A majority of the IRBA audit findings are on the planning section of an audit file, and more importantly, the risk assessment, 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 risks are identified and assessed properly to allow for the audit to be 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.
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 questionnaires.
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 the Financial statements level
o At the 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
Delegates must have their computers with the latest version of CaseWare and CaseWare Working Papers already loaded
Stable Internet Connection (Wi-Fi or 3G) with sufficient data for the two days
Headset (microphone, speakers) for each delegate All software must be fully licensed.
All other materials and stationery will be provided. Please note: If earlier versions are loaded then some of the functions might not work.
