Tarina Els
ISA 315 (Revised 2019)
Overview: Many auditors assume that ISA 315 (Revised 2019) is, in most instances, the same as the existing standard, but this is not the case. This new standard, which has come into effect for audits of financial statements for periods beginning on or after 15 December 2021, not only expands on concepts in the existing standards, but also introduces new concepts in the risk assessment process. New concepts such as “relevant assertions” and “significant classes of transactions, account balances or disclosures” explain the way auditors should consider and respond to the risk of material misstatement. It is critical for auditors to [...]
R385.00
Related parties, fraud & transactions not at arm’s length
Overview: In ISA 240 fraud is defined as an intentional act by one or more individuals among management, those charged with governance, employees, or third parties, involving the use of deception to obtain an unjust or illegal advantage. It is clear from this definition that fraud can be perpetrated not only by management and those charged with governance, but also employees and other third parties. In many instances, transactions with related parties occur outside the normal course of business, which increases the risk of transactions not being at arm’s length. This holds a significant fraud risk, demanding an appropriate response. [...]
R385.00
Auditing Property, Plant & Equipment
Overview: Auditors easily overlook the importance of a robust evaluation of significant accounting estimates and judgments by management, when auditing property, plant and equipment. Audit regulators frequently find that there is insufficient documented evidence of the audit procedures to verify significant accounting estimates and assumptions used in the annual consideration of indicators, and evaluation of useful lives and residual values in measuring the carrying values and possible impairment of assets. Other areas requiring attention include consideration of the proper classification of assets. This training will give participants a practical understanding of key requirements relating to property, plant and equipment, how [...]
R385.00
Audit Quality Systems – Partner Responsibilities
FeaturedOverview: Partners / directors need to be aware of the quality management requirements of ISQM 1, ISQM 2 and ISA 220 (Revised), and how to implement it within their own firms. It is important to be aware of each other’s duties and how they fit into the big picture. Even just one quality incident can be very costly to the firm. This training will give participants a practical understanding of the quality management requirements and what their responsibilities are in implementing these requirements. Content and outline: To explain the following concepts: The firm’s risk assessment process Governance and leadership [...]
R495.00
Audit Quality Systems – Staff Responsibilities
Overview: All managers and staff need to be aware of the quality management requirements of ISQM 1, ISQM 2 and ISA 220 (Revised), and how it is implemented within their own firms. It is important to be aware of each other’s duties and how they fit into the big picture. Even just one quality incident can be very costly. This training will give participants a practical understanding of the quality management requirements and what their responsibilities are in implementing these requirements. Content and outline: To explain the following concepts: The firm’s risk assessment process Governance and leadership Relevant ethical [...]
R495.00
Audit Completion
Procedures & Documentation Overview: When the fieldwork phase of an audit is completed, there are several crucial steps to follow to finalise the audit file and ensure that there is sufficient appropriate audit evidence to support conclusions reached and the audit report to be issued. It is very important to consider and draw appropriate conclusions on subsequent events, going concern and unadjusted misstatements. Reporting control deficiencies to those charged with governance does not always receive adequate attention. Non-compliance identified is not always appropriately considered and reported to the relevant parties. Missing or incorrectly performing some of the audit completion steps [...]
R385.00
Audit induction training for Managers
FeaturedAudit induction training – Managers Overview: When registered candidate auditors are appointed as managers, their responsibilities expand to include those also expected from the partners. These responsibilities comprise more high-level communication with clients, risk assessment of clients’ businesses, overseeing audit engagements and leading teams. This new phase in a lifelong learning journey may be navigated successfully with a solid base of key technical and professional skills, and guidance provided along the way. A thorough understanding of the relevant quality control, engagement quality and ethical requirements is needed to achieve a well-rounded combination of the skills required of a [...]
R4,950.00
Quality Management Standards Overview
Overview: The IAASB issued ISQM 1, ISQM 2 and ISA 220 (Revised) in December 2020. The passage of these three quality management standards is the culmination of the IAASB’s response to the changing environment, the challenges of the effectiveness of the pre-existing quality control standards, and growing market participant needs. The resulting suite of standards are aimed at a more robust system of quality management for firms using the IAASB’s standards, and marks an evolution from a traditional, more linear approach to quality control. These standards become effective on 15 December 2022, by which time firms should have addressed the requirements [...]
R495.00
Risk Assessment – Part 2
Overview: Many auditors underestimate the importance of obtaining a proper understanding of the entity, the system of internal control, and the relevant financial reporting framework, through the performance of risk assessment procedures. If properly done, it facilitates the risk assessment at financial statement and assertion level and assists with the formulation of an appropriate and efficient audit approach. With ISA 315 (Revised 2019) coming into effect for audits of financial statements for periods beginning on or after 15 December 2021, concepts in the existing standards have been expanded, and new concepts have been introduced in the risk assessment process. It is [...]
R275.00
Risk Assessment – Part 1
Overview: Many auditors underestimate the importance of obtaining a proper understanding of the entity, the system of internal control, and the relevant financial reporting framework, through the performance of risk assessment procedures. If properly done, it facilitates the risk assessment at financial statement and assertion level and assists with the formulation of an appropriate and efficient audit approach. With ISA 315 (Revised 2019) coming into effect for audits of financial statements for periods beginning on or after 15 December 2021, concepts in the existing standards have been expanded, and new concepts have been introduced in the risk assessment process. It is [...]
R275.00
Internal controls – Part 2
Overview: The evaluation of internal controls and the documentation thereof, and the conclusions reached are key components of the risk assessment process during planning of the audit. The communication with the client and the analysis of the systems of internal control is as valuable in achieving proper knowledge of the business and identifying areas of risk and fraud risk. A proper understanding of internal control may lead to the identification of areas where reliance may be placed on controls and contribute to a more efficient audit. Regulatory and monitoring experience in the profession has shown that the most findings relate to [...]
R275.00
Internal controls – Part 1
Internal controls Part 1 Overview: The evaluation of internal controls and the documentation thereof, and the conclusions reached are key components of the risk assessment process during planning of the audit. The communication with the client and the analysis of the systems of internal control is as valuable in achieving proper knowledge of the business and identifying areas of risk and fraud risk. A proper understanding of internal control may lead to the identification of areas where reliance may be placed on controls and contribute to a more efficient audit. Regulatory and monitoring experience in the profession has shown that the [...]
R275.00
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