ISAs (International Standards on Auditing) Fundamentals (Virtual Classroom)

Introduction

This online Auditing and Ethics course is being delivered live in 6 individual sessions which run on consecutive days. The sessions will run each day from 13:00 – 17:00 London (UK).

The International Auditing and Assurance Standards Board (IAASB) completed its clarity project and issued standards effective for periods commencing on or after 15th December 2009 which resulted in a revision of all the standards. Since then, a number of key projects to enhance and improve the standards have been undertaken and completed, resulting in significant changes to quality management and to the improvement of standards to cater for better application, scalability and increased professional skepticism.

The requirement in ISA 200 that "the auditor shall have an understanding of the entire text of an ISA, including its application and other explanatory material, to understand its objectives and to apply its requirements properly" imposes a challenge for audit firms to ensure that its partners and staff have that knowledge.

This series is designed to enable auditors to comply with this requirement by providing an integrated overview of the International Standards on Auditing (ISAs) issued by the IAASB, as well as changes and planned changes to the standards.

At the end of this course participants will be able to:

• Understand the integrated nature of the suite of auditing standards and the audit process
• Understand what changes have recently taken place in the form and content of the ISAs
• Understand the new requirements in major areas of the audit including ethics, quality control and planning
• Apply the requirements relating to risk assessment and audit planning in a cost-effective manner
• Develop audit documentation to evidence the compliance with the ISAs and comply with the quality control requirements

Learning Objectives

After attending this course you will be able to:

• Recognise and implement the correct ethical and quality processes for the acceptance and retention of assurance engagements
• Describe the audit process and the inter-dependencies between the components of the cycle
• Identify the factors, events and circumstances to take into account when planning an audit
• Critically analyse the impact of information technology on the audit process and reporting
• Prepare quality audit documentation and conclusions
• Evaluate the impact of the sufficiency and appropriateness of audit evidence on the auditor’s report
• Prepare a relevant auditor’s report
• Recognise and be able to respond to changes in the auditing standards

Who Should Attend

• Public practitioners who audit, or play a substantial role in auditing, public company financial statements
• Audit supervisors and managers at public audit practices

Topics

• Unit 1: Introduction to auditing: 4 hour on-line live class
  • The auditing professional environment
  • The objective of auditing
  • Quality control
  • The audit process (ISA) (high level and interrelationships btw standards and the process)
  • Pre-engagement (200 series)
  • Planning (300 series)
  • Execution (500 and 600 series)
  • Concluding and reporting (560, 570, 580, 700 series)
• Unit 2: Practice and engagement quality management: 4 hour on-line live class
  • IESBA Code and ethical and independence requirements
  • ISQC1/ISQM1 & 2
  • ISA200 series
  • IFIAR findings
  • Acceptance and continuance risk management
  • Skills and competence risk management (ICT, big data, cyber fraud)
• Unit 3: Audit risk assessment and response: 4 hour on-line live class
  • A conceptual, integrated approach to audit planning
  • ISA300 series and audit efficiencies
  • The impact of ISA315(R)
• Unit 4: Audit evidence: 4 hour on-line live class
  • The objectives of testing
  • Performing audit procedures
  • Documentation
  • High-level overview of the ISA500 and 600 series
• Unit 5: Focused audit evidence: 4 hour on-line live class
  • The impact of the IFIAR survey
  • The impact of ICT on “relevance and reliability” requirement and on “source”
  • Using the work of other auditors/internal audit
  • Using the work of an auditor’s expert
  • Auditing of judgements and estimates
• Unit 6: Audit concluding and reporting: 4 hour on-line live class
  • NOCLAR & Ethical reconsiderations
  • Auditor’s report
  • Key Audit Matters
  • Reporting on going concern
  • Other information presented with the AFS (including governance reports)
  • Subsequent events after issuing opinion/publication

Teaching Method

• On-line live group instruction which blends instruction with activities
• Focus on applying learning to real-world analyses
• Highly interactive, share insights and knowledge while learning from others

Instructors

Venue

CPE/CPD Accreditation

IASeminars is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

 

Field of study: Accounting

Prerequisites

A reasonable understanding of auditing. No advance preparation is required for this course.