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Level 7 Diploma in Accounting and Finance

Audit Monitoring and Engagement Quality Control

AF705 · Strategic Audit — Week 9 of 16

CourseAF705
Week9 of 16
SemesterII
TutorOnline in the course chat

This week’s topics

Audit Monitoring and Engagement Quality Control

  1. International Standards on Quality Management (ISQM 1 and 2)
  2. Hot and cold file review methodologies
  3. Role of audit committees in monitoring process effectiveness
  4. KPIs for assessing audit performance and reporting efficacy
  5. SBL Topic Explainer: Governance and Board Committees
  6. Sir Adrian Cadbury reflects on properly constituted audit committees and boardroom self-evaluation

What you will be able to do

  • 3.2 Assess the effectiveness of the audit monitoring process.

Activity

Start with this week’s 2 videos, then: Seminar, guided reading and a short written task: assess the effectiveness of the audit monitoring process.

Study materials

Videos

  • SBL Topic Explainer: Governance and Board Committees · YouTube · ACCA Student Study Resources · 21 min · for registered students
  • Sir Adrian Cadbury reflects on properly constituted audit committees and boardroom self-evaluation · YouTube · University of Cambridge Judge Business School · 5 min · for registered students
  • ICAEW Insights In Focus: Countdown to ISQM 1 – is your practice ready? · YouTube · ICAEW · 29 min · for registered students

Further resources

  • Annual Review of Audit Quality 2026 (FRC) · PDF · Frc, report · for registered students
Materials marked “for registered students” open in the student portal, which is set up as soon as you receive final acceptance.
MidtermWeek 10
Course chat

Admitted students ask questions on this week’s page in the student portal: an AI assistant trained on the course answers first, and during the course’s timetabled classes Connect to your tutor brings your tutor into the chat, who may start a call if needed.

Open this week in the portal
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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