New terminology, concepts and requirements • New assertions and combinations of assertions • New risk assessment procedures (RAP) to obtain an understanding of the entity and its environment • Document the sources of information from which the understanding was obtained • Class of transaction or account balance ("COTAB") • Individual Account balance, class of transaction and other disclosure ("COTABD") • Significant classes of transactions, account balances and disclosures (“SCOTABD) • Transactions related to account balances (“TRAB”) • Relevant assertions • Controls to be identified for purposes of evaluating the design of a control and determining whether the control has been implemented • Identification of the risk of material misstatement at the assertion level for COTABD and then assess only the identified risks of material misstatement at the assertion level • Consideration of whether automated tools and techniques should be used to assist with obtaining an understanding of the entity and its environment and to perform risk assessment procedures. • Extent of work needed for indirect and direct controls • Use of inherent risk factors • Spectrum of inherent risk • Likelihood and magnitude of a possible misstatement on a range from higher to lower, when assessing risks of material misstatement • “Stand-back" provision to evaluate the completeness of SCOTABD • Design and perform substantive procedures for each material COTABD • Substantive procedures for SCOTABD, i.e., those with relevant assertions • Assertions to be tested for material COTABD. The following sections in Draftworx will be discussed Engagement team setup • 10.00 Engagement acceptance and Continuance • 10.04 Accounting framework • 10.10 Planning materiality • 10.15 Audit type selection • 10.20 Identification of audit sections Planning and Risk Identification • 11.25 Preliminary analytical procedures • 12.05 Overall audit strategy • 12.10 Understanding the entity • 12.15 Fraud discussion • 12.40 Entity-level controls • 12.45 General IT controls • 12.70 ISA 240 considerations • 12.95 Risk identification sign-off Risk assessment per component (RAC) • 12.05 Fraud RAC • 16.05 Business RAC Audit plan • 17.00 Risk assessment summaries • 17.05 Audit plan

This course is suitable for everyone who has a very good understanding of planning the audit on the Draftworx methodology We recommend that all partners and mangers attend this course