Internal controls are the only thing that can prevent errors or fraud in financial statements. Do we sufficiently address them during an audit? The purpose of this course is to take delegates through the audit process and to discuss in detail every requirement that is listed in the auditing standards that relates to internal controls. From obtaining an understanding, to testing and reporting on deficiencies, controls are of the utmost importance in an audit. This course offers a comprehensive review of the auditor’s obligation toward internal controls, from the requirements listed in the international standards on auditing through to the real-world issues faced during external audits. Furthermore this course will cover the documentation requirements relating to an audit engagement, including the elements to be included in the working papers.

• What are controls and when will a control be relevant to the audit? • Responsibility of management regarding controls • Responsibility of the auditor regarding controls • Why do we implement internal controls? • ISA 250 - Controls in place to ensure they comply with laws and regulations • ISA 265 - Communicating deficiencies and significant deficiencies in controls to TGWG • ISA 315 - Identifying and assessing the risk of material misstatement through understanding the entity and its environment • Documenting controls relevant to the audit and the responsibility for system descriptions • Evaluating the design and implementation of controls • Nature, timing and extent of test of controls relevant to the audit • Sampling on test of controls • Key audit matters.

Investment managers Auditors First year SAICA Trainees Second year SAICA trainees Third year SAICA trainees Fourth year SAICA trainees Fifth year SAICA trainees Audit managers Audit partners Engagement Quality Control Reviewers