Available Course

Assessing Risk during an Audit (Identifying and assessing Risk)

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Duration: 1 Day
CPD Hours: Attendance at this seminar will secure 6.5 hour/s verifiable CPD points including other professional bodies (SAICA, SAIBA, ACCA, IACSA, IRBA & etc)
Course Facilitator: Lynette Badenhorst
T:  011-886-1395
E:  nerissa@probetatraining.co.za

The new ISA 315 (revised) requires the auditor to identify and assess many different types of risks. During this session, I am going to explain the meaning of all the different risks that must be identified, assessed and documented by the auditor.

 What is audit risk?  Identification of risk?  ROMM at the financial statement level  ROMM at the assertion level and the new concept of relevant assertions  Assessment of inherent risk (Including the new inherent risk factors)  Control risk (New requirements as per ISA 315)  Indirect controls  Direct controls  Assessment of fraud risk  The spectrum of inherent risk  Significant risks  Significant classes of transactions, account balances and transactions  The risk assessment procedures that must be performed during the audit  Responses to address the assessed risk of Material Misstatement