The CPA Licensure Examination Syllabus - Auditing Theory

THE CPA LICENSURE EXAMINATION SYLLABUS

AUDITING THEORY (Effective October 2006 Examination)

                                                 

This subject tests the candidates’ conceptual knowledge and understanding of assurance and related services performed by professional accountants. Candidates should know and understand the nature of assurance and related services particularly independent audits of financial statements, the responsibilities of professional accountants; the audit process; audit objectives, evidence, procedures, auditing standards, and the elements of the independent auditors’ report. In all the areas included, the candidate shall apply the Philippine Standards on Auditing (PSA) and other regulatory laws and regulations in effect at the time of examination. Each examination will contain a minimum of 80 and a maximum of 100 multiple-choice questions, equitably allocated to different subject areas, as indicated below:

1.0 Fundamentals of Auditing and Assurance Services

1.1 Introduction to assurance engagements

                a. Nature, objective and elements

                b. Types of assurance engagements (audits, reviews, other assurance engagements)

                c. Assurance service vis-à-vis attestation services

1.2 Introduction to auditing

                a. Nature, philosophy, and objectives

                b. Types of audit

                                1. According to nature of assertion/data (financial statements audit, operational

                                audit, compliance audit)

                                2. According to types of auditor (external independent financial statements audit, internal audit, government audit)                                      

How to Study for Success in Auditing Theory

Some students consider auditing theory as one of the most difficult subjects given in the CPA Board Examination.  Usually they have difficulty on answering multiple choice questions where the choices are seemed to be all correct answers. Some students are really good at computations but could hardly answer theory question.  With this, here are the tips which you may consider to study for success in Auditing Theory.

1. Read the auditing theory syllabus first. Reading the CPA Licensure Examination Syllabus could help you determine the topics which are not yet familiar to you or you could use it as an outline of your plan for studying the subject. With this, you will have an organized way of studying the subject without leaving any important topics unread.

2. Have with your side Auditing Theory books and reviewers. This is for you to be focused on what you are doing.  Take aside first the other subjects which are not related with the subject. Doing this could save you a lot of time.