A property practitioner audit consists of two parts:
- Business records, and
- Trust records
A trainee will need to understand how to approach the business records audit based on the new ISA 330 (Revised) requirements but also how to audit the trust account for compliance based on the IRBA 2023 trust audit report template which identifies the trust rules / procedures to be carried out.
We will discuss the wider fieldwork / execution phase when auditing the business financial statements and will help trainees visualise how to approach the trust account audit by explaining the trust rules and providing illustrative trust audit procedures.
Discuss the key aspects of the execution / fieldwork phase of the audit of a property practitioner, namely:
- ISA 330 (Revised) required audit response to assessed risks and material / significant classes of transactions account balances and disclosures (SCOTABD)
- How to approach trust account for the compliance audit
- Illustrative procedures for the trust account audit
- Discuss key areas of risk for a property practitioner and how to approach, e.g., legislation affecting revenue recognition
Auditors
First year SAICA Trainees
Second year SAICA trainees
Third year SAICA trainees
Fourth year SAICA trainees
Fifth year SAICA trainees
