Description
Course outline:
Based on the dynamic world of the auditing profession, and the importance of quality management, it is necessary to keep updated changes.
The standards that are already applicable provide an auditor with ample challenges on a day-to-day basis and require a detailed understanding.
The standards that are becoming effective need to be understood and the auditor must determine how it will impact their processes.
An auditor must be knowledgeable of projects that are in progress and proposed projects that will impact the profession and ultimately the firm.
Content:
The session sets out a high-level understanding of the different auditing standards and related guidance and resources that are new, updated, revised and potentially impact the near future.
1. Recap of revised standards or guidance already applicable that remain relevant
a. Quality management standards – ISQM 1, ISQM 2 and ISA 220(R)
b. ISA 315(R) – Identifying and assessing the risks of material misstatement
c. ISA 540(R) – Auditing accounting estimates and related disclosures
d. Artificial intelligence – Audit risks mitigation
2. Standards or guidance becoming effective including:
a. ISA 600(R) – Special considerations – Audits of group financial statements (including the work of component auditors)
b. IRBA rule – Enhanced Auditor Reporting for Audits of Financial Statements of PIEs
c. Revisions to the Definitions of Listed Entity and PIE in the IRBA CPC for RAs
d. Technology-related Revisions to the IRBA CPC for RAs
e. Other guidance issued
3. On the horizon
a. New or updated standards coming into effect within the next 12-24 months including:
i. Proposed ISA 240 (Revised) on the auditor’s responsibilities to fraud
ii. Proposed SAAPS 7, Transparency reports of firms that audit financial statements of publicly traded entities
iii. ED – ISSA 5000 Sustainability assurance
4. Other
a. IRBA Public Inspections Report on Audit Quality 2023
b. IRBA 2023 Survey Report Audit Quality Indicators
c. Audit of less complex entities (LCE)
5. Conclusion
Important to note:
- The course is open for 12 months and will then close
- A recording will be made available after the session. The recording will be available even if you were not able to join the session, and thus no refund will be applicable.
