Programme Objective

This course will discuss the overview of the ISCA Audit Manual for Standalone Entities (AMSE), the new methodology and enhanced forms of the ISCA AMSE. The facilitator will share how the new methodology should be applied in the audits of standalone entities.

The ISCA Audit Manual for Standalone Entities (ISCA AMSE) was updated in January 2023 to enhance its relevance and usefulness to the profession. 

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.

Programme Outline

Overview and application of ISCA AMSE on key audit processes, including:

• Key updates
• Overview of The Audit Process
• Objective of the audit
• Audit risk
• Professional skepticism and Professional Judgement
• Planning the audit
• Audit acceptance and administration
• Audit planning and audit strategy
• Materiality – OM, SM, PM and Clearly Trivial
• Understanding the entity and its environment
• Going concern
• Related parties
• Fraud risk
• Internal controls
• Preliminary analytical procedures
• Risk assessment process and procedures
• Significant risks
• Risks that substantive procedures alone are not sufficient
• General audit procedures
• Audit programme and design of audit procedures, and
• Audit completion, including impact of SSQM 1 and SSA 220 (Revised)

Learning Outcome

After attending this workshop, participants will have a thorough understanding of the following:

• Overall objectives of the auditor (SSA 200)
•  Agreeing the terms of audit engagements (SSA 210)
• Quality management for an audit of financial statements (SSQM 1 + SSA 220)
• Audit documentation (SSA 230)
• The auditor’s responsibilities relating to fraud (SSA 240)
• Consideration of laws and regulations (SSA 250)
• Planning an audit (SSA 300)
• Identifying and assessing the risks of material misstatement (SSA 315)
• Materiality (SSA 320)
• Auditor’s responses to assessed risks (SSA 330)
• Evaluation of misstatements identified during the audit (SSA 450)
• Related parties (SSA 550)
• Going concern (SSA 570)
   

1 week before programme or until full enrolment.

Intended For

This programme is intended for auditors of all levels, who need to familiarise themselves with the Audit Methodology of the ISCA Audit Manual for Standalone Entities (ISCA AMSE), especially in light of the recent changes in Jan 2023.