Programme Objective

The SSA 315 (Revised) issued in August 2021 has been revised to enable more robust and consistent risk identification and assessment. The key enhancements include enhancing the application of professional skepticism in audit, encourage a more robust risk assessment and thereby more focused responses to identified risks. This course will discuss the revised SSA315 which is effective for audits of financial statements for periods beginning on or after 15 December 2021.

This course aims to provide audit professionals with guidance on risk assessment procedures, obtaining an understanding of the entity and its environment, and the entity's system of internal control, enabling the auditor to identify and assess risks of material misstatement (RoMM). The auditor will then develop procedures to respond to RoMM and evaluate the sufficiency and appropriateness of audit evidence. 
 

Programme Outline

• Risk Assessment Procedures and Related Activities
• Obtaining an Understanding of the Entity and Its Environment, the Applicable Financial Reporting Framework and the Entity's System of Internal Control 
• Identifying and Assessing the Risks of Material Misstatement 
• Overall Responses to identified risks
• Audit Procedures Responsive to the Assessed Risks of Material Misstatement at the Assertion Level
• Evaluating the Sufficiency and Appropriateness of Audit Evidence
   

Learning Outcomes 

Upon completion of the course, the participant will be able to:

• Perform proper risk assessment procedures in accordance with the revised SSA 315
• Identify and assess RoMM 
• Develop appropriate procedures to respond to RoMM

Training Methodology

Lecture style with case studies and examples

Closing Date for Registration

1 week before programme or until full enrolment.

Intended For

Experienced audit associates to audit partners

Programme Facilitator(s)