This course includes theory, practical exercises, and real-world case studies, giving participants the opportunity to apply concepts directly to their audit engagements.

This course will ensure participants are well-prepared to identify, evaluate, and document misstatements effectively, maintain compliance with standards, and meet IRBA’s expectations for high-quality audits

Introduction to Misstatements and IRBA Findings

• Overview of common IRBA findings related to misstatements and insufficient audit evidence
• Key issues in identifying and documenting material misstatements

Identifying and Addressing Misstatements

• What to do when misstatements are identified
• Techniques for extrapolating misstatements from sample selections
• Schedule of overs and unders: Managing individual and aggregated misstatements
  

Performance Materiality and Final Materiality Calculations

• When and how to apply performance materiality
• Calculating final materiality to assess the impact of misstatements
• Determining if prior-year unadjusted misstatements should be carried over to the current year
  

Evaluation of Aggregated Unadjusted Misstatements

• Evaluating misstatements on an individual, aggregate, and category basis
• Assessing the impact of unadjusted misstatements on the financial statements
  

Impact on the Audit Plan and Strategy

• When and how to reassess your audit plan and strategy based on identified misstatements
• Deciding whether additional procedures are needed
  

Communicating with Those Charged with Governance

• When to report misstatements and other relevant findings to governance bodies
• Best practices for presenting unadjusted misstatements and recommended actions
  
  
  
  
  

• Auditors
• Audit Managers
• Audit Partners
• Engagement Quality Control Reviewers
• Senior Audit Trainees