International Standards in Auditing (ISA) and Practical Application in the Audit Process
Course Code: FIA66
INTRODUCTION
The International Standards in Auditing online training course seeks to provide participants with skills and knowledge needed to perform the vital function of the audit program and subsequent reporting in compliance with international standards. Participants will add value to their organization by formalizing and updating their skills and learning the most up-to-date processes and a number of applicable best practices pertaining to the audit process.
Course Objective
- Technical knowledge of the International Standards in Auditing
- Practical application of the International Standards in Auditing
- Recognize the role of the external auditor in adding value
- Appreciating the responsibilities of the external auditor
- Effective drafting of audit and management reports
- How to use Internal Controls’ evaluation to formulate external audit procedures
- Doing an organizational risk assessment
- Knowledge of the technical detail of the standards
- Understanding the practical implementation of the standards
- Skill to confidently apply the standards in their audit planning and engagement
- Compliance to audit regulations
- Understanding the role and responsibilities of the external auditor
- Skills to draft audit and management reports
- Understanding the Internal Controls environment
- Appreciating the impact of the controls environment on the external audit
Who should attend:
- External auditors who wish to develop their technical skills and compliance
- Internal auditors who wish to understand their role in the external audit process
- Accountants who wish to understand the scope of the external audit and their role
- Financial executives who wish to gain a better understanding of the regulatory audit environment
- Any other professional involved in the preparation for the audit process or the conducting of audit procedures
Course Outline
International Standards in Auditing.
- Overview of International Standards in Auditing o Respective responsibilities (ISA 200-) o Audit planning (ISA 300-) o Internal control (ISA 400-) o Audit evidence (ISA 500-) o Work of external experts (ISA 600-) o Audit conclusion and report (ISA 700-)
- Background to International Financial Reporting Standards (IFRS)
Role of the External Auditor and Format of Audit Report :
- Role of the external auditor o ISA 200
- Professional code of the external auditor
- Overall objectives of independent auditor
- Auditors’ responsibility
- Understanding the entity and its environment
- Obtaining sufficient evidence to form an opinion
- Independence
- Formulation of audit reports o ISA 700:
- Audit reports: purpose, function and structure
- Management report and implementation of recommendations o Management representation letter
Internal Controls and Audit Planning:
- Internal controls
- ISA 400
- Corporate governance
- Internal control environment
- Audit planning o ISA 300:
- Engagement evaluation
- Analytical review
- Materiality assessment
- Inherent risk assessment
- Fraud risk assessment
- Audit plan and strategy
- Overview of risk-based audit principles
Audit Engagement:
- Principles of substantive testing • Applicable audit assertions
- Applying ISA 500:
- ISA 500: Audit evidence
- ISA 510: Initial Engagements – Opening Balances
- ISA 520: Analytical Procedures
- ISA 530: Audit Sampling and Other Means of Testing
Audit Engagement (Cont)
- Applying ISA 500:
- ISA 540 Auditing Accounting Estimates, including Fair Value
- Accounting Estimates and Related Disclosures
- ISA 550 Related Parties
- ISA 560 Subsequent Events
- ISA 570 Going Concern
- ISA 580 Written Representations
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