Attendance at this seminar will secure 13 hour/s verifiable CPD points including other professional bodies (SAICA, SAIBA, SAIT, SAIPA , ACCA, IACSA & IRBA).
LYNETTE BADENHORST
nerissa@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.
This course will cover the whole audit process with a detailed look at the following:
Objective of the auditor
Professional judgement and professional skepticism
Documentation (Reasonable auditor test)
Assertions
Overall materiality vs Performance materiality
Risk Assessment Procedures:
Inquiries, analytical procedures and observations and inspection
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
Organisational structure and ownership
Governance
Business Model
Industry factors
Other external factors
Related parties
Going concern
Subsequent events
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 the Risks of Material Misstatement
At the Financial Statement Level
At the Assertion Level
Presumed Fraud Risks
Relevant assertions
Significant Classes of Transactions, Account Balances and Disclosure
Assessing the Risks of Material Misstatement
Spectrum of inherent risk
Significant Risks vs insignificant risks
Assertion Level Control Risk/ Understanding
Definitions
The information system and communication
Control activities
Evaluating the design, and determining implementation, of identified controls in the control activities component
Responding to the Risk of Material Misstatement in terms of the new ISA 315
Immaterial Balances
Material balances
Significant Classes of Transactions, Account Balances and Disclosures Which Are Not Material
Significant Classes of Transactions, Account Balances and Disclosures Which Are Material
Significant Risks / Fraud Risks
All members of an engagement team who will be performing assurance engagements form partners to first year employees.
