As trainees progress through their articles, so do their responsibilities. Unfortunately, they need direction every time they take up a new mantle, and as we know how difficult it is to find time to provide the necessary guidance in the busy audit environment, we have created specific training sessions with this in mind.
This course explains how audits should be finalised in terms of the ISA’s. This course focuses on how to finalise the audit, ensuring that all the risks have been mitigated, all procedures performed and the audit opinion expressed is correct and supported by evidence.
Delegates will be faced with a practical case study and will have to perform the finalisation for the audit engagement in compliance with the standards.
This course explains how audits can be finalised effectively on Draftworx RAC, using the software to improve audit efficiency while maintaining audit quality.
This course is based on the amended reporting standards and includes all the changes to ISA 700, ISA 701, ISA 705.
The completion stage of the audit is of crucial importance. It is during the completion stage that the auditor reviews the evidence obtained during the audit together with the final version of the financial statements, with the objective of forming the auditor's opinion. This course covers some of the key requirements that are relevant at the completion stage. The practical implications of these requirements are explained by way of a simulated case study.
By the end of this course, delegates should be able to complete an audit engagement and ensure the audit opinion is correct and supported by the necessary evidence.
The delegates will be provided with a case study including all the information necessary regarding the client to perform the finalisation section. They will then need to complete the audit using Probe MMX. The following sections will be done:
• Related parties
o Identifying the related parties
o Testing the transactions and balances
o Testing the disclosure
• Litigation and claims
o Identifying a possible contingent liability and commitments
• Going concern
o Evaluate the client plan
o Audit the cash flow forecast
• Subordination agreements and insolvencies
• Subsequent events
o Identifying the subsequent events
o Documenting the treatment
o Assessing the impact on the financial statements
• Final/Overall analytical review
• External confirmations
• Evaluations of misstatements
o Calculating Final Materiality
o Evaluating individual material misstatements
o Evaluating qualitative material misstatements
o Assessing the effect of uncorrected misstatements
• Reporting to management on deficiencies in internal controls
o Difference between deficiencies and significant deficiencies
• Obtaining written representations
• Deciding on the type of opinion and setting up the audit report i.r.o. the new revised ISA 700
• Including KAM’s into the report i.r.o. the new revised ISA 701
• Reporting to IRBA i.r.o. Reportable irregularities.
o What is a reportable irregularity
o Practical exercise on identifying a reportable irregularity
o How to report to IRBA
• Reporting non-compliance with laws and regulations in terms of the code of conduct
o What is our responsibilities in an audit
o If it is not an RI, should we still report?
This training will be presented on an Intermediate level.
Trainees with a degree performing finalisation responsibilities will benefit in attending.
Delegates must bring their own computers with Draftworx already loaded. All software must be fully licensed. All other material and stationery will be provided.