Module
Audit and Assurance
Audit and Assurance
Educational material, not professional, tax or legal advice. Figures reflect Irish law as understood when written — check Revenue.ie or a qualified adviser before acting. Not affiliated with or endorsed by any professional body.
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- 01An audit serves users, not management
- 02Assurance developed because distance creates doubt
- 03Agency explains why audit has a job
- 04Assurance starts with a clear objective
- 05Five elements hold assurance together
- 06Reasonable and limited assurance speak differently
- 07True and fair is a conclusion, not perfection
- 08Regulation gives audit public authority
- 09Auditors are regulated because trust can fail
- 10Appointment protects the auditor's independence
- 11Rights make audit duties possible
- 12Every audit has inherent limitations
- 13ISAs create a common audit language
- 14Quality is managed, not inspected in at the end
- 15Resources and direction shape engagement quality
- 16A quality deficiency needs a usable remedy
- 17Governance directs, controls and accounts
- 18Codes turn principles into transparent practice
- 19Directors own risk and control responsibility
- 20Governance deficiencies need consequences
- 21The audit committee guards the reporting bridge
- 22Internal control supports governance every day
- 23Five principles anchor professional conduct
- 24Threats reveal how independence can bend
- 25Safeguards must reduce the actual threat
- 26Independence has mind and appearance
- 27A breach starts a response, not a cover-up
- 28Ethical analysis should end in a decision
- 29Quality recommendations need ownership
- 30Acceptance begins before the first procedure
- 31An audit needs workable preconditions
- 32Winning an audit is a controlled process
- 33The engagement letter prevents silent assumptions
- 34ISA objectives guide the whole engagement
- 35Scepticism asks for evidence; judgement chooses the path
- 36Audit risk is a connected model
- 37A good audit risk starts with the scenario
- 38Every risk deserves a tailored response
- 39Materiality filters what could influence users
- 40Calculate materiality, then exercise judgement
- 41Understanding the entity makes risk specific
- 42Planning analytics turn movements into questions
- 43Ratios become useful when the story is tested
- 44Fraud risk changes the audit strategy
- 45Management prevents; auditors assess material misstatement
- 46The 2026-27 fraud standard sharpens the lens
- 47Law breaches can misstate amounts or the entity itself
- 48Planning makes the audit purposeful
- 49Strategy sets direction; the plan specifies work
- 50Strategy and plan change together
- 51Interim and final audits answer different timing questions
- 52Interim work brings issues forward
- 53Interim evidence must be rolled to year-end
- 54Working papers make judgement reviewable
- 55Audit files need secure custody and disciplined completion
- 56The auditor understands control to understand risk
- 57Control environment and risk assessment set the tone
- 58Monitoring, information and activities make control operate
- 59Narratives, flowcharts and questionnaires reveal different things
- 60A deficiency is a control that cannot meet its objective
- 61Control can fail even when design looks sensible
- 62IT controls protect the platform and the transaction
- 63Sales controls protect occurrence, accuracy and cut-off
- 64Purchasing controls join need, receipt and payment
- 65Payroll controls connect real people to authorised pay
- 66Inventory controls protect movement, quantity and condition
- 67Cash controls assume speed and temptation
- 68Non-current asset controls follow the asset's life
- 69A control, its objective and its test are different
- 70Automated control testing includes configuration and change
- 71Significant deficiencies reach governance in writing
- 72A management letter paragraph should be actionable
- 73Governance communication is wider than control defects
- 74Internal audit exists when the need justifies it
- 75Effective internal audit is independent enough to challenge
- 76Internal and external audit share tools, not objectives
- 77Internal audit scope can cross the whole organisation
- 78Outsourcing buys expertise but not board accountability
- 79Internal audit assignments answer different questions
- 80Fraud and customer reviews require careful purpose
- 81Operational audit asks whether the process works
- 82An internal audit report converts evidence into action
- 83Governance, internal audit and external audit form one assurance map
- 84Transaction assertions describe what management claims
- 85Balance assertions focus on existence, rights and valuation
- 86Evidence is gathered through purposeful actions
- 87Sufficiency is quantity; appropriateness is quality
- 88Substantive procedures detect assertion-level misstatement
- 89Substantive analytics need a precise expectation
- 90Estimates turn uncertainty into audit work
- 91Small entities need tailored, not lower-quality, evidence
- 92Controls and substantive work answer different questions
- 93Write an audit procedure another auditor could perform
- 94Sampling tests less than all while supporting a conclusion
- 95Statistical sampling measures selection risk
- 96Sample design connects risk to selection
- 97A sample result must be projected and judged
- 98Receivable confirmations test more than a reply
- 99Receivables and revenue need evidence across the cycle
- 100Inventory attendance observes management's count
- 101Inventory evidence continues after the count
- 102Payables testing searches for what is missing
- 103Accruals, expenses and payroll need a completeness story
- 104Bank evidence combines confirmation and reconciliation
- 105Non-current asset evidence follows cost to disposal
- 106Long-term obligations and provisions depend on terms and judgement
- 107Equity evidence connects legal authority and accounting
- 108Balance procedures should form an evidence package
- 109Automated tools expand reach, not certainty
- 110Audit software and test data answer different questions
- 111Technology brings coverage and new failure modes
- 112Other experts help because audits cross disciplines
- 113Internal audit work can be used only after evaluation
- 114An auditor's expert needs more than a respected title
- 115Service organisations divide controls across boundaries
- 116The report rarely credits other people's work
- 117Not-for-profit audits follow purpose, restriction and stewardship
- 118Subsequent events test whether year-end information changed
- 119Auditor responsibility changes at the report date
- 120A subsequent-events review looks beyond the ledger
- 121Going concern is a basis with a forward horizon
- 122Going-concern review protects decision-useful reporting
- 123Management assesses; the auditor evaluates
- 124Going-concern indicators form patterns
- 125Going-concern procedures challenge the forecast
- 126Disclosure explains uncertainty without hiding it
- 127Going concern changes where and how the auditor reports
- 128Written representations confirm responsibility and specific matters
- 129A representation is evidence with limited reliability
- 130Representations focus on matters management knows
- 131Final review asks whether the audit story is complete
- 132Final analytical review checks the whole picture
- 133Uncorrected misstatements are judged together
- 134Uncorrected errors can change the opinion
- 135The independent auditor's report follows a clear architecture
- 136An unmodified opinion means the framework was applied materially
- 137Modified opinions depend on misstatement, evidence and pervasiveness
- 138A modified report changes several sections
- 139KAM, Emphasis and Other Matter have separate jobs
- 140Digital reading is an audit skill
- 141Response tools should make reasoning visible
- 142Navigation protects time and completeness
- 143Professional presentation turns knowledge into marks
- 144Congratulations on completing the module