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PFM5 – Public Sector Audits

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PFM5 - Public Sector Audits

Course Features

Course Details

PFM 5: PUBLIC SECTOR AUDITS

4.5.1. LEARNING OUTCOMES OF COURSE: Upon successful completion of this course, a student should be able to:
  1. Explain the objective of Auditing in the Public Sector;
  2. Apply the principles, procedures and legislation guiding audit work in the Public Sector;
  3. Distinguish the types of Audit Engagements;
  4. Prepare an Audit Report that demonstrates expected levels of quality control;
  5. Explain the role and functions of Audit Committee; and vi. Discuss the role of the Public Accounts Committee.
4.5.2. MODULE UNITS AND WEIGHTINGS
Unit  Title Weight %
1 Introduction to Public Sector Audits 5
2 Principles of Public Sector Auditing 15
3  Legislation governing Audits 15
4 Types of Public Sector Auditing and Engagements 15
5 Quality Control in Auditing 15
6 Confidence and Assurance in Public Sector Auditing 15
7 Audit Committees 10
8 Public Accounts Committee 10

4.5.3. COURSE CONTENT

UNIT 1: INTRODUCTION TO PUBLIC SECTOR AUDITS
  • Unit Topics:
  • 1.1 Public Sector Auditing and its objectives
  • 1.2 Relationship between Accountability and Auditing in Public Sector
  • 1.3 Importance of Auditing in Governance
  • 1.4 Internal and External Auditing
  • 1.5 Evaluation of Internal Controls
UNIT 2: PRINCIPLES OF PUBLIC SECTOR AUDITING
  • Unit Topics:
  • 2.1 Fundamental Principles of Auditing
  • 2.2 General Principles
    • 2.2.1 Ethics and Independence
    • 2.2.2 Professional Judgment, Due Care and Skepticism
UNIT 3: LEGISLATION GOVERNING AUDITS
  • Unit Topics:
  • 3.1 Legal Framework for Public Sector Auditing Mandate
UNIT 4: TYPES OF PUBLIC SECTOR AUDITING AND ENGAGEMENTS
  • Unit Topics:
  • 4.1 Elements of Public Sector Auditing
  • 4.2 Types of Engagement
    • 4.2.1 Financial audits
    • 4.2.2 Value for Money (VFM) auditing (Performance Audits)
    • 4.2.3 Compliance Audits
    • 4.2.4 Environmental Audits
    • 4.2.3 System Based Auditing
    • 4.2.4 Forensic Audits
UNIT 5: QUALITY CONTROL IN AUDITING
  • Unit Topics:
  • 5.1 Elements of a high quality audit work:
    • 5.1.1 Audit Team Management and Skills
    • 5.1.2 Audit Risk
    • 5.1.3 Materiality
    • 5.1.4 Documentation
    • 5.1.5 Communication
    • 5.2 Audit Process
UNIT 6: CONFINDENCE AND ASSURANCE IN PUBLIC SECTOR AUDITING
  • Unit Topics:
  • 6.1 The need for Confidence and Assurance
  • 6.2 Forms of providing Assurance
  • 6.3 Levels of Assurance
UNIT 7: AUDIT COMMITTEE
  • Unit Topics:
  • 7.1 The role and functions of the Audit Committee
  • 7.2 Benefits of Audit Committees to Public Entities
  • 7.3 Challenges facing Public Sector Audit Committees
  • 7.4 Legislative and Regulatory requirements
  • 7.5 The role of clarity, independence, knowledge, skills and experience in audit committees
UNIT 8: PUBLIC ACCOUNTS COMMITTEE
  • Unit Topics:
  • 8.1 The background of Public Accounts Committee.
  • 8.2 Appointment and Composition of the committee
  • 8.3 Functions and procedures for Public Accounts Committee
  • 8.4 Powers of the Committee
  • 8.5 Reports of the Committee
4.5.4 The Examination Paper Format:
Structure of the Paper Marks
Section A: 1 Compulsory question of 40 marks 40
Section B: Any 3 out of 4 questions, 20 marks each 60
TOTAL 100
The candidates will be allowed fifteen (15) minutes reading time. 4.5.5 Recommended Readings: ZICA PFM 5 Study Materials
This course does not have any sections.

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