This course offers a deep dive into audit assertions, focusing on the procedures required, how to obtain and evaluate audit evidence, and the direction of testing for each assertion.

Participants will learn to assess risk at the assertion level, utilize risk factors, and select appropriate assertions based on the 6 zones framework.

The course will cover the specific assertions for transactions and balance sheet items, including practical examples and sample size selection

Content:
• Introduction to Audit Assertions
• Definition and Importance of Audit Assertions
• Overview of Assertions in Financial Reporting
• The Role of Assertions in the Audit Process
• The 5 Assertions for Transactions
• The 5 Assertions for Balance Sheet Items
• Procedures to Perform for Each Assertion
• Detailed Procedures for Testing Each Assertion
• Practical Examples and Case Studies
• Techniques for Collecting Sufficient and Appropriate Evidence
• Direction of Testing for Each Assertion
• Planning and Executing Tests Based on Assertion Types
• Aligning Testing Procedures with Assertion Requirements
• Risk Assessment at the Assertion Level
• Understanding and Assessing Risk at the Assertion Level
• Identifying Significant Risks and Their Impact on Assertions
• Utilizing Risk Factors to Guide Testing
• Using the Risk Factors
• How to Apply Risk Factors in the Audit Process
• Determining Relevant Assertions Based on Risk Factors
• Managing and Mitigating Risks in Testing
• Risk Spectrum and Significant Risks
• Defining the Risk Spectrum in Auditing
• Identifying and Addressing Significant Risks
• Selection of Sample Sizes for Each Assertion
• Guidelines for Determining Sample Sizes
• Factors Influencing Sample Size Decisions
• Practical Considerations for Sample Selection
• Case Studies and Practical Exercises
• Real-World Scenarios for Applying Assertions and Testing Procedures
• Documentation and Reporting
• Preparing Comprehensive Audit Workpapers and Reports
• Q&A and Wrap-Up