Attendance at this seminar will secure 13 hour/s verifiable CPD points including other professional bodies (SAICA, SAIBA, SAIT, SAIPA , ACCA, IACSA & IRBA).
JEANMARI VAN DER SCHYFF
jeanmari@probetatraining.co.za
A proper understanding of the practical application of auditing standards is key to ensure that sufficient appropriate audit evidence is received and documented on which to base your opinion.
A majority of audit findings are on the planning section of an audit file, which indicates a lack of understanding of the documentation requirements. Incorrect planning can also lead to over or under auditing and lead to an opinion that is not supported by proper evidence.
This session aims to provide delegates with a practical understanding of the application of the auditing standards and importantly the documentation requirements to ensure audit quality.
This course will cover the whole audit process with a detailed look at the following:
Objective of the auditor
Professional judgement and professional skepticism
Assertions
Overall materiality vs Performance materiality
Inquiries, analytical procedures and observations and inspection
Information from Other Sources
Obtaining an Understanding of the Entity and Its Environment, the Applicable Financial Reporting Framework, and the Entity’s System of Internal Control
Entity and its environment
Organizational structure and ownership
Governance
Business Model
Industry factors
Other external factors
The Applicable Financial Reporting Framework
Understanding the Components of the Entity’s System of Internal Control
Control environment
The entity’s risk assessment process
The entity’s process to monitor the system of internal control
Identifying and Assessing the Risks of Material Misstatement
Assessing the risks of Material Misstatement at the Financial Statement Level
Inherent risk
Fraud risk
Assessing Risks of Material Misstatement at the Assertion Level
Relevant assertions
Spectrum of inherent risk
Significant Risks vs insignificant risks
When substantive procedures alone cannot provide sufficient appropriate audit evidence
Disclosures that may be significant
Control Risk
Definitions
The information system and communication
Control activities
Evaluating the design, and determining implementation, of identified controls in the control activities component
Test of Controls
Reporting of Control Deficiencies Within the Entity’s System of Internal Control
Revision of Risk Assessment
Responding to the Risk of Material Misstatement in terms of the new ISA 315
Substantive Procedures
Substantive Procedures Related to the Financial Statement Closing Process
Substantive Procedures Responsive to Significant Risks
Evaluating the Audit Evidence Obtained from the Risk Assessment Procedures
Classes of Transactions, Account Balances and Disclosures that Are Not Significant, but Which Are Material
Audit evidence
Engagement Team Discussion
Documentation
Communicating with management
Related party testing
Going concern
Subsequent events
Final/Overall analytical review
Evaluations of misstatements
NOCLAR and reporting responsibilities
Deciding on the type of opinion and setting up the audit report i.r.o. the new revised ISA 700
All members of an engagement team who will be performing assurance engagements form partners to first year employees.
