FAU Foundations in Audit

The syllabus starts with an introduction to the nature and purpose of an audit, including the duties and liability of auditors, and the regulation that auditors must adhere to. The syllabus then covers the areas relating to the process of an audit of financial statements starting at audit planning and risk assessment, recording and evaluating internal control, as well as tests of controls, audit evidence and the use of substantive procedures. The final section deals with audit completion including the audit report

Main topic areas

  • Explain the purpose and scope of an audit and its regulatory framework
  • Explain how an auditor assesses risk and plans an audit
  • Identify the principles of internal control and describe and evaluate the features of information systems
  • Identify and describe audit evidence and audit procedures required to meet the objectives of an audit and apply International Standards on Auditing (ISAs)
  • Explain how the audit is completed and reflected in the different types of audit report.


Examination structure

  • The examination comprises of two sections. Section A is made up of 10 compulsory multiple choice questions (of 1, 2, and 3 marks) and Section B of 9 compulsory questions (of 6, 10, and 15 marks).
  • It is assessed by 2 hour paper based examination.
  • The pass mark is 50%