Webinar Training Course

Audit procedures to perform to address audit risk during an audit of financial statements

Price: Firm/Group/Company - R1380.00 (VAT Incl.)
Individuals - R402.50 (VAT Incl.)
Price (MLU Subscriber): Firm/Group/Company - R1035.00 (VAT Incl.)
Individuals - R301.88 (VAT Incl.)
Presenter: Ms Lynette Badenhorst
Date: 19 Nov '18
Times: 09H00-11H30
Duration: 2.5
CPD Hours: Attending the course and successfully completing the post-assessment, will grant you 2.5 hour/s verifiable CPD, recognised by the various professional bodies (SAICA, SAIBA, ACCA, IACSA, IRBA & etc). Please note that the CPD certificate will only be issued once the post-assessment has been completed.
Platform: Web Based (Online)
Contact Person: Gillian Peach- Stander
T:  0118861395
E:  gillian@probetatraining.co.za
Back Book Now

.

The concept of audit risk is of key importance to the audit process and auditors are required to have a good understanding of what audit risk is, and why it is so important. Audits conducted in accordance with ISAs must follow the risk‑based approach, which should also help to ensure that audit work is carried out efficiently, using the most effective tests based on the audit risk assessment. Auditors should direct audit work to the key risks (sometimes also described as significant risks), where it is more likely that errors in transactions and balances will lead to a material misstatement in the financial statements. It would be inefficient to address insignificant risks in a high level of detail. There are many references throughout the ISAs to audit risk. During this webinar I will discuss a 10-point plan for auditors to identify and address the different components of risk during an audit of financial statements. I will also explain which type of audit procedures should be performed to address the different components of risk.

1. What is audit risk 2. Assessment of inherent risk 3. Assessment of control risk 4. Assessment of fraud risk 5. Detection risk 6. Significant risks- 10 step plan to identify significant risks 7. Presumed risks a. Revenue testing b. Seven steps to perform to test journal entries c. Auditing accounting estimates d. Transactions outside the normal course of business 8. Business risks 9. Risk of material misstatement (ROMM) 10. Desired audit risk What does all these terms mean and how does it fit into a risk-based audit approach?

All auditors and their staff who is responsible for the audit of financial statements