A guide to answering test/exam questions at a second year level. However, auditing students of all years can use these notes as they cover recurring topics, regardless of the year of study
, CONTENTS
1. Assessment terminology …………………………………………………………….… 2
2. SAICA CPC questions ……………………………………………………………….... 3
3. Considerations for pre-engagement activities …………………………………….…… 5
4. Determining planning materiality ………………………………………………….….. 6
5. Understanding audit risk ………………………………………………………….…… 7
6. Describing risk of material misstatement at financial statement level ………………... 8
7. Describing audit risk at financial statement level …………………………………...... 8
8. Assessing ROMM/audit risk at financial statement level ………………………….…..8
9. Describing ROMM at assertion level ……………………………………………….….8
10. Questions regarding board composition …………………………………………….….9
11. One’s independence for position on the board …………………………………...……10
12. Stating a weakness ……………………………………………………………………..11
13. Stating a control objective ……………………………………………………………..11
14. Stating a risk …………………………………………………………………………...11
15. References………………………………………………………………………………12
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