The revised ISA 315 introduces significant changes in the approach to risk identification and assessment, impacting how audits are planned across firms of all sizes. These changes require auditors to adopt a revised risk assessment approach to ensure audits are effective, compliant, and aligned with the latest standards.
This course offers a practical framework for planning audits using CaseWare Audit International, emphasizing the integration of ISA 315 and ISA 330 requirements. Delegates will gain hands-on experience through a case study, completing critical sections in CaseWare, including risk assessments, control documentation, and audit strategy development.
Why Understanding ISA 315 and ISA 330 is Critical
ISA 315 and ISA 330 form the foundation of audit planning and execution. A deep understanding of these standards ensures:
• Accurate risk identification, assessment, and response to material misstatements.
• Effective evaluation and documentation of internal controls.
• Alignment of audit strategies with identified risks, enhancing audit quality.
• Auditors meet public expectations and professional responsibilities, maintaining trust and credibility.
This course equips participants with the knowledge and practical skills needed to effectively plan audits using CaseWare International, ensuring alignment with ISA standards and delivering high-quality, compliant audits.
• New Terminology, Concepts, and Requirements
• Application of new assertions and combinations of assertions
• Performing Risk Assessment Procedures (RAP) to gain a deep understanding of the entity and its environment
• Documenting sources of information used to assess risks
• Definitions and relevance of COTAB, COTABD, SCOTABD, and TRAB
• Identifying and evaluating the design of internal controls
• Testing control implementation and assessing risks of material misstatement at the assertion level
• Using automated tools and techniques for risk assessments
• Identifying risks associated with the engagement
• Handling ethical dilemmas and assessing whether pre-conditions are met
• Evaluating whether the engagement should be accepted
• Discussions with those charged with governance, including fraud questionnaires
• Identifying financial statement areas and relevant information for the audit
• Calculating Materiality
• Determining overall and performance materiality for the engagement
• Performing Risk Assessment
• Identifying inherent and control risks
• Conducting a fraud risk assessment and checking compliance with relevant laws and regulations
• Evaluating the internal control system and related activities
• Assessing risks at the assertion level to guide audit procedures
• Deciding on the appropriate audit strategy
• Documenting the Audit Plan and Strategy
• Recording all findings and procedures in CaseWare Audit International
• Auditors
• Second-year SAICA trainees
• Third-year SAICA trainees
• Audit managers
• Audit partners
