ICAN · Skills
Audit, Assurance and Forensics
The Audit, Assurance and Forensics syllabus for the Institute of Chartered Accountants of Nigeria, broken down by how much of the paper each area is worth. Gathering Evidence and Audit Report is the heaviest at 25% of the marks.
Where the marks are
Percentages are the examinable weighting for each area. Revising in this order puts your time where the marks are.
Gathering Evidence and Audit Report
25%Gathering evidence: the nature and selection of sufficient and appropriate audit evidence (ISA 500, ISA 570 revised, ISA 505, ISA 520, ISA 580, ISA 450) · Audit report: types, contents, forming and justifying audit opinions, and reports to management and directors
Introduction to Legal and Regulatory Frameworks of Audit and Assurance
20%Objectives and need for audit, assurance and forensics · The legal and regulatory framework for audit and other assurance engagements (CAMA 2020 as amended, FRC (Amendment) Act 2023, ISAs, ISAEs) · Process of audit and assurance (nomination to reporting, materiality, assurance engagements and misstatements)
The Nature and Use of Internal Control (ISA 315 Revised)
20%Meaning, objectives, nature and types of internal control systems, including features of an effective system · Components of internal control and responsibilities for instituting and evaluating its effectiveness, including Internal Control over Financial Reporting (ICFR) · Identifying, recording, analysing and evaluating accounting systems and related internal controls, including their limitations (ISA 530) · Contents of a management letter · Internal controls in a computerised accounting environment and information security measures (ISA 315) · Frameworks for implementing systems of internal control, risk and control matrix, and information gathering techniques for control design
Forensic Accounting Services
15%Meaning, objectives and nature of forensic engagements and types of forensic accounting services · Calculation of economic damages (contract or tort) · Electronic discovery of frauds (computer forensics) · Litigation support process · Investigating different types of fraud and discovering hidden assets · Expert report and professional negligence in forensic investigations
Professional Ethics and Public Interest
15%Importance of professional ethics and rule-based versus principle-based approaches · Public interest in the context of audit and assurance · Ethical issues under the IFAC Code and ICAN Professional Code of Ethics and Guide for Members · Ethical issues in the governance of private and public entities and ethical conflicts of accountants as employees or those charged with governance · Ethical threats to independence, safeguards and dealing with ethical dilemmas · Whistle blowing and non-compliance with laws and regulations (NOCLAR)
Application of Technology in Audit, Assurance and Forensic
5%Statistical analysis to identify outliers and interrogation of client accounting software systems · Blockchain in the audit process and algorithm review · AI tools, robotic process automation, natural language processing and generative AI, including risks to auditing · Cyber, technological and other IT-related risks; drones, optical code recognition and revenue assurance tools
What Edentos holds for this paper
- 94 past questions from the Institute’s own papers, with its published solutions.
- A summary of the official study text, organised by the weightings above, with every claim cited to its page in the source.
- Timed mock examinations, written by hand and marked against the examiner’s guide.
Syllabus areas and weightings are published by the Institute of Chartered Accountants of Nigeria. Past questions and their official solutions are the Institute’s copyright and are available to signed-in candidates only.