LEARNING OUTCOMES
A candidate who passes this paper should be able to:
• Demonstrate an understanding of the regulatory framework governing the external audit
of financial statements
• Demonstrate an understanding of International Standards on Auditing where appropriate
and the International Code of Ethics for Professional Accountants (including International
Independence Standards)
• Implement the process of planning an audit, prepare audit programs and effectively
conduct an audit
• Undertake audit risk assessments (excluding group accounts)
• Apply the risk based audit approach to audit of limited companies
• Prepare non – complex audit reports for audit engagements.
