TBA

The following will be discussed during the session Professional Scepticism (new) • New guidance issued Audit consideration i.r.o going concern in the current economic environment (new guidance issued) • Including Trading Under Insolvent Circumstances Assertions • The 5 assertions for transactions • The 5 assertions for balance sheet items • Direction of testing for each assertion • Risk assessment at assertion level • Example of audit procedures to perform for each assertion • Selection of sample sizes for each assertion • Finding issued by IRBA w.r.t assertions ISA 315 (New revised standard) • Discussion of new requirements Revenue testing • Completeness testing – Direction • Possible scope limitations when testing revenue • Effect of scope limitation on the audit report • Presumed fraud risk testing – Design of working paper to reflect fraud tests • Testing per revenue stream • Meaning of “rebuttable” • Possible review findings by IRBA Auditing Accounting Estimates (new) • Discussion of new ISA 540 • Risk assessment per estimate • Different audit procedures to perform based on risk assessments • Design of new working paper to reflect work performed Audit consideration regarding significant, unusual or high complex transactions Journal testing • 7 step-plan to test journal entries Testing of related parties and transactions outside the normal course of business • Risk assessments • Specific audit procedures to perform 10 Step audit-plan Practical exercise: Delegates will be provided the opportunity to apply all the above principles to design their own audit programs for specific line items

Senior staff members of SGA

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