Sri Lanka Audit Officer Exam study plan

Build a one-page map of the Sri Lankan financial reporting framework (LKAS/SLFRS tiers and who applies each), then explain it aloud from memory

Work through adjusting journal entries for accruals, prepayments, depreciation and inventory write-downs until each type is solved without notes

Prepare a full set of financial statements from a trial balance, including statement of changes in equity and notes on accounting policies

Set up a personal error log recording each mistake, its cause and the rule it violated

Apply LKAS 16, 36, 37, 38 and 40 to short scenario questions and justify each measurement choice in one sentence

Compute consolidated figures for a simple parent-subsidiary group, eliminating intra-group balances and unrealised profit

Reconcile a cash flow statement using both the direct and indirect methods and explain the differences

Draft disclosure notes for three tricky items (a provision, a lease, a related-party transaction) in the standard wording pattern

Summarise the structure and status of Sri Lankan auditing standards (SLAuS) and the Code of Ethics, mapping each to the equivalent international standard

Distinguish the objectives, scope and limitations of an audit from those of a review and a compilation engagement

Assess independence threats (self-interest, self-review, advocacy, familiarity, intimidation) in given scenarios and select the correct safeguard

Explain audit risk, materiality and the risk of material misstatement, and apply them to planning a small entity audit

Design an audit programme for receivables, inventory and payables, specifying the assertion tested by each procedure

Evaluate the sufficiency and appropriateness of different types of audit evidence and select procedures to close identified gaps

Draft the key sections of an auditor's report for an unmodified opinion and for a qualified opinion, stating the basis for each

Explain the auditor's responsibilities regarding subsequent events, going concern and fraud in the audit of a company

Outline the public sector financial reporting framework in Sri Lanka and state which basis of accounting applies to which entity

Explain the purpose and authority of the Financial Regulations and the responsibilities of accounting officers for public funds

Trace the budget cycle from estimate preparation through appropriation, commitment, payment and reporting

Describe the roles of the Auditor General, Parliament and the Committee on Public Accounts in holding entities to account

Apply financial regulation rules to given procurement, advance and imprest scenarios and state the correct procedure and authority

Explain the main duties, liabilities and disqualifications of company directors under Sri Lankan company law

Distinguish the types of company and the capital maintenance rules relevant to issuing shares and paying dividends

Compute income tax and applicable indirect taxes for a simple company scenario, showing each step

Classify costs by behaviour and function, and prepare a cost statement for a manufacturer

Compute and interpret variances for material, labour and overhead, and explain the likely cause of each

Prepare a marginal costing profit statement, calculate break-even and margin of safety, and use them in a short decision recommendation

Explain the tax treatment of a business expense and identify common allowable and disallowable items

Sit two full-length timed mock exams under exam conditions and record scores by domain

Re-drill the 30 weakest items from the error log until each is answered correctly twice in a row

Practise 20 English usage and comprehension items and 10 numerical reasoning items against the clock

Compile a final one-page revision sheet of formulas, thresholds and standard references for each domain