CFAP 6 Audit, Assurance & Data | Workshop Day 2 | Sir Muhammad Ibrahim | IQSF

This workshop session, led by Sir Muhammad Ibrahim, focuses on the audit of a private education company (Sumit Education Limited) for the year ended June 30, 2026. The session provides a practical walkthrough of identifying audit risks and utilizing Excel spreadsheets to evaluate client data (0:00-36:15). Key areas discussed: Audit Risk Identification: The speaker emphasizes the importance of following a structured approach to understand the entity's environment and regulatory requirements before drafting risks (17:47-20:02). Intangible Assets & Revenue Recognition: Analysis of the 15-year licensing agreement and the online tuition portal. The discussion highlights potential issues like the incorrect capitalization of training costs (12:33, 15:45), inappropriate amortization starts (10:48), and revenue recognition timing for online subscriptions (13:32-15:00). Excel Data Analysis: The session demonstrates how to use spreadsheets to corroborate client information against provided data (26:36-33:51). Specific techniques include: Calculating tuition discounts to identify if they exceed the 8% policy (27:11-28:46). Checking for non-compliance with the 5% free-tuition quota for financial-need students (29:05-29:55). Flagging irregularities in scholarship distribution and anomalous fee collections (30:24-32:46). Audit Methodology: Emphasis on the necessity of checking that information produced by the entity is complete and accurate before performing substantive procedures (34:29-34:52). 📲 Join the WhatsApp Group for Admissions & Updates: https://chat.whatsapp.com/KSYib7pTdW5... #CFAP6 #AuditAssuranceAndData #CFAPWorkshop #WorkshopDay2 #December2026Attempt #March2027Attempt #June2027Attempt #SirMuhammadIbrahim #ICAP #CAStudents #IQSF #IQSchoolOfFinance