Audit and Assurance Essentials, + Website

Katharine Bagshaw, London, UK has 20 years of experience as a technical specialist in ISAs and wrote some of the first UK training materials on ISAs in the mid 1990s. She trained with and has worked for firms that are now Ernst & Young, KPMG and PwC.Katharine taught auditing to ICAEW, ACCA, CIMA and CIPFA students for over 15 years in the UK, Eastern Europe, Africa and the Far East and she served as ACCA’s auditing examiner for three years.Since 2000, Katharine has worked for ICAEW’s Audit and Assurance Faculty with responsibility for ICAEW’s extensive ISA Implementation program. She is currently Secretary to its ISA Implementation group and to ICAEW’s PCAOB Panel. She is also Technical Adviser to a UK representative on IFAC’s SMP Committee and has written numerous articles for the professional press. She is the author of several specialist auditing publications on ISAs.

• Introduction 11 Auditors, Audits and Other Types of Assurance and Passing the Exam First Time 31.1 The Need for Audit and Other Types of Assurance 41.2 Passing the Exam First Time 132 Taking on Professional Work and Maintaining Standards 232.1 Introduction to Professional Standards 242.2 Fundamental Principles, Threats and Safeguards 262.3 Changes in a Professional Appointment 322.4 Obtaining Professional Work 342.5 Professional Ethics: Fees 392.6 Professional Ethics: Conflicts of Interest and Hospitality 432.7 Professional Ethics: Independence and Objectivity 452.8 Appointing and Removing Auditors 572.9 Agreeing Engagement Terms 613 Housekeeping: Planning, Materiality and Documentation 673.1 Planning 683.2 Materiality 733.3 Audit Documentation 774 The Core of the Audit 874.1 Risk Assessments 874.2 Audit Evidence 1134.3 Responding to Risk 1284.4 Audit Tools 1524.5 More Audit Tools: Using the Work of Others 1964.6 Related Parties, Initial Engagements, Opening Balances and Comparative Information 2285 Corporate Governance, Professional Liability, Regulation and Other Current Issues 2375.1 Corporate Governance 2375.2 Professional Liability, Regulation and Other Current Issues 2506 Audit Reporting 2656.1 Audit Finalisation 2656.2 Modified and Unmodified Audit Opinions 2756.3 Emphasis of Matter and Other Matter Paragraphs, Going Concern 2886.4 Communications with Management and those Charged with Governance 2996.5 Other Information 3067 Fraud, Money Laundering, Forensic Accounting, Financial Instruments 3117.1 Fraud: Auditors’ Responsibilities 3127.2 Laws and Regulations: Auditors’ Responsibilities 3227.3 Money Laundering 3257.4 Forensic Accounting 3317.5 Financial Instruments 3358 The Wider Framework: Assurance, Other Engagements, Audit Quality and Quality Control 3438.1 International Standards 3458.2 Overall Objectives of Audits, the Framework For Assurance Engagements, ISAE 3000 3538.3 Audit Quality and Quality Control 3719 Smaller Entity Audits, Reviews, Compilations, Agreed-Upon Procedures Engagements, Not-For-Profit Engagements 3839.1 Smaller Entity Audits 3849.2 Overview of Reviews, Agreed-Upon Procedures and Compilation Engagements 3879.3 Review Engagements 3899.4 Compilation Engagements 3989.5 Agreed-Upon Procedures Engagements 4029.6 Not-For-Profit Engagements 40610 Other Assurance Engagements 41510.1 Introduction to Other Assurance Engagements 41610.2 Assurance or Agreed-Upon Procedures: Key Performance Indicators 41810.3 Social and Environmental Reporting and ISAE 3410 Assurance Engagements of Greenhouse Gas Statements 42110.4 Prospective Financial Information 42810.5 ISAE 3420 Reporting on the Compilation of Pro-Forma Financial Information in Prospectuses 433IAASB Standards and Related Guidance Covered in This Publication 437Answers 439Abbreviations 487Index 489

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