Audit Hot Topics
Overview
There are areas that auditors may struggle with in performing audit engagements. This may be because the standards are not well understood or there are challenges in applying them, especially in the context of a less complex entity. This course will address hot topics in auditing standards including CAS 230 Documentation, CAS 240 Fraud, CAS 260 Communication with TCWG, CAS 315 Identifying and Assessing Risk, CAS 500 Evidence, CAS 530 Sampling, CAS 540 Auditing Estimates and CAS 700 Reporting.
Through an exploration of the standards, illustrative examples and guidance on practical application you will strengthen your ability to conduct an effective and efficient engagements.
Learning Objectives
By the end of the session participants will be able to:
- Implement effective strategies in performing audit engagements
- Appreciate auditor’s responsibilities related to fraud
- Develop an efficient approach to documenting design and implementation of controls
- Identify and assess risk of material misstatement
- Understand how to perform tests of control, substantive analytical procedures and tests of detail
- Explain and implement sampling concepts
- Develop an efficient approach to auditing estimates
- Identify reporting requirements including emphasis and other matter paragraphs
- Strengthen documentation to minimize practice inspection comments
Course Content
Module 01
Overview of audit basics
Module 02
Addressing the Risk of Fraud (CAS 240)
Module 03
Components of a system of internal control and related requirements (CAS 315)
Module 04
Identifying and assessing the risk of material misstatement (CAS 240 & CAS 315)
Module 05
Auditor’s response and documentation (CAS 230, CAS 330 & CAS 500)
Module 06
Audit sampling (CAS 530)
Module 07
Auditing accounting estimates and related disclosures (CAS 540)
Module 08
Reporting and communicating (CAS 700, CAS 705, CAS 706 & CAS 260)
Module 09
Review of key points and action planning
Module 10
Resources