Auditing: Control and Risk

by Steve Collings

Part of a series on 2024-25 Auditing Updates. This short course focuses specifically on issues of control and risk that are key to understanding an entity, as required by ISA 315. It covers some common issues seen when applying ISA 315, the assessment of general IT controls, audit risk and response and fraud considerations.

This module will enable you to

  • Recognise common problems found when applying ISA 315
  • Assess general IT controls effectively
  • Discuss audit risk and response
  • Understand fraud considerations and the requirements of ISA 240

About the module

Focusing on understanding the entity and the issues of risk and control covered in ISA 315 Identifying and Assessing the Risks of Material Misstatement, this short course offers a general update and a recap of various issues that have been noted during regulatory reviews of audit work.

The central theme running through ISA 315 is risk. The standard was revised a couple of years ago, and it is now three times the size of its predecessors. There is an increased focus on understanding the entity, understanding the entity’s systems and understanding the IT controls; all of which is covered in this update.

Contents

  • Control and risk

How it works

Author

Steve Collings

Steve is Director at Leavitt Walmsley Associates, a firm of Certified Chartered Accountants. He is an internationally recognised speaker, writer and commentator on all matters to do with financial reporting and auditing. Steve is a prolific author, having written over 25 books and currently represents the North West of England on ACCA’s Practice Network Panel.

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More in this series

Take a look more modules from the series: Auditing Updates 2024-25

This course is only available as part of an accountingcpd licence.