This course is intended to give auditors a good initial understanding of the International Standards on Auditing
The main focus of this course is the planning and finalisation of the audit, ensuring that delegates understand all the considerations affecting the audit plan and that they get the opportunity to plan an audit thoroughly through a practical case study. The course also covers other important aspects such as sampling, materiality, risk assessments, and finalising the audit. Content
Day 1
• Introduction to the fundamental principles contained in the auditing standards
• Understanding the audit assertions as well as direction of testing
• Acceptance and continuance of clients
• Engagement letter
• Risk assessment procedures:
o Discussions with Those in Charge of Governance
o Preliminary analytical procedures
o Accounting estimates
• Fraud risk assessments
• Laws and regulations, Reportable Irregularities and NOCLAR
• Overall materiality, Performance materiality, Specific materiality, Clearly trivial
Day 2
• Inherent risk assessment
• Control risk assessments
• Fraud risk assessments
• Control activities: Design and implementation
• Risk assessment at assertion level
• Controls over significant risks
• Substantive sampling
• Attribute sampling
• Subsequent events
• Going concern
• Evaluation of misstatements
• Reporting deficiencies and significant deficiencies to management
• Management representations
• Consideration of the audit report
