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The license is built on competence, ethics, and professional engagement standards and provides powerful support to accountants in practice.
Earning the CAS license will enable you to attract more clients, get referrals from non-specialist accountants and diversify your income stream.
Legislation such as the Companies Act, 2008, or an entities own rules may require that an independent and external audit be performed on an annual basis.
The Auditing Profession Act,2015 specifies that only a persons registered with the Independent Regulatory Board for Auditors (IRBA) may issue the required external audit reports. These persons are registered by the IRBA as Registered Auditors (SA) or RA(SA).
CIBA members are not eligible to register with the IRBA, do not perform external audits and do not use the designation RA(SA).
CIBA members may however assist their clients to prepare for an audit. There are a lot of benefits if the client’s systems, processes, schedules, books, financial statements and audit file is presented in good order on the first day of audit.
Recent years have witnessed a change in the auditor reporting model. One of these developments is the auditor’s issuance of so-called Key Audit Matters in the auditor’s report. Audit standards require the auditor to disclose “those matters that, in the auditor’s professional judgment, were of most significance in the audit of the financial statements of the current period”. The disclosure of Key Audit Matters (KAM) has an influence on: investor behaviour and market reaction, auditor responses, auditor liability, and client management responses.
The involvement of a licensed AFC is likely to have a beneficial impact on the disclosure of KAMs as the underlying causes of KAM is likely to have been considered prior to the audit. Research into the KAM effect indicate “some unanticipated, and sometimes even adverse consequences…” in the form of efficiency losses in terms of increased audit report lags and audit fees, and experimental evidence suggests that auditors may be less professionally sceptical in the presence of KAMs. Finally, managers’ willingness to share information with their auditor as well as their risk-taking behaviour is affected by anticipated KAM disclosures, not always in a beneficial direction”.
The involvement of a licensed Audit File Compiler with assisting the client to prepare for the audit and early intervention with respect to possible KAM findings will be beneficial to auditors and clients alike.
As a licensed Audit File Compiler you will co-ordinate and ensure the completeness of the audit file. This includes assisting your client with:
A well prepared audit file is likely to reduce unnecessary costs that may be incurred due to a poor preparation. It is likely to also improve the efficiency of the actual audit as documents will be readily available. As you compile the audit file you may also discover serious internal control or non-compliance issues. This give you the opportunity to advice the client on corrective measure. These interventions may assist the client to avoid adverse audit findings or reportable irregularities.
This license is accredited by CIBA and authorises the member to perform a specialist service within the standards of engagements as set by CIBA.
The license is not the equivalent of a designation nor a qualification.
The license aims to provide you with a better understanding of the clarified International Standards on Auditing (ISA) and the audit process. A firm grasp of the key principles of the clarified ISAs will give you the confidence to act decisively and respond effectively to clients’ and other stakeholder’s needs.
Obtain professional recognition for your knowledge of International Financial Reporting Standards (IFRS) for small and medium enterprises (SME).
Study unit 1: Regulatory and professional standards
Study unit 2: Objectives and conduct of an audit
Study unit 3: Accepting and managing engagements
Study unit 4: Planning including risk assessment
Study unit 5: Using the work of others
Study unit 6: Audit evidence
Study unit 7: Accounting estimate and related parties
Study unit 8: Going concern
Study unit 9: Audit completion
Study unit 10: Reporting on audited financial statements and summary financial statements
As a licensed Audit File Compiler you will co-ordinate and ensure that the clients audit experience is much improve. With your assistance to your client you are likely to dramatically increase th likelihood that your client will receive a clean audit and limited if any Key Audit Matters.
Earning the license provides an overview of all relevant ISAs equipping you to perform the following functions:
A well prepared audit file is likely to reduce unnecessary costs that may be incurred due to a poor preparation. It is likely to also improve the efficiency of the actual audit as documents will be readily available. As you compile the audit file you may also discover serious internal control or non-compliance issues. This give you the opportunity to advice the client on corrective measure. These interventions may assist the client to avoid adverse audit findings or reportable irregularities.
The license offer the following benefits and features:
The Audit File Compiler license (AFC) is a professional license that is awarded to:
Go to CIBA Academy and start to specialise.