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 transaction
The 5 assertions for balance sheet items
The direction of testing for each assertion
Risk assessment at the 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 with the opportunity to apply all the above principles to design their audit programs for specific line items

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.