This course is suitable for most levels of auditors. It will cover the practical application of current Auditing Standards and introduce the requirements of the new International Standards on Auditing (UK & Ireland). Detailed consideration will be given to ensuring that the assignment is conducted efficiently and that the Audit Regulations are complied with.
Programme content
Planning Key issues at the planning stage include: • Audit planning – SAS 200/ISA 300 • Planning letters • Accepting the appointment – ethical considerations • Knowledge of the business & audit risk assessment • -SAS 210/ISAs 315 &330 • Application of planning standards to small clients • Application of planning standards to regulated clients • Laws and regulations – SAS 120/ISA 250 • Risk of fraud and error – SAS 110/ISA 240 • Analytical procedures – SAS 410/ISA 520 • Assessing the system – SAS 300/ISA 315 • Assignment quality control
Execution Issues regarding gathering evidence
• SAS 400/ISA 500 – Audit evidence • Evidence versus paper on the file • Relying on accountancy work • Adapting audit programmes • Use of analytical review • Use of confirmations • Auditing for completeness Income Creditors • Audit of assets • Dealing with complex issues • Audit of accounting estimates • Audit of related party transactions • Review of evidence
Completion Issues considered will include
• Post balance sheet events and subsequent events – SAS 150/ISA 560 • Final review • Communication of matters to those charged with corporate governance • Management representations • Second partner review • Audit reporting • Management & governance letters • Closing the file • Quality control reviews
You will find it helpful to bring a calculator to this course as some of the examples and mini case studies use involved calculations
