Audit: zero to signing partner

24 weeks listed, about 93.4 hours of lessons, quizzes, tasks and live sessions.

1. Week 0.1 5 lessons, 3.9 hours
   • What an audit is, and what it is not
   • Who must be audited in Nigeria, and who may do it
   • Appointing, removing and replacing the auditor, and the signature on the report
   • Notes: what an audit is, who must have one, and who may give it
   • Worked example: must Lagoon Pantry be audited, and may Brightwell Eze & Co audit it?
2. Week 0.2 5 lessons, 3.9 hours
   • Assertions and audit evidence
   • The map of the standards, and the threats to ethics
   • Public interest entities, preparing accounts, and the screening form
   • Notes: assertions, evidence, the map of the standards, and independence
   • Worked example: assertions and evidence on Lagoon Pantry, and the screening form for Brightwell Eze & Co
3. Week 1.1 5 lessons, 3.9 hours
   • What a working paper is for, and what it must show
   • Referencing, cross-referencing and tick marks
   • Lead schedules, from the trial balance to the financial statements
   • Notes: working papers, the audit file and lead schedules
   • Worked example: the lead schedules for equity and for trade and other receivables
4. Week 1.2 5 lessons, 3.9 hours
   • Cash and bank, the assertions, and how a bank reconciliation works
   • Testing a bank reconciliation, step by step
   • Bank confirmations and the cash count
   • Notes: cash and bank
   • Worked example: testing the Meridian Bank reconciliation (LS-E.1)
5. Week 1.3 5 lessons, 3.9 hours
   • Revenue and receivables, the fraud presumption, and how much to test
   • Sales cut-off, invoices and dispatch notes either side of the year end
   • Receivables confirmations, and the expected credit loss allowance
   • Notes: revenue and receivables
   • Worked example: six cut-off items (LS-K.1) and two confirmations (LS-D.1)
6. Week 1.4 5 lessons, 3.9 hours
   • Purchases, expenses and payables, and why completeness comes first
   • Supplier statements, and the search for unrecorded liabilities
   • Accruals, testing expenses, and analytical procedures
   • Notes: purchases, expenses and payables
   • Worked example: one supplier statement, seven payments, one accrual, two vouchers and one analytical procedure
7. Week 1.5 5 lessons, 3.9 hours
   • Payroll and employee costs, the assertions, and the controls over who is paid
   • Testing a payroll month, from the register to the people and the bank
   • Statutory deductions under the 2025 law, the year-end payables, and the proof in total
   • Notes: payroll and statutory deductions
   • Worked example: the November payroll in part, six payees, two recomputations, one payable and one proof in total
8. Week 1.6 5 lessons, 3.9 hours
   • Inventory on the file, the assertions, and attending the count
   • From the signed count sheets to the final listing and the ledger
   • Cost, net realisable value, and the gross margin review
   • Notes: inventory, the count, cost and net realisable value
   • Worked example: the attendance reviewed, four lines both ways, one cost, one cold room line and the year's margin
9. Week 1.7 5 lessons, 3.9 hours
   • Property, plant and equipment on the file, the register and additions
   • Depreciation, disposals, and the evidence that assets exist
   • Leases under IFRS 16, the right-of-use asset and the lease liability
   • Notes: property, plant and equipment, and leases
   • Worked example: two classes to the ledger, two additions, three assets recomputed, the inspection reviewed and Lease B
10. Week 1.8 5 lessons, 3.9 hours
    • Borrowings on the file: the agreement, the confirmation and the interest
    • Covenants: recomputing the tests, a breach at the year end, and classification
    • Equity, provisions and the tax balances
    • Notes: borrowings and covenants, equity, provisions and tax balances
    • Worked example: the loan confirmation and three months' interest, share capital and the dividend's authority, the solicitors' letter, and the tax computation to assessable profit
11. Week 2.1 5 lessons, 3.9 hours
    • Before you say yes: acceptance and the change of auditor
    • Preconditions and the terms of the engagement
    • Drafting and reviewing the engagement letter
    • Notes: acceptance, continuance and the engagement letter
    • Worked example: the acceptance and independence paper for Lagoon Pantry
12. Week 2.2 6 lessons, 3.9 hours
    • Understand before you assess: the entity and its environment
    • The system of internal control, journals and IT general controls
    • Assessing the risks: the spectrum and significant risks
    • Notes: understanding the entity and assessing the risks
    • Worked example: the risk assessment for revenue and inventories
    • Supplied for the course: client understanding notes
13. Week 2.3 5 lessons, 3.9 hours
    • Materiality for the statements as a whole: benchmark and percentage
    • Performance materiality, lower levels and the covenant
    • Clearly trivial, documentation and revision
    • Notes: materiality, performance materiality and clearly trivial
    • Worked example: the materiality working paper for an illustrative client
14. Week 2.4 6 lessons, 3.9 hours
    • The overall audit strategy, the audit plan and overall responses
    • Responding to assessed risks and to significant risks
    • Designing and running the journal entry test
    • Notes: the audit strategy and plan, responses to the assessed risks, and the journal entry test
    • Worked example: strategy, responses and a journal entry test for an illustrative client
    • Supplied for the course: journal audit trail export
15. Week 2.5 5 lessons, 3.9 hours
    • Accounting estimates: understanding, risk and the three approaches
    • Related parties, and laws and regulations
    • Going concern: evaluating management's assessment and concluding
    • Notes: accounting estimates, related parties, laws and regulations, and going concern
    • Worked example: an estimate, a related party and a breach of a permit, for an illustrative client
16. Week 2.6 6 lessons, 3.9 hours
    • Direction, supervision and review: who does what, and what review looks for
    • Writing review notes that get the work done
    • Experts and service organisations: whose work the audit relies on
    • Notes: supervising and reviewing the team's work, and using experts and service organisations
    • Worked example: review notes, a payroll bureau and an environmental expert, for an illustrative client
    • Supplied for the course: a junior's working paper for review (LS-D.3)
17. Week 2.7 5 lessons, 3.9 hours
    • Subsequent events and written representations
    • Evaluating misstatements: the summary, the yardstick and the judgement
    • Telling the board: those charged with governance, significant deficiencies and the management letter
    • Notes: completion: subsequent events, written representations, evaluating misstatements, and communicating what the audit found
    • Worked example: completing the audit of an illustrative client
18. Week 2.8 6 lessons, 3.9 hours
    • Forming the opinion and building the report
    • When the report changes: modified opinions, going concern, and added paragraphs
    • First-year audits: opening balances and comparative figures
    • Notes: the auditor's report, and first-year audits
    • Worked example: the auditor's report for an illustrative client, and its first-year audit
    • Supplied document S2: the directors' report of Lagoon Pantry Wholesale Limited for the year ended 31 December 2025
19. Week 3.1 4 lessons, 3.8 hours
    • The firm's system of quality management
    • Engagement quality review and the engagement partner
    • Notes: the firm's system of quality management, engagement quality review and the engagement partner
    • Worked example: the engagement quality review decision and the partner's quality plan for Lagoon Pantry
20. Week 3.2 4 lessons, 3.8 hours
    • Choosing the opinion: cause, breadth and going concern
    • Key audit matters, wording and the decision to sign
    • Notes: forming the opinion and wording every outcome
    • Worked example: the opinion decision record and report extract for an illustrative public company
21. Week 3.3 4 lessons, 3.8 hours
    • Non-assurance services and the public interest entity line
    • Fees, long association and the screening decision
    • Notes: independence in practice
    • Worked example: the 2026 continuance and new-services screen for Lagoon Pantry
22. Week 3.4 4 lessons, 3.8 hours
    • Planning a group audit
    • Component auditors, the consolidation and regulated entities
    • Notes: regulated entities and groups
    • Worked example: planning Ebute Cold Stores' first group audit
23. Week 3.5 5 lessons, 3.8 hours
    • Closing, keeping and signing the file
    • Inspection, grading and transparency
    • Notes: file assembly, inspection readiness, transparency and signing
    • Worked example: a rehearsal inspection of Ebute Cold Stores' FY2025 file
    • Supplied document: the completed FY2025 audit file of Owena Rice Mills Plc
24. Week 3.6 4 lessons, 3.8 hours
    • The partner's final review
    • Signing the opinion and defending it
    • Notes: the sign-off simulation
    • Worked example: the partner's final review of Ilupeju Carton Works