Programme Objective

A well-established audit strategy and well-developed audit plan, when properly executed, would reduce the risk of a Public Accountant forming an inappropriate opinion on the financial statements. A proper audit plan also helps the engagement team to devote appropriate attention to important areas of the audit, resulting in an efficient and effective audit. 

This course aims to provide audit professionals with guidance on planning for a financial statements audit engagement. This course will cover various matters that should be taken into consideration during planning such as the timing, involvement of team members, planning activities and documentation. We will also examine the appropriate determination of materiality and performance materiality. 
 

Programme Outline

• Role and Timing of planning
• Involvement of Key Engagement Team Members
• Preliminary Engagement Activities, including assessing the acceptance or continuance of client relationships and audit engagements, understanding the terms of engagements
• Planning Activities, including establishing an overall audit strategy and developing audit plan 
• Additional considerations in Initial Audit Engagements
• Materiality in the context of an audit
• Determining Materiality and Performance Materiality 
• Revision of Materiality as the audit progresses

Learning Outcomes 

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

• Appreciate the importance of proper planning before commencing the audit 
• Understand the key planning procedures to be performed
• Understand the basis for proper determination of materiality 

Training Methodology

Lecture style with case studies and examples

Closing Date for Registration

1 week before programme or until full enrolment.

Intended For

Audit associates to audit partners involved in audit planning

Competency Mapping

Category 3 = 3.50 Hours

Programme Facilitator(s)