Programme Objective

This workshop sets out an audit firm's approach to auditing and details the procedures that are necessary to achieve the standard of work required. 

This workshop uses the ISCA Audit Manual for Standalone Entities (ISCA AMSE) in conjunction with the standard audit documentation on each audit an audit firm undertake. The materials including its illustrative working papers should serve as an illustrative guidance where the audit professionals should exercise their professional judgment and: 

• focus on the overall objective of an audit of financial statement;
• carry out an audit effectively, by undertaking alternative; and
• if required, omit procedures required by the manual or documentation to ensure an effective audit planning;
• Seek approval from the Audit Engagement Partner when the audit team has departed from standard approach, with documentations of what the audit team has done

Note: -
ISCA Audit Manual for Standalone Entities is available for download for all ISCA Members on a complimentary basis. Please bring along your digital gadget to read the Audit manual.
 

Case Studies are based on the assumptions that users are from smaller audit firms and have sufficient technical competencies to undertake the responsibilities assigned to them;
 

Users from audit firms of other sizes should modify its audit planning to suit the firm’s circumstances and related engagements.

Programme Outline

Day 1: 

• Fundamental principles for an audit of financial statements
• Audit evidence and documentation
• Pre-engagement activities
  • Terms of an audit engagement
  • Ethical requirements and independence
  • Going concern considerations
  • Acceptably low audit risk
  • Evaluation of an audit engagement
  • Audit engagement letter
• Planning the audit engagement
  • Overall, Specific and Performance Materiality
  • Discussion with management and those charge with governance
  • Setting of time budget
  • Gathering of information
  • Types and volumes of transactions
  • Preliminary analytical review
  • Identify and assessment of audit risk
  • Understanding of the entity and its environment, including internal controls
  • Inherent risk assessment
  • Laws and regulations
  • Control risk assessment
  • Control environment
  • The entity’s risk assessment process and procedures
  • Monitoring
  • The information system
  • Documentation to understanding of controls
  • Design and implementation of control activities
  • Fraud risk assessment
  • Significant risks

Day 2:

• Audit planning
  • Responses to the identified assessed risks
  • Audit planning and audit strategy
  • Using of internal audit
  • Discussion with audit engagement team
• Performing the audit
  • Test of controls
  • Substantive audit procedures
  • Engagement of an expert
  • Analytical procedures
  • Audit documentation
  • Opening balances
  • Accounting estimates
  • ISCA Audit Manual for Single Entities

Training Methodology

Lecture style with case studies and illustrative working papers

Closing Date for Registration

1 week before programme or until full enrolment.

Intended For

Audit Professionals with 2-3 years of working experience in Audit.