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“Earn the license that distinguishes you as an expert in compiling your clients audit file”

CBA(SA), CFO(SA) or BAP(SA) designated CIBA members can earn the Audit File Compiler (AFC) license

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.

Helping clients prepare for an audit and reducing the likelihood of KAM findings

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:

  • Planning for the audit.
  • Appoint a persons to co-ordinate the process and to be the point of contact.
  • Knowledge of the latest accounting updates.
  • Record of changes in activities.
  • Review prior year adjustments or recommendations.
  • Prepare work papers, schedules, registers, reconciliations, contracts, statements, agreements, and minutes.
  • Evaluate internal controls.
  • Review trial balance and financial statements.

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.

Audit File Compiler License

Stand-alone license

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.

Purpose of the license

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.

Licensed IFRS for SME Specialist

Obtain professional recognition for your knowledge of International Financial Reporting Standards (IFRS) for small and medium enterprises (SME).

After completing this license the designated member will be:

  • The regulatory, ethical and professional issues for auditors when accepting and managing engagements. 
  • How auditors plan and decide on their approach for audit engagements. 
  • How auditors perform their audit procedures in accordance with the clarified ISAs. 
  • How auditors evaluate, conclude and report their findings in accordance with the clarified ISAs.

The following topics are covered in the license

Study unit 1: Regulatory and professional standards

Study unit 2: Objectives and conduct of an audit

  • Objectives of the independent auditor (ISA 200)

Study unit 3: Accepting and managing engagements

  • Ethics and quality (ISQC1, ISA 220, 230)
  • Accepting and continuing with audit engagements
  • Communication with those charged with governance (ISA 260)

Study unit 4: Planning including risk assessment

  • Planning the audit (ISA 300,320)
  • Materiality in planning (ISA 320)
  • Identifying and assessing the risks of material misstatement (ISA 315,240,250)
  • Responding to risks (ISA 330)
  • Audit considerations relating to an entity that uses service organisations

Study unit 5: Using the work of others

  • Using the work of others (ISA 610,620)

Study unit 6: Audit evidence

  • Audit evidence
  • Using analytical procedures (ISA 315, 520)
  • Determining the extent of testing (ISA 500 and 530)

Study unit 7: Accounting estimate and related parties

  • Auditing accounting estimates
  • Audit of related parties (ISA 550)

Study unit 8: Going concern

  • Going concern (ISA 570)

Study unit 9: Audit completion

  • Auditing subsequent events (ISA 560)
  • Evaluation of audit evidence
  • Communicating deficiencies in internal control (ISA 265)
  • Obtaining written representations (ISA 580)

Study unit 10: Reporting on audited financial statements and summary financial statements

  • Forming an opinion and reporting on financial statements
  • Comparative information (ISA 710)
  • Auditors responsibilities for other information
  • Reporting on summary financial statements (ISA 810)

Why a license for compiling audit files

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:

  • Planning for the audit.
  • Appointment as co-ordinator of the auditors and your client.
  • Update the client on the latest accounting changes.
  • Record of changes in activities such as activities started or discontinued, significant changes in internal control systems or organizational structure, changes in leadership.
  • Review prior year adjustments or recommendations.
  • Prepare work papers, schedules, registers, reconciliations, contracts, statements, agreements, and minutes.
  • Evaluate internal controls.
  • Review trial balance and financial statements.

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:

  • Expand or update your knowledge of the key principles of the clarified ISAs.
  • Use your greater familiarity with the clarified ISAs to engage with stakeholders inside and outside your organisation.
  • Develop your professional and governance knowledge.
  • No entry requirements.
  • Flexible online format, so you can plan your study and assessment time around other commitments.
  • unlimited access to the online course for 12 months. The 25 modules include illustrations, examples and practice tests to help you prepare for the assessment; 
  • unlimited access to the online assessment for 12 months. There is no restriction on the number of attempts within the 12-month access period; and 
  • on successful completion, you will be able to immediately access and print your certificate of achievement. 
  • on average, we recommend 40 to 50 hours study time to do the course and attain the license. Study time may vary depending on your level of prior knowledge and experience.
  • you will have 100 minutes to complete the assessment and the assessment will consist of 50 multiple-choice style questions

If you want to prepare quality financial statements you have to be licensed

The Audit File Compiler license (AFC) is a professional license that is awarded to:

  • members of CIBA, that have
  • obtained any of our designations, and who
  • want to assist clients to prepare their audit files,
  • have a minimum of 2 years of relevant post-designation experience, and
  • have completed the Financial Statement Compiler license (IFRS)

Branded, secure, and verifiable digital certificates

  • Obtain branded, secure, and verifiable digital certificates and badges.
  • Your certificates can't be duplicated or faked.
  • With a single click, you and potential clients/employers can verify the achievement is legitimate.
  • Social media ready.
  • We automatically optimize your certificates and badges to display perfectly on any screen size, so they always look good.

Get your license

Go to CIBA Academy and start to specialise.