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CLP under old syllabus

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Candidate Learning Pack Index & Content

Last Updated: February 2010 session

Published by the Hong Kong Institute of Certified Public Accountants

© Hong Kong Institute of Certified Public Accountants (February 2010)

The Hong Kong Institute of Certified Public Accountants is the owner of the copyright for this material. The contents may not be reproduced or copied in whole or in part, in any form or by any means, without the prior written consent of the Institute.

The material used in this Candidate Learning Pack has been designed and prepared for the purpose of individual study and should not be used as a substitute for professional advice. By this statement, the Hong Kong Institute of Certified Public Accountants and the author(s) of the material expressly exclude themselves from any contractual, tortious or other form of liability to any person whether a participant in this programme or not for any loss or damage sustained or for any consequence which may be thought to arise either directly or indirectly from reliance on statements made in this material. Persons using this material should rely upon their own enquiries of competent professional persons in making any decisions touching their own interests.

· Introduction
· Overview of the four modules
· Preparing your study plan
· Competencies developed
· Assessment
· Study groups
· Preparation for workshops
· Participation in workshops
· Module examinations

Section 1:

Four Modules of the Qualification Programme

· Aim of the module
· Objectives of the module
· General information on this syllabus
· Module specifications and learning outcomes
· Candidate study plan
· Special topics
· Reference material list

Section 2:

Module Information

Section 3:	Workshop Preparation Questions
Workshop 1 Workshop 1 Coverage · Professional Ethics · Audits of Financial Statements · Audit Risks, Materiality, Evidence and Planning · Assessing the Risks of Material Misstatements · Information Risk Management
Workshop 2 Workshop 2 Coverage · Assessing the Risks of Material Misstatements · Audit Procedures in Response to Assessed Risks · Specific Audit Items and Issues
Workshop 3 Workshop 3 Coverage · Audit Procedures in Response to Assessed Risks · Specific Audit Items and Issues · Using the Work of Others · Going Concern, Opening Balances, Fraud and Related Parties
Workshop 4 Workshop 4 Coverage · Professional Ethics · Framework for Assurance Engagements · Going Concern, Opening Balances, Fraud and Related Parties · Audit Conclusions and Reporting on Financial Statements · Other Assurance Engagements, Internal Audit and Non-assurance Engagements

Section 4:

Professional Ethics

4.1 Code of ethics for professional accountants
4.2 Fundamental principles of ethics for professional accountants
4.3 Professional accountants in public practice
4.4 Independence and assurance engagement
4.5 Professional accountants in business
4.6 Confidentiality

Section 5:

Framework for Assurance Engagements

5.1 Introduction
5.2 An overview of the framework
5.3 Hong Kong standards on quality control
5.4 Hong Kong framework for assurance engagements
5.5 Audit of historical financial information
5.6 Review of historical financial information
5.7 Assurance engagement not dealing with historical financial information
5.8 Investment circular reporting engagements
5.9 Non-assurance engagements
5.10 Practice notes and auditing guidelines
5.11 Auditing and assurance bulletins
5.12 Systems of quality control

Section 6:

Audits of Financial Statements

6.1 The statutory framework
6.2 Changes in auditors, client and engagement acceptance
6.3 Overall objectives of the auditor and the conduct of an audit
6.4 Auditor's responsibilities relating to fraud
6.5 Auditor's responsibilities to consider laws and regulations
6.6 Audit documentation
6.7 Quality control for an audit of financial statements

Section 7:

Audit Risks, Materiality, Evidence and Planning

7.1 Audit risks
7.2 Materiality
7.3 Audit evidence
7.4 Planning and audit
7.5 External confirmation
7.6 Analytical procedures
7.7 Substantive analytical procedures

Section 8:

Assessing the Risks of Material Misstatements

8.1 Risk assessment procedures and related activities
8.2 Understanding of the entity and its environment (other than the entity's internal control)
8.3 Understanding of the entity's internal control
8.4 Assessing the risks of material misstatement
8.5 Risks of material misstatements due to fraud
8.6 Related parties
8.7 Going concern
8.8 Accounting estimates

Section 9:

Audit Procedures in Response to Assessed Risks

9.1 Overall responses to assessed risks of material misstatements at the financial statement level
9.2 Audit procedures responsive to assessed risks of material misstatements at the assertion level
9.3 Audit sampling
9.4 Tests of controls
9.5 Substantive procedures
9.6 Computer-assisted audit techniques
9.7 Evaluation of misstatements identified
9.8 Inconsistency in, or doubts over reliability of, audit evidence

Section 10:

Specific Audit Items and Issues

10.1 Physical inventory counting
10.2 Litigation and claims
10.3 Segment information
10.4 Accounting estimates
10.5 Written representations
10.6 Audits of group financial statements

Section 11:

Using the Work of Others

11.1 Component auditors
11.2 Using the special work of internal auditors
11.3 Using the work of an auditor's expert
11.4 Management's expert

Section 12:

Going Concern, Opening Balances, Fraud and Related Parties

12.1 Going concern
12.2 Related parties
12.3 Material misstatements due to fraud at assertion level
12.4 Non-compliance with laws and regulations
12.5 Comparative information
12.6 Initial audit engagements

Section 13:

Audit Completion and Reporting

13.1 Subsequent events
13.2 Procedures before the conclusion of audit
13.3 Forming an opinion and reporting on financial statements
13.4 Format of the auditor's report
13.5 Modifications to the opinion in the independent auditor's report
13.6 Emphasis of matter and other matter paragraphs
13.7 Other information in documents containing audited financial statements
13.8 Communications with those charged with governance

Section 14:

Other Assurance Engagements, Internal Audit and Non-assurance Engagements

14.1 Review of interim financial statements
14.2 Assurance engagements other than audits or review of historical financial information
14.3 Pro forma financial information
14.4 Agreed-upon procedures regarding financial information
14.5 Comfort letters and due diligence meetings on financial and non-financial information
14.6 Preliminary announcement of annual results
14.7 Compilation of financial information
14.8 Internal audit
14.9 Value for money audits

Section 15:

Information Risk Management

15.1 Introduction
15.2 Stand-alone personal computer environment
15.3 On-line computer systems
15.4 Database information systems

Please send urgent queries and comments to: Ms. Tera Mak