The preparation of financial statements is the responsibility of the client’s management. Hence, the financial statements contain management’s assertions about the transactions, events and account balances and related disclosures that are required by the applicable accounting standards. The auditor is required to determine the different types of misstatements that could occur for each of the relevant audit assertions and then develop audit procedures that are appropriate to respond to the assessed risks.

The following will be discussed during the session • The 5 assertions for transactions • The 5 assertions for balance sheet items • Direction of testing for each assertion • Risk assessment at assertion level • Example of audit procedures to perform for each assertion • Selection of sample sizes for each assertion

Auditors, First year SAICA Trainees, Second year SAICA trainees, Third year SAICA trainees, Fourth year SAICA trainees, Fifth year SAICA trainees, Audit managers, Audit partners, and Engagement Quality Control Reviewers