Auditing: Risk and Materiality

Name: Auditing: Risk and Materiality
Price: 100 GBP
Rating: 4.2 (14 reviews)

(14 reviews)

by Wayne Bartlett

Audits are complex and there are never enough resources to go round. This course will help you to implement the newly revised ISA 315, addressing risk and materiality at each of the planning, execution, and reporting stages of an audit.

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Overview
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Contents
How it works
Author
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This course will enable you to

Implement the new revised ISA 315 Identifying and Assessing the Risks of Material Misstatement.
Comply with ISA 320 Audit Materiality.
Judge your response to risks to comply with ISA 330 The Auditor's Response to Assessed Risks.
Develop a strong plan and strategy for the risk and materiality assessment.
Assess the impact of misstatements, overall materiality, and the options when communicating material misstatements.

About the course

In modern audit there are never enough resources to go round. So, it is vital that the audit resources we have are deployed in a logical and effective manner, focusing on the most material risks of misstatement. The complexity of this challenge is addressed in the new revised ISA 315.

This course considers the revised approach to risk and materiality during the planning, execution and reporting of an audit. It ensures you use your resources effectively, by adopting best practice approaches to audit risk, judging the materiality of misstatements and communicating these clearly to your clients.

Look inside

Risk management in audit
- Types of audit risk
- What do we mean by risk?
- Key ISAs
- Audit risk and fraud
- Overall approach
Planning: initial assessments
- Planning and risk
- Audit risk
- Materiality
- Performance materiality
- Common issues
Execution: updating risk and materiality
- Causes of change
- Material misstatements
- Disclosure misstatements
- New risks
- A change in risk assessment
- Changing the approach to materiality
Reporting: key risks and materiality
- Reporting and materiality
- Impact factors
- Evaluating the effect of misstatements
- Recording materiality
- Summarising misstatements
- Communicating material misstatements
- Audit opinion
- The audit feedback loop

How it works

Author

Wayne Bartlett

Wayne is an internationally acclaimed speaker and trainer on all aspects of public and private sector accounting and auditing standards. He has been instrumental in helping to develop the profession internationally and has taken lead roles in the development of new professional bodies and the accounting profession in Mozambique and Rwanda, and been extensively involved in developing financial reporting in many countries across the globe.