Finalising an audit file is more than just a signature.
Before the audit report can be signed, an audit file must be finalised and the evidence obtained reviewed to ensure the proper opinion is being expressed. The auditor may also have other reporting obligations that needs to be considered.
Ensure your team members know how to assess whether or not enough evidence was obtained to substantiate your opinion and avoid practical pitfalls and deficiencies.
This course focuses on finalising an audit file in CaseWare Probe and ensuring compliance with the standards and increasing 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 finalisation section. They will then need to complete the audit using CaseWare. The following sections will be done:
• Sampling
• Related parties
o Identifying the related parties
o Testing the transactions and balances
o Testing the disclosure
• Litigation and claims
o Identifying a possible contingent liability and commitments
• Going concern
o Evaluate the client plan
o Audit the cash flow forecast
• Subordination agreements and insolvencies
• Subsequent events
o Identifying the subsequent events
o Documenting the treatment
o Assessing the impact on the financial statements
• Final/Overall analytical review
• External confirmations
• Evaluations of misstatements
o Calculating Final Materiality
o Evaluating individual material misstatements
o Evaluating qualitative material misstatements
o Assessing the effect of uncorrected misstatements
• Reporting to management on deficiencies in internal controls
o Difference between deficiencies and significant deficiencies
• Obtaining written representations
• Deciding on the type of opinion and setting up the audit report i.r.o. the new revised ISA 700
• Including KAM’s into the report i.r.o. the new revised ISA 701
• Reporting to IRBA i.r.o. Reportable irregularities.
o What is a reportable irregularity
o Practical exercise on identifying a reportable irregularity
o How to report to IRBA
• Reporting non-compliance with laws and regulations in terms of the code of conduct
o What is our responsibilities in an audit
o If it is not an RI, should we still report?
Auditors
Fourth year SAICA trainees
Fifth 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.
