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Level 7 Diploma in Accounting and Finance

Financial Statement Preparation and Audit Linkages

AF705 · Strategic Audit — Week 4 of 16

CourseAF705
Week4 of 16
SemesterII
TutorOnline in the course chat

This week’s topics

Financial Statement Preparation and Audit Linkages

  1. Interrelationship between financial accounting systems and audit testing
  2. Management assertions and corroborative audit evidence
  3. Assessing accounting policies and critical accounting estimates
  4. Reconciling trial balances to audited financial disclosures

What you will be able to do

  • 2.1 Explain the legal and professional requirements when completing an audit.
  • 4.3 Explain the link between account preparation and the audit completed.

Activity

Seminar, guided reading and a short written task: explain the legal and professional requirements when completing an audit.

Study materials

Videos

  • Debrief: Materiality in financial statements · YouTube · IFRS Foundation · 4 min · for registered students
  • Debrief: Primary Financial Statements · YouTube · IFRS Foundation · 5 min · for registered students

Further resources

  • ISA (UK) 315: Identifying and Assessing the Risks of Material Misstatement (updated September 2025) · PDF · Frc, framework · for registered students
  • Intermediate Financial Accounting Vol. 2, Lyryx 2021-A, ch. 21: Changes and Errors · PDF · Other, textbook chapter; pp. 381–404 · for registered students
  • ISA (UK) 700 (Revised May 2026): Forming an Opinion and Reporting on Financial Statements · PDF · Frc, framework · for registered students
Materials marked “for registered students” open in the student portal, which is set up as soon as you receive final acceptance.
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Course plan
  • Week 1: Evolution of Auditing Regulation
  • Week 2: Ethics and Professional Conduct in Assurance
  • Week 3: Legal and Statutory Responsibilities of Auditors
  • Week 4: Financial Statement Preparation and Audit Linkages
  • Week 5: Strategic Audit Planning and Business Organisation
  • Week 6: Audit Risk Identification and Assessment
  • Week 7: Audit Risk Mitigation and Response Design
  • Midterm: Midterm evaluation
  • Week 9: Audit Monitoring and Engagement Quality Control
  • Week 10: Technological Disruptions in Strategic Auditing
  • Week 11: Emerging Assurance Horizons and Regulatory Reforms
  • Week 12: Applying Strategic Audit in practice: case studies
  • Week 13: Assignment workshop: research, planning and referencing
  • Week 14: Assignment workshop: drafting, feedback and improvement
  • Week 15: Review and coursework completion
  • Final: Final assessment and submission
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