International Audit

by Steve Collings

This course provides a detailed overview of international auditing. It will enable you to discover the latest updates in the area, the various impacts of Covid-19 and the key points to remember when obtaining auditing evidence and finalising audits.

This course is not currently available

This course will enable you to

  • Stay up to date with the latest changes to International Standards on Auditing (ISAs)
  • Understand the various impacts of Covid-19 on audit
  • Familiarise yourself with the substantive procedures and tests of control involved in obtaining audit evidence
  • Explore the complexities of auditing intangible assets, cash flow statements, and construction contract accounting
  • Define the key steps involved when finalising an audit

About the course

Auditing is a complex but crucial area for many organisations. With confidence in audit diminishing in some jurisdictions, it is increasingly important that a high-quality audit is carried out. Not only has international auditing seen several changes within the last year, but the Covid-19 pandemic has introduced many challenges, and auditors can no longer simply rely on their audit software to handle such changes.

This course will keep you up to date on all the key changes in international auditing and the associated standards, with a particular focus on how this area has had to adapt in light of the coronavirus pandemic. Familiarise yourself with the procedures involved in obtaining auditing evidence and the key things to remember when finalising audits.

Look inside

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Contents

  • Recent changes to international auditing
    • The recent changes to ISAs
    • ISA 315 (Revised) Identifying and Assessing the Risks of Material Misstatement
    • What the auditor needs to do
    • Risk assessment
    • ISA 220 (Revised) Quality Management for an Audit of Financial Statements
    • Engagement partner responsibilities
    • Review requirements
    • ISA 540 (Revised) Auditing Accounting Estimates and Related Disclosures
    • How successful are the changes to the ISAs
    • Spectrum of inherent risk
    • Controls and scepticism
    • Disclosures and communication
    • ISQM 1 Quality Management for Firms that Perform Audits
    • Monitoring
    • ISQM 2 Engagement Quality Reviews
  • The impact of COVID-19
    • The main challenges of COVID-19
    • Attendance at inventory count
    • Impairment of assets
    • Provisions and contingencies
    • Going concern
    • Procedures for assessing going concern
    • Overcoming COVID-19
  • The complexities of auditing
    • Audit evidence
    • Gathering evidence
    • Test of controls
    • Substantive procedures
    • Six methods for generating evidence
    • Financial statement assertions
    • Comfort letters for receivables
    • Construction contract accounting
    • Intangible assets and audit risks
    • Auditing cash flow statements
    • The common complexitites
  • Audit finalisation
    • Evaluating misstatements
    • Reporting on key audit matters
    • The finalisation stage
    • The completion phase and going concern
    • Reporting on irregularities and fraud
    • Dealing with disagreements
  • Reporting issues in auditing
    • The unqualified audit opinion
    • A qualified opinion
    • Types of qualified opinions
    • Emphasis of Matter (EOM) paragraphs
    • How to use an EOM paragraph
    • Reporting on other information

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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This course is not currently available. To find out more, please get in touch.