Attending the course and successfully completing the post-assessment, will grant you
2 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.
Web Based (Online)
Select
gillian@probetatraining.co.za
Auditing a body corporate involves high-risk engagements due to the involvement of multiple sets of legislation, including the Sectional Titles Schemes Management Act and Regulations.
These legislative frameworks introduce complex accounting implications and require auditors to ensure compliance and accurately report findings in their audit reports.
The Independent Regulatory Board for Auditors (IRBA) has identified body corporate audits as high risk, resulting in increased inspections, making it essential for audit managers and partners to deliver high-quality, compliant audits.
This course explores the pre-engagement, planning, and finalisation phases of a body corporate audit engagement and provides practical guidance on how to meet both financial and compliance audit requirements.
Participants will also gain an understanding of brief income tax considerations relevant to body corporates.
Pre-Engagement Phase
• Evaluating whether the engagement complies with ethical standards and independence requirements
• Understanding the relevant legislation affecting bodies corporate
• Defining the audit scope to include both financial and compliance aspects
• Establishing engagement terms and setting expectations with stakeholders
Planning Phase
• Incorporating the revised ISA 315 and ISA 330 into risk assessment and planning
• Identifying key audit risks, such as governance issues, non-compliance, and mismanagement of funds
• Developing audit procedures tailored to address both financial and compliance requirements
• Documenting the audit plan and strategy in working papers
Finalisation Phase
• Reviewing audit evidence to ensure sufficiency and proper documentation
• Preparing the audit report in line with regulatory standards, including reporting on compliance
• Reporting significant findings to those charged with governance
• Addressing IRBA expectations and inspection readiness
• Summarising brief income tax considerations for body corporates
☒Audit partners
☒Engagement Quality Control Reviewers
