Unit 17 Implementing Audit Procedures
Course Summary
This unit relates to the internal and external auditing process and requires candidates to be involved from the planning to the reporting stage. Candidates need to show that they can identify and assess control objectives, select a sample and tests, draw appropriate conclusions from the tests and draft the reports which give preliminary conclusions and recommendations. There are three elements contained within the unit:
- Contribute to the planning of an audit assignment
- Contribute to the conduct of an audit assignment
- Prepare related draft reports
The first element is about drafting limited company year-end financial statements from a trial balance. Candidates are responsible for ensuring that the financial statements comply with any relevant domestic legislation, in addition to either the relevant UK standards or the International Accounting Standards.
The second element requires interpretation of financial statements of companies and the relationships between the elements using ratio analysis.
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