CPA Australia Advanced Audit and Assurance — Module 2: Planning the Audit of Historical Financial Information.

Listen-along study episode covering the auditor's objectives and responsibilities, engagement terms and planning, risk assessment through understanding the entity and its controls, and responding to assessed risks.

📘 AAA Index — 488 key terms with study-guide page refs:

https://buymeacoffee.com/cpaexamguide/e/559230

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What this episode covers

• Objectives of an audit: audit risk, professional scepticism, and fraud versus error

• Terms of engagement: preconditions and the engagement letter

• Audit planning: overall strategy, financial statement assertions and materiality

• Understanding the entity and its environment, and its internal controls

• Specific risks: fraud red flags, going concern, climate risk and NOCLAR

• Analytical procedures, and responding to assessed risks

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