Programme Objective
To provide audit professionals with practical guidance on the audit of financial instruments (non-derivatives) through active discussions, sharing of experiences and reinforcement of key concepts and requirements.

Participants will develop an understanding on:
1) The common audit risk areas and the risk of material misstatement relating to financial instruments
2) The common internal controls processes (nature, extent and timing) over financial instruments, the risks addressed, and implications for planning substantive tests of financial instruments.
3) The common substantive procedures (nature, extent and timing) to audit various assertions related to financial instruments.
4) Evaluation of audit findings and draw appropriate audit conclusions for financial instruments.
5) The key financial statement reporting and disclosure requirements for financial instruments.
 

Programme Outline

• Overview on audit of Financial Instruments

• Identification and assessment of risks of material misstatement at assertion level for financial instruments, taking into account relevant mitigating internal controls.
• In-depth discussion on the following selected key audit areas:

• Applying the Effective Interest Rate Method
• Impairment
• Fair Value Measurement

• Equity vs liability
• Offsetting

• Key accounting requirements under IFRS 9 / FRS 109.

Intended For

A Foundation to Intermediate level programme for Audit professionals.