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AUDITING PRACTICE OCAMPO/OCAMPO

AP.3300.Syllabus OCTOBER 2022

Auditing Practice (AP)

Applicable to October 2022 LECPA

This part covers the candidate’s proficiency in applying 2.2.3.1Engagement acceptance and
risk-based audit and quality management standards, continuance
techniques, and procedures to a typical independent audit 2.2.4 Planning the audit
of a medium-sized service, trading or manufacturing 2.2.4.1 Overall audit strategy
concern, that use either a manual or automated business 2.2.4.2 Determining and using materiality
process, or a combination of both. 2.2.4.3 Audit team discussions
2.2.4.4 Understanding and auditing
Candidates shall be able to assess risk, develop a plan and business processes
perform an audit, analyze data for possible errors and 2.2.4.4.1 Order to cash
irregularities or nonconformance to standards, assertions 2.2.4.4.2 Purchase to pay
or criteria, perform root cause analysis, perform other 2.2.4.4.3 Plan to inventory
procedures, obtain evidence and formulate adjusting 2.2.4.4.4 Hire to retire
entries, prepare audit working papers, communicate 2.2.4.4.5 Acquire to retire
results of audit, prepare audit reports, and complete the 2.2.4.4.6 Record to report
audit. 2.2.4.4.7 Close, consolidate and
report
In all the areas included, the candidate shall apply the 2.2.4.4.8 Financial planning and
appropriate standards on auditing and attestation, quality analysis
management, ethical and governance standards, and other 2.2.4.4.9 Other business
regulatory laws and regulations, issued by Philippine and processes
professional standard-setting and regulatory bodies in 2.2.5 Performing risk assessment procedures –
effect at the time of examination. entity wide and business process level
2.2.5.1 Identification and assessment of
Candidates should be able to demonstrate awareness- or inherent risks
proficient-level knowledge of the competencies cited 2.2.5.2 Identifying objectives and key
above. Entry level professional accountants should be able risks
to address the fundamental requirements of the various 2.2.5.3 Understanding internal control
parties that the candidates will be interacting 2.2.5.4 Evaluating internal control
professionally in the future. 2.2.5.5 Communicating deficiencies in
internal control
The candidates must also be able to communicate 2.2.5.6 Concluding the risk assessment
effectively such matters pertaining to the audit work. phase
2.3 RisksResponse
New laws, standards and other issuances which are
2.3.1 Risk response – overview
effective as of the date of the examination shall supersede
2.3.2 Developing the risk-based audit plan
the related topic listed in the syllabus and will be included
2.3.3 Determining the extent of testing
in the examination, unless there is an advisory from the
2.3.4 Documenting work performed
Board of Accountancy to the contrary.
2.3.4.1 Preparation of audit working
papers
2.0 Auditing Practice
2.3.4.2 Preparation of analysis
2.1 Governance, Ethics and Quality Management
worksheets
2.1.1 Corporate governance
2.3.4.3 Formulation of adjusting and
2.1.2 Ethical standards and responsibilities of
correcting entries
professional accountants
2.3.5 Written representations
2.1.3 System of quality management
2.3.6 Engagement supervision and consultation
2.1.3.1 Elements of a system of quality
management 2.4 Audit Communication and Reporting
2.1.3.2 Leadership responsibilities 2.4.1 Reporting –overview
2.1.3.3 Ethical requirements 2.4.2 Evaluating audit evidence
2.1.3.4 Acceptance and continuance 2.4.3 Communicating results
2.1.3.5 Human resources 2.4.3.1 Criteria and quality of
2.1.3.6 Engagement performance communications
2.1.3.7 Monitoring 2.4.3.2 Disseminating results
2.1.3.8 Documentation of the System of 2.4.3.3 Communicating with those
Quality Management charged with governance
2.1.4 Regulatory requirements related to the 2.4.4 Preparing the audit report
practice, accreditation and regulation of 2.4.4.1 Modifications to the auditor’s
public accounting and auditing services report
2.4.4.2 Emphasis of matter and other
2.2 Planning the Audit and Performing Risk
matter paragraphs
Assessment Procedures
2.4.4.3 Comparative information
2.2.1 Risk-based audit – overview
2.4.5 Monitoring and closing the engagement
2.2.2 Risk assessment – overview
2.2.3 Preliminary activities

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