Improving Audit File Quality Hub
Overview of the programme
In a time when audit quality is under heavy scrutiny, we have to identify if we are part of the problem, or the solution. What happens when your audit files are selected for review by IRBA? What can be done to avoid negative findings during an IRBA Inspection? These questions have no easy answers. However, it is not impossible to overcome. What makes the process challenging is the staggering number of Auditing Standard requirements that need to be adhered to. The key approach is to:
ā€¢ Identify which of the findings repeatedly make their way onto the IRBA Public Inspection Report, and
ā€¢ Establish why there are repeated infringements.
Included in this Hub
- Ethics and independence
- Professional scepticism
- Professional judgement
- Documentation requirements
- Engagement evaluation risks
- Risk assessment procedures
- Control risk assessment on the financial statement level (Indirect controls)
- Inherent risk and fraud risk assessments on the financial statement level
- Assertions and direct controls vs Indirect controls
- Significant risks and presumed fraud risks
- Evaluation and testing of the implementation of controls
- Responding to risk
- Different risk zones
- Risk vs Materiality
- Extrapolation of errors in a sample
- Testing journal entries
- 10 Point audit plan
- Revenue
- Estimates
- Related parties
- How doesĀ "test of controls" affect the audit
- Discussing the IRBA inspection findings
- Practical Implementation of the new ISA 315 and ISA 330
- Post - Assessment
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