Available Course

Auditing Standards 3: Planning - Understanding the Entity and Performing Risk Assessment

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Duration: 2.00
CPD Hours: Attendance at this seminar will secure 2 hour/s verifiable CPD points including other professional bodies (SAICA, SAIBA, ACCA, IACSA, IRBA & etc)
Course Facilitator: Tristan White
T:  0118861395
E:  gillian@probetatraining.co.za

In order to assess for risks as part of a financial statements audit, one needs to understand the makings of a business. This will include learning about the entity, its environment / industry, legal framework, employee structure, nature of transactions and the internal controls that keep everything together. You understand a business per ISA 315, so that you can more easily point out what areas of the financial statements are likely to contain misstatement. These very areas will be what is risky in a financial statements audit.

ISA 315 will be simplified relative to the following aspects: • Identifying what you need to understand better about an entity and its environment, and therefore what you need to document • Understanding your responsibility around internal controls, their design and implementation, whether you need to do walkthroughs / test controls • The effect of risks on the audit approach, and how to identify and assess risks

☒Financial managers ☒Auditors ☒Audit managers ☒Audit partners ☒Engagement Quality Control Reviewers