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CA3.7 – Public Sector Audits and Assurance

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CA3.7 - Public Sector Audits and Assurance

Course Features

Course Details

CA3.7-Public Sector Audits and Assurance

On completion of this module, candidates will reach a competency sufficient to be able to:
  • Define effective auditing and assurance responsibilities in the public sector within the Lima Declaration and explain the fundamental public sector auditing principles
  • Apply fundamental principles of public sector auditing and evaluate, for a given scenario, audit practice, outcomes, and reporting requirements.
  • Apply fundamental principles of financial auditing and evaluate, for a given scenario, audit practice, outcomes, and reporting requirements.
  • Apply fundamental principles of performance auditing and evaluate, for a given scenario, audit practice, outcomes, and reporting requirements.
  • Apply fundamental principles of compliance auditing and evaluate, for a given scenario, audit practice, outcomes, and reporting requirements. Note. The above is based on the INTOSAI framework.
Syllabus topics Weighting (%) LO
Effective auditing and assurance in the public sector 10 1
Public sector audits 15 2, 3 and 4
Financial audits 20 2, 3, 4 and 5
Compliance audits 15  2, 3, 4 and 6
Performance audits  20  2, 3, 4 and 7
IT audits 10 2, 3, 4 and 8
Forensic Audits 10 2, 3, 4 and 9

Learning outcomes

  • LO1: Define effective auditing and assurance in the public sector
  • LO2: Identify for a given audit or assurance scenario, the core ethical principle that would be relevant to inform an ethical judgement, enhance transparency and accountability, and abide by quality controls
  • LO3: Recommend a course of action to resolve ethical issues, enhance transparency and accountability, and abide by quality controls for a given audit or assurance assignment
  • LO4: Apply fundamental principles of public sector auditing and evaluate, for a given scenario, audit practice, outcomes, and reporting requirements.
  • LO5: Apply fundamental principles of financial auditing and evaluate, for a given scenario, audit practice, outcomes, and reporting requirements.
  • LO6: Apply fundamental principles of compliance auditing and evaluate, for a given scenario, audit practice, outcomes, and reporting requirements.
  • LO7: Apply fundamental principles of performance auditing and evaluate, including for environmental audits, for a given scenario, audit practice, outcomes, and reporting requirements.
  • LO8: Apply fundamental principles of IT audits and evaluate, for a given scenario, audit practice, outcomes, and reporting requirements.
  • LO9: Apply fundamental principles of forensic audits and evaluate, for a given scenario, audit practice, outcomes, and reporting requirements.
  1. Effective auditing and assurance in the public sector: LO1–4
    1. Define the purpose and types of audits
    2. Explain the independence of SAIs and its members
    3. Describe the relationship to Parliament, government and the administration
    4. Explain the powers of SAIs
    5. Outline the nature of audit methods, the role of audit staff, and the benefits of international exchange of experiences
    6. Describe the reporting requirements
    7. Explain the audit powers of SAIs
    8. Explain and apply the ISSAI Code of Ethics
  2. Public sector audits: LO2, 3, 4
    1. Describe the contents of The Mexico Declaration on SAI Independence
    2. Explain the value and benefits of Supreme Audit Institutions
    3. Explain the principles of transparency and accountability, code of ethics, and the nature of quality control for SAIs
    4. Outline the fundamental principles of financial auditing
    5. Outline the fundamental principles of performance auditing
    6. Outline the fundamental principles of compliance auditing
  3. Financial audits: LO2, 3, 4, 5
    1. Describe the purpose and authority of the fundamental principles of financial auditing
    2. Outline the framework for auditing financial statements in the public sector
    3. Describe the elements of an audit of financial statements
    4. Explain the principles of an audit of financial statements and apply these principles and report, for a given scenario, the outcome of a financial audit.
  4. Performance audits: LO2, 3, 4, 6
    1. Describe the framework for performance auditing
    2. Describe the elements and principles of performance auditing
    3. Explain the principles of a performance audit and apply and report, for a given scenario, the outcome of a performance audit.
  5. Compliance audits: LO2, 3, 4, 7
    1. Describe the framework for compliance auditing
    2. Describe the elements and principles of compliance auditing
    3. Explain the principles of a compliance audit and apply and report, for a given scenario, the outcome of a performance audit.
  6. IT audits: LO2, 3, 4, 8
    1. Describe the purpose of IT Audits
    2. Explain the steps undertaken in the application of IT audits
    3. Explain the principles of IT audits and apply and report, for a given scenario, the outcome of an IT audit.
  7. Forensic audits: LO2, 3, 4, 9
    1. Describe the purpose of forensic audits
    2. Describe the elements (types) of forensic audits
    3. Explain the principles of forensic audits and apply and report, for a given scenario, the outcome of a forensic audit. Technical knowledge requirements – INTOSAI Standards on Auditing The technical appendix details the depth of treatment of required technical knowledge and the progression of competence over the levels in the qualification.
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