The revised ISA 315 introduces significant changes in the way auditors approach risk identification and assessment, with far-reaching impacts on the planning section of audits for firms of all sizes.These changes necessitate a revised approach to risk assessment, ensuring audits remain effective, compliant, and aligned with the latest standards.
This course provides a practical framework for planning audits using CaseWare Probe, focusing on how the new ISA 315 and ISA 330 requirements integrate into the planning process.
Delegates will be guided through a case study, giving them hands-on experience to complete critical sections in CaseWare, including the risk assessment process, control documentation, and audit strategy development. This course combines theoretical learning with hands-on practice. Delegates will use a case study to apply the concepts in real-world scenarios, helping them develop practical skills to effectively plan audits using the latest version of CaseWare Probe.
Why Understanding ISA 315 and ISA 330 is Critical ISA 315 and ISA 330 form the foundation of the audit planning and execution process. Understanding these standards ensures: Auditors can accurately identify, assess, and respond to risks of material misstatement.
Proper internal controls are evaluated and documented to ensure audit effectiveness.
Audit strategies align with the identified risks, improving audit quality and efficiency. Auditors meet public expectations and professional responsibilities, maintaining trust and credibility.
Introduction to Programme Changes and Updates
• Overview of key changes to CaseWare Probe and ISA requirements
• Updates to program groupings, sections, and document manager features
• Risk recording dialog updates, including the new risk record mode
• Changes in how controls are documented and tested
• Technology and Risk Assessment in the Audit Process
Understanding the use of IT by the entity and its impact on controls
• Assessing IT risks and IT general controls in CaseWare
• Core vs. extended options in audit planning
• Detailed risk assessment using Probe
New Terminology, Concepts, and Requirements
• Application of new assertions and combinations of assertions
• Performing risk assessment procedures (RAP) to obtain a deep understanding of the entity and its environment
• Documentation of sources of information used to assess risks
Understanding key terms such as COTAB, COTABD, SCOTABD, and TRAB
• Identifying controls, evaluating design, and testing control implementation
• Assessing risks of material misstatement at the assertion level
• Use of automated tools and techniques for risk assessments
Pre-Engagement Planning
• Engagement evaluation
• Discussion with management and gathering preliminary information
• Understanding transaction volumes and accounting estimates
• Conducting preliminary analytical procedures
• Assessing the IT environment and overall audit readiness
Planning and Risk Assessment Procedures
• Risk assessment procedures to identify inherent and control risks
• Fraud risk assessment and compliance with relevant laws and regulations
• Evaluation of the internal control system and related activities
• Risk assessment at the assertion level to guide audit procedures
• Audit Planning and Strategy Development
Developing the audit plan and strategy in alignment with assessed risks
• Creating a detailed planning memorandum
• Use of work programs and lead sheets based on the new risk assessment process
• Practical documentation and layout changes in CaseWare
• Auditors
• 2nd-year SAICA trainees
• Third-year SAICA trainees
• Fourth-year SAICA trainees
• Fifth-year SAICA trainees
• Audit managers
• Audit partners
• Engagement Quality Control Reviewers
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