The following will be discussed during the session Professional Scepticism (new) New guidance issued Audit consideration i.r.o going concern in the current economic environment (new guidance issued) Including Trading Under Insolvent Circumstances Assertions The 5 assertions for transaction The 5 assertions for balance sheet items The direction of testing for each assertion Risk assessment at the assertion level Example of audit procedures to perform for each assertion Selection of sample sizes for each assertion Finding issued by IRBA w.r.t assertions ISA 315 (New revised standard) Discussion of new requirements Revenue testing Completeness testing – Direction Possible scope limitations when testing revenue Effect of scope limitation on the audit report Presumed fraud risk testing – Design of working paper to reflect fraud tests Testing per revenue stream Meaning of “rebuttable” Possible review findings by IRBA Auditing Accounting Estimates (new) Discussion of new ISA 540 Risk assessment per estimate Different audit procedures to perform based on risk assessments Design of new working paper to reflect work performed Audit consideration regarding significant, unusual, or high complex transactions Journal testing 7 step-plan to test journal entries Testing of related parties and transactions outside the normal course of business Risk assessments Specific audit procedures to perform 10 Step audit-plan Practical exercise: Delegates will be provided with the opportunity to apply all the above principles to design their audit programs for specific line items

Delegates must have their computers with the latest version of CaseWare and CaseWare Working Papers already loaded Stable Internet Connection (Wi-Fi or 3G) with sufficient data for the two days Headset (microphone, speakers) for each delegate All software must be fully licensed. All other materials and stationery will be provided. Please note: If earlier versions are loaded then some of the functions might not work.