ΠΕΡΙΓΡΑΦΗ

The seminar has been designed for experienced users and serves as a refresher on the main requirements of the International Auditing Standards (ISAs) and the International Quality Management Standards (ISQM), which are applicable to all statutory audits and audit firm practices. It is structured to be practical, with a focus on challenging topics and issues that are often identified as weaknesses during audit monitoring visits by ICPAC.

ΣΚΟΠΟΣ ΣΕΜΙΝΑΡΙΟΥ

The aim of the seminar is to update participants on the latest changes in the International Auditing Standards (ISAs) and International Quality Management Standards (ISQMs), and how these should be applied and documented in a firm’s audit files. Illustrative materials will be used to demonstrate practical examples within the firm’s audit methodology. Emphasis will be placed on the mandatory documents and procedures, highlighting how their proper completion flows through the system to ensure that the work performed is sufficient, appropriate, and fully supports the audit opinion reached.

ΣΕ ΠΟΙΟΥΣ ΑΠΕΥΘΥΝΕΤΑΙ

This seminar is ideal for experienced professionals engaged in statutory audits who are responsible for ensuring compliance with auditing and quality management standards.

ΠΕΡΙΣΣΟΤΕΡΕΣ ΠΛΗΡΟΦΟΡΙΕΣ

Course Outline

Overview

• Overview of the seminar and the audit framework
• Overview of the ISAs and their application to audit assignments with emphasis on the revised ISAs
• Overview of ISQM standards
• Update on current developments in the profession

Preliminary activities- Acceptance and reappointment procedures

Implications on the audit procedures and the responsibilities of auditors

• ISA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing.
• ISA220 Quality Control for an Audit of financial statements
• ISA 210 Agreeing the terms of the audit engagements

Planning and risk assessment

• Overview of planning and risk assessment procedures
• Developing an overall audit strategy and plan
• Overview of planning activities and its application in audit files
• Understanding the entity, its environment and the applicable Financial reporting Framework
• Assessing Risks at Assertion Level
• Assessing Risks at Financial Statement Level
• Understanding Accounting Estimates
• ISA240 The auditors’ responsibilities relating to fraud in the audit of FS
• ISA300 Planning an audit of FS
• SA315 Identifying and assessing risks of material misstatements
• ISA 550 Related parties

Planning and risk assessment (contd)

• Illustration and case study
• Common weaknesses identified in monitoring visits

Materiality

• Determine Materiality thresholds
• ISA320 Materiality in Planning and Performing an audit

Understanding the Entity System of Internal controls

• Identifying the Entity’s system of Internal Controls
• Understanding and documenting the Clients’ business Cycle and Financial reporting process
• Documenting the general IT controls and reliability of source evidence
• Practical Case Study on Controls
• Wrap up for the day

Responding to Risks – Introduction

• Recap of walk through the various stages of planning and objectives
• ISA330 The auditors’ responses to assessed risks
• ISA230 Audit Documentation
• ISA500 Audit Evidence
• Types of Audit Procedures
• Nature, timing and extent of audit procedures

Responding to Risks-tools and applications

• Using Planning documents such as the Planning memo and Risk Report to tailor audit procedures and programmes
• Work that can be undertaken using IT tools and technology
• Importance of directional testing and proper audit documentation

Substantive Audit Sampling

• ISA530 Audit Sampling

Substantive audit procedures

• Using Substantive analytical procedures as part of evidence
• Illustrations and practical exercise

Evaluating Misstatements Identified during the Audit

• ISA450 Evaluation of misstatements identified during the audit
• Evaluate misstatements and assess impact on audit conclusions reached
• Evaluate the Financial Statements

Completion and Reporting

• ISA560 Subsequent Events
• ISA580 Written Representations
• ISA 700 Forming and opinion and reporting on Financial Statements
• ISA705 Modifications to the Opinion in the Independent Auditors Report
• Types of Modifications- ICPAC revised booklet illustration

International Standards of Quality Management- ISQM1 & ISQM2

• Overview and outline of how to document the firm’s quality management systems
• How to complete and document ISQM and audit file reviews

International Standards of Quality Management- ISQM1 & ISQM2

• Understanding in depth the elements and requirements of ISQM1
• Practical illustration of Root- cause analysis

Wrap up of seminar

• Discussion and recap of commonly identified weaknesses at monitoring visits
• Develop action points moving forward for their application

Certification

All participants will be awarded a certificate. Each hour of attendance will account for one unit of Continuing Professional Development (CPD) as required for members of most professional bodies.