ISA 315 and 330 have been revised for audits of clients with year-ends of December 2022 or later.

This course delves into the updated standards, focusing on how to assess risks in a financial statement audit by developing a thorough understanding of the client’s business environment and internal controls.

This session is designed to simplify and clarify key standards, while providing a hands-on approach to planning audits in Draftworx. You will:

• Break down and highlight essential elements of ISA 315 and 330.
• Practically apply the planning phase of an audit using Draftworx templates, reviewing relevant documents and detailing completion requirements per the revised standards

Content:

ISA 315 and 330 will be simplified and explained with an emphasis on the following aspects:

Understanding the Entity:

Learn to identify and document essential aspects of the client’s environment, industry, and legal framework, focusing on what’s necessary for assessing financial statement risks.

Internal Controls:

Understand your responsibility regarding the designand implementation of internal controls, including when walkthroughs or control
tests are required.

Risk Assessment:

Review how to identify and assess risks using ISA 315, focusing on factors like inherent risk, relevant assertions, significant classes of transactions, account balances, and disclosures.

Audit Response Planning:

Using ISA 330, set out planned responses to identified risks, integrating Draftworx templates for efficiency.

New Key Concepts:

Gain an understanding of new risk assessment elements, including:

• The course will guide you through the following Draftworx sections and documents:

Pre-engagement Activities

Section 10: Engagement and Team Setup

• Documents: 10.00, 10.01, 10.02, 10.03, 10.04, 10.05, 10.10, 10.20, 10.25, 10.30

Planning Activities

Section 11: Risk Identification

• Documents:11.05, 11.10, 11.15, 11.20, 11.25

Section 12: Risk Identification

• Documents:12.05, 12.10, 12.15, 12.20, 12.25, 12.30, 12.35, 12.40, 12.45, 12.70, 12.80

Section 13: System Notes

Sections 15, 16, and 17: Risk Assessment

• Documents:15.05, 16.05, 17.05, 17.95

Sections 18 and 19: Other Planning Documents

• Documents:18.00, 18.05, 19.00, 19.05, 19.20, 19.25

Execution Activities

Sections 20–60: Cycles and Components

Section 20: Journals / Related Parties / Contingent Liabilities

Sections 30-60: Other Cycles