Audit and Assurance (AA)

Module aim

To develop candidates’ understanding of the critical aspects of managing an assurance engagement (including audit engagements): acceptance, planning, managing, concluding and reporting.

On completion of this module, candidates will be able to:

• understand and advise on the regulatory, professional and ethical issues relevant to those carrying out an assurance engagement;
• understand the processes involved in accepting and managing assurance engagements;
• understand how quality assurance processes mitigate risks;
• plan assurance engagements in accordance with the terms of the engagements and appropriate standards; and
• conclude and report on assurance engagements in accordance with the terms of the engagements and appropriate standards.

Method of assessment

The Audit and Assurance module is examined using traditional paper-based exams. The paper-based exam is 2.5 hours long. The exam tests each of the four syllabus areas in accordance with the weightings set out in the specification grid. The exam consists of six short-form questions and three written test questions.

Ethics and law may be tested in any of the questions and candidates may use the open book text.

The pass mark of this module is 55%.

Links to other ACA papers

ASS prior knowledge is required for AA module.

AA provides the basics to progress to the Advanced level.