I’m not sure why people are afraid of Assurance on the CFE. I find this the easiest of all the competency areas. It is comprised of a few simple topics and required that keep coming up in different forms and scenarios on the CFE.
Internal Control weaknesses/issues- Use the WIR format here. Weakness, Implication, Recommendation
Audit/Review planning memos- Make sure you are comfortable with responding to the RAMP approach. Risk Approach, Materiality, and Procedures which is explained below
Procedures- memorize your assertions. Discuss risk, assertion and procedure. WHAT WHY and HOW
Special reports Make sure you’re comfortable with the special reports that keep on showing up on the CFE. Discuss cost, level of assurance, type of opinion and work involved.
Technical topics and other CAS’s There’s a list of topics you should be familiar with. If you can’t remember the details, make sure you know how to look them up quickly on the CFE. This will save you a lot of time.
Happy Studying- X