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:
• Engagement continuance procedures
• 7 Step plan to comply with the ethical and independence requirements during the engagement
• Calculating the overall and performance materiality for the engagement
• Obtaining an understanding of the entity through discussions with those charged with governance, including fraud questionairres
o New ISA 315 requirements
• Performing risk assessment
o At Financial statements level
o At Assertion level for every FSA
o Presumed fraud risks
o Significant risks
• Responding to the risks
o New ISA 330 requirements
• Estimates
o New ISA 540 requirements
• Going concern
• Subsequent events
• Final/Overall analytical review
• Evaluations of misstatements

The new concepts that I am going to cover during this course are:
• Risk spectrum
• Significant line items vs significant risks
• Relevant assertions
• Risk factors
• Separate inherent risk and control risks
• The new two-step process to identify and assess risks
• Audit procedures to perform on the different line items based on the risk assessments