Auditing - Can it be studied completely by oneself or do you need a provider?

zippi

Can someone advice me if the Auditing can be studied without a provider and easily passed or it would be better to study with the provider?

All opinions are welcome!

And

I studied external auditing by myself and I passed from it 1st time make sure you read the book over and over again so that you remember the terminology by heart and practice as much as possible to get the feeling how the exam is portrayed .

zippi

Thanks And, how long did it take you to revise the full subject from start to finish until you took your exam?

And

1 month to cover the whole syllabus and another month to revise it again plus working the past papers if you need any help please do not hesitate to contact me

zippi

Oh thank you, that really helps, although currently I work 4 days a week, so don't have much time. Also looking for better position so applying for jobs, attending interviews as required etc.

After not having much luck with cash management decided to go for Auditing and then I am done with AAT, just can't wait to finish........

And

good luck than also for your job interviews I did my FPFM exam on 6th may I hope I pass this time and than start the ACCA Also myself, I just can't wait to finish because I am fed up

zippi

Good luck and all the best for future too! I am sure you will pass.

And

the same goes to you as well and for your future hope you will pass auditing for sure and find a better position!

Golebatax123

i will be writing ext auditing in 2 weeks for the second time,but im still confused with some terminology

Golebatax123

Ext Auditing
concepts and benefits of assurance
Please can someone explain this to me in details about ASSURANCE

Golebatax123

what is analytical procedure and substantive procedure
please help im stressed by auditing

zippi

Sorry Golebatax, I am also new to this subject. Are you learning by your self or with the college? Perhaps you could ask your tutor?

And

Analytical procedures are one of many financial audit processes which help an auditor understand the client's business and changes in the business, and to identify potential risk areas to plan other audit procedures.

Analytical procedures include comparison of financial information (data in financial statement) with
1.prior periods
2.budgets
3.forecasts
4.similar industries and so on.

It also includes consideration of predictable relationships, such as:
1.gross profit to sales,
2.payroll costs to employees,
3.financial information and non-financial information, for examples the CEO's reports and the industry news.

possible sources of information about the client include:
1.interim financial information
2.Budgets
3.Management accounts
4.Non-Financial information
5.Bank and cash records
6.VAT returns
7.Board minutes
8.Discussion or correspondence with the client at the year-end


Substantive procedures (or substantive tests) are those activities performed by the auditor to detect material misstatement or fraud at the assertion level.

The different assertions of balances are:
existence,
rights and obligations,
validity, and
completeness.

Those for transactions are:
occurrence
completeness,
accuracy,
authorization,
cut-off, and
classification.

zippi

Thank you And, I think this will be helpful to both of us Golbatax and myself. Appreciate your help. One more question, I know you bought BPP and Osborne. Which one did you use as your main book to study?

And

I had used the BPP book mainly but I also used Osborne as well for further information in much more detail

zippi

Thank you, you are a star!

Golebatax123

hi
Thank you very much And i will ask more when i don't understand

And

I will be happy to help you whenever I can

zippi

Hi And
You mentioned previously about learning terminologies, are you talking about ISA 200, etc?

And

Hi Zippi,

No you do not need to learn the ISA by heart mainly the policies and procedures and the meaning of materality and the controls

zippi

Ok great thanks for that. Policies and procedures, I guess are Audit policies and procedures right.