This course will cover the whole audit process with a detailed look at the following: • Engagement continuance procedures • 7 Step plan to comply with the ethical and independence requirements during the engagement • Calculating the overall and performance materiality for the engagement • Obtaining an understanding of the entity through discussions with those charged with governance, including fraud questionairres o New ISA 315 requirements • Performing risk assessment o At Financial statements level o At Assertion level for every FSA o Presumed fraud risks o Significant risks • Responding to the risks o New ISA 330 requirements • Estimates o New ISA 540 requirements • Going concern • Subsequent events • Final/Overall analytical review • Evaluations of misstatements The new concepts that I am going to cover during this course are: • Risk spectrum • Significant line items vs significant risks • Relevant assertions • Risk factors • Separate inherent risk and control risks • The new two-step process to identify and assess risks • Audit procedures to perform on the different line items based on the risk assessments

•To learn how to improve the risk assessment process during the planning stage • To learn how to audit each line item based on the risk assessments in order to focus on the risky items and save time on the other areas of the audit that are not high risk areas.