This session is designed to simplify and clarify key standards, while providing a hands-on approach to planning audits in Draftworx. You will:

• Break down and highlight essential elements of ISA 315 and 330.
• Practically apply the planning phase of an audit using Draftworx templates, reviewing relevant documents and detailing completion requirements per the revised standards.
  
  

ISA 315 and 330 will be simplified and explained with an emphasis on the following aspects:

Understanding the Entity:

Learn to identify and document essential aspects of the client’s environment, industry, and legal framework, focusing on what’s necessary for assessing financial statement risks.

Internal Controls:

Understand your responsibility regarding the design and implementation of internal controls, including when walkthroughs or control tests are required.

Risk Assessment:

Review how to identify and assess risks using ISA 315, focusing on factors like inherent risk, relevant assertions, significant classes of transactions, account balances, and disclosures.

Audit Response Planning:

Using ISA 330, set out planned responses to identified risks, integrating Draftworx templates for efficiency.

New Key Concepts:

Gain an understanding of new risk assessment elements, including:

• The course will guide you through the following Draftworx sections and documents:
  

Pre-engagement Activities
Section 10: Engagement and Team Setup

• Documents: 10.00, 10.01, 10.02, 10.03, 10.04, 10.05, 10.10, 10.20, 10.25, 10.30

Planning Activities
Section 11: Risk Identification

• Documents:11.05, 11.10, 11.15, 11.20, 11.25

Section 12: Risk Identification

• Documents:12.05, 12.10, 12.15, 12.20, 12.25, 12.30, 12.35, 12.40, 12.45, 12.70, 12.80

Section 13: System Notes

Sections 15, 16, and 17: Risk Assessment

• Documents:15.05, 16.05, 17.05, 17.95

Sections 18 and 19: Other Planning Documents 

• Documents:18.00, 18.05, 19.00, 19.05, 19.20, 19.25

Execution Activities

Sections 20–60: Cycles and Components

Section 20: Journals / Related Parties / Contingent Liabilities

Sections 30-60: Other Cycles

This course is ideal for:

• Audit Managers
• Audit Partners
• Auditors
• Third, Fourth, and Fifth-year SAICA Trainees
• Engagement Quality Control Reviewers