If you are using Draftworx to perform your audit engagements, then this series is for you! From first time users to those who just need a refresher, these 6 sessions will take you through the audit process within Draftworx RAC and explain how to complete working papers and how the methodology works. We will also tie each working paper to their Auditing Standard to ensure the users understand the requirements.
Session two will focus on obtaining an understanding of the entity and identifying the risk of error and fraud.
• Preliminary analytical review
• Discussions with management
• Inherent risk identification
• Fraud risk identification
• The following documents will be addressed:
o 11.05 Opening balances - new engagements
o 11.10 Opening balances - continuing engagement"
o 11.20 Review of prior year audit report and management report
o 11.25 Preliminary Analytical
o 12.10 Understanding the nature of the entity
o 12.25 Laws and Regulations
o 12.30 Review Discussion of Minutes of management meetings
o 12.15 Fraud discussion of Those charged with governance
o 12.60 Common fraud risk
o 12.70 ISA 240 considerations
Auditors, First year SAICA Trainees, Second year SAICA trainees, Third year SAICA trainees, Fourth year SAICA trainees, Fifth year SAICA trainees, Audit managers, and Audit partners
