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

zippi
zippi Registered Posts: 182 Dedicated contributor ? ? ?
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! :)

Comments

  • And
    And Registered Posts: 82
    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
    zippi Registered Posts: 182 Dedicated contributor ? ? ?
    Thanks And, how long did it take you to revise the full subject from start to finish until you took your exam?
  • And
    And Registered Posts: 82
    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
    zippi Registered Posts: 182 Dedicated contributor ? ? ?
    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
    And Registered Posts: 82
    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
    zippi Registered Posts: 182 Dedicated contributor ? ? ?
    Good luck and all the best for future too! I am sure you will pass.
  • And
    And Registered Posts: 82
    the same goes to you as well and for your future hope you will pass auditing for sure and find a better position!
  • Golebatax123
    Golebatax123 Registered Posts: 54
    i will be writing ext auditing in 2 weeks for the second time,but im still confused with some terminology
  • Golebatax123
    Golebatax123 Registered Posts: 54
    Ext Auditing
    concepts and benefits of assurance
    Please can someone explain this to me in details about ASSURANCE
  • Golebatax123
    Golebatax123 Registered Posts: 54
    what is analytical procedure and substantive procedure
    please help im stressed by auditing :'(:'(
  • zippi
    zippi Registered Posts: 182 Dedicated contributor ? ? ?
    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
    And Registered Posts: 82
    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
    zippi Registered Posts: 182 Dedicated contributor ? ? ?
    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
    And Registered Posts: 82
    I had used the BPP book mainly but I also used Osborne as well for further information in much more detail :)
  • zippi
    zippi Registered Posts: 182 Dedicated contributor ? ? ?
    Thank you, you are a star!
  • Golebatax123
    Golebatax123 Registered Posts: 54
    hi
    Thank you very much And i will ask more when i don't understand :)
  • And
    And Registered Posts: 82
    I will be happy to help you whenever I can :)
  • zippi
    zippi Registered Posts: 182 Dedicated contributor ? ? ?
    Hi And
    You mentioned previously about learning terminologies, are you talking about ISA 200, etc?
  • And
    And Registered Posts: 82
    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
    zippi Registered Posts: 182 Dedicated contributor ? ? ?
    Ok great thanks for that. Policies and procedures, I guess are Audit policies and procedures right.
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