In a time when audit quality is under heavy scrutiny, we have to identify if we are part of the problem, or the solution.
So how do we ensure proper audit quality? By starting with the team members performing the audit and documenting audit evidence.
The aim of this session is to provide delegates with a proper understanding of what is required from the standards when performing an audit and how to ensure we document it correctly to prevent negative review findings.
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Professional skepticism and Professional Judgement
Documentation of client acceptance
7 Step plan to comply with the ethical and independence requirements during the engagement
10 Significant matters that must be discussed with management
How to perform powerful preliminary analytical procedures
Revised ISA 315 and risk assessment
Responses to risk
o The assertions
o Direction of testing
o Risk assessment per assertion
o Procedures per assertion
o Sample sizes
o IRBA findings w.r.t. assertions
Revenue testing
o Completeness testing – Direction
o Possible scope limitations when testing revenue
o Effect of scope limitation on the audit report
o Presumed fraud risk testing – Design of working paper to reflect fraud tests
o Testing per revenue stream
o Meaning of “rebuttable”
o Possible review findings by IRBA
Auditing Accounting Estimates (new)
o Discussion of new ISA 540
o Risk assessment per estimate
o Different audit procedures to perform based on risk assessments.
o Design of new working paper to reflect work performed.
Audit consideration regarding significant, unusual or high complex transactions
Journal testing
o 7 step-plan to test journal entries.
Testing of related parties and transactions outside the normal course of business
o Risk assessments
o Specific audit procedures to perform.
10 Step audit-plan
o Practical exercise: Delegates will be provided the opportunity to apply all the above principles to design their own audit programs for specific line items.
