Engagements\n## Performance Evaluation\n## Current Issues","[{\"question\":\"What legal and ethical framework does the Strategic Audit \\u0026 Assurance topic cover?\",\"answer\":\"It covers the Companies Act/Orders, relevant EU directives and other company law, auditing standards (IASB/IAASB/IAASA), case law and legal liabilities, anti-money laundering obligations, and the CPA Code of Ethics and Ethical Standard for Auditors (Ireland) 2017.\"},{\"question\":\"How are audit acceptance and planning approached in the document?\",\"answer\":\"It explains procedures before accepting or continuing a new or recurring engagement, when an engagement should be refused, and how audit strategy is derived from planning results. It also emphasizes client business knowledge and audit documentation.\"},{\"question\":\"How do materiality and risk assessment relate to audit execution?\",\"answer\":\"It explains materiality and performance materiality, how they are applied, and how materiality and risk are linked. It also evaluates business and audit risk, including the risk of material misstatement, and considers additional risk factors impacting the assurance engagement.\"}]","Strategic-Level-Advanced-Audit-Assurance - CPA Strategic Audit & Assurance - Risk Assessment, Audit Planning and Execution | PDF",13]