This course will guide participants through the audit process using relevant auditing standards, with an emphasis on addressing requirements identified in IRBA inspections.

The course will cover all critical standards, focusing on past IRBA findings, common errors, and best practices for documentation to prevent similar issues.

Module 1: Introduction to the Audit Process and Compliance with Standards

• Overview of the audit process, from planning to reporting, with emphasis on standards application.
• Introduction to the IRBA inspection process, common areas of findings, and key compliance expectations.
• Discussing the 6-zone, 10-sheet principle as an organizational tool for effective audit documentation.

Module 2: Risk Assessment and Planning

ISA 200 – Overall Objectives of the Independent Auditor

• Overview of responsibilities and IRBA findings related to objectives and ethical requirements.

ISA 300 – Planning an Audit

• Emphasis on audit planning, with a review of previous findings related to insufficient planning documentation.
  

ISA 315 – Risk Assessment and Understanding the Entity

• Risk identification and the importance of detailed documentation to address IRBA’s concerns.
  

ISA 320 – Materiality

• Setting appropriate materiality thresholds and common errors in materiality documentation.
  

Module 3: Performing Audit Procedures and Gathering Evidence

ISA 240 – The Auditor's Responsibilities Relating to Fraud

• Ensuring professional skepticism and detecting fraud in revenue recognition.
• Examples of IRBA findings on insufficient fraud risk assessment procedures.

ISA 330 – The Auditor’s Response to Assessed Risks

• Designing and implementing audit procedures based on risk assessments.
  

ISA 500 – Audit Evidence

• Gathering sufficient evidence and common findings regarding insufficient or inappropriate evidence.
  

ISA 520 – Analytical Procedures

• Best practices for documentation of analytical procedures to prevent IRBA findings.
  

ISA 540 – Auditing Accounting Estimates (e.g., Deferred Tax Assets, Goodwill)

• Requirements for accounting estimates and documenting assumptions, especially for deferred tax and goodwill. Ensuring accuracy and sufficiency in deferred tax notes, aligning with IRBA’s expectations.
  

ISA 550 – Related Parties

• Procedures to identify, evaluate, and document related party transactions
  

ISA 265 – Communicating Deficiencies in Internal Control to Those Charged with Governance and Management

• Requires reporting of identified control deficiencies
  

ISA 450 – Evaluation of Misstatements Identified during the Audit

• Guides on accumulating and evaluating misstatements found in the audit
  

Module 4: Specific Line-Item Testing and Documentation (Practical example)

Accounts Receivable and Revenue: Common mistakes identified by IRBA, focusing on evidence sufficiency using the 6-Zone, 10-Sheet Principle for Effective Documentation

Audit professionals at all levels looking to strengthen their practical understanding of auditing standards and improve audit file documentation in line with IRBA expectations.