Audit is not like a box of chocolates, planning is key.
A majority of the IRBA audit findings are on the planning section of an audit file, which indicates a lack of understanding of the documentation requirements. Incorrect planning can also lead to over or under auditing.
Ensure that your team members understand the importance of planning and know exactly what is required on the audit file to ensure that the audit is performed effectively and efficiently.
This course explains how audits can be planned and performed effectively on CaseWare Probe, using the software to improve audit efficiency while maintaining audit quality
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The delegates will be provided with a case study including all the information necessary regarding the client to perform the planning section. They will then need to perform the following planning sections:
• Engagement continuance procedures
o Identifying the risk of the engagement
o Identifying ethical dilemmas
o Whether pre-conditions are met
o Should the engagement be accepted
• Assessing the engagement letter
• Obtaining an understanding of the entity through discussions with those charged with governance, including fraud questionairres.
• Identifying the Financial Statement Areas to be audited and the relevant information regarding these
• Calculating the overall and performance materiality for the engagement
• Performing risk assessment
o At Financial statements level
o At Assertion level for every FSA
• Documenting system descriptions and performing walkthroughs
• Deciding on an audit strategy
• Documenting the audit plan
• Documenting all of the above in the CaseWare Probe software
Auditors
Second year SAICA trainees
Third year SAICA trainees
Audit mangers
Audit partners
Delegates must have the following available on the course day:
a) Delegates must have their own computers with the latest version of CaseWare and CaseWare Working Papers
already loaded
b) Stable internet Connection (Wi-Fi or 3G) with sufficient data for the two days
c) Headset (microphone, speakers) for each delegate
All software must be fully licensed.
All other material and stationery will be provided.
Please note: If earlier versions are loaded then some of the functions in might not work.
