International Audit

by Steve Collings
access120 days access
cpd hours4 CPD hours

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

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.

Recent changes to international auditing

  • ISA 315 (Revised) Identifying and Assessing the Risks of Material Misstatement
  • What the auditor needs to do
  • Risk assessment
  • Relevant assertions and material misstatements
  • 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
  • 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

  • Attendance at inventory count
  • Extra restrictions and inventory counts
  • Impairment of assets
  • Provisions and contingencies
  • Going concern
  • Procedures for assessing going concern

The complexities of auditing

  • Audit 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 the cash flow statement

Audit finalisation

  • Evaluating misstatements
  • Multiple misstatements identified
  • Dealing with disputes
  • Reporting on key audit matters
  • The completion phase and going concern
  • Reporting on irregularities and fraud

Steve Collings is the audit and technical director at Leavitt Walmsley Associates Ltd, Cheshire. He specialises in UK GAAP, IFRS, Solicitors Accounts Rules and auditing and is also a nationwide lecturer on these subjects. He is the author of several books, articles and Whitepapers on the topics of financial reporting and audit. Steve is also a member of the UK GAAP Technical Advisory Group at the Financial Reporting Council (FRC) who are responsible for maintaining UK and Irish Financial Reporting Standards.

Steve was awarded Accounting Technician of the Year at the 2011 British Accountancy Awards and Outstanding Contribution to the Accountancy Profession in 2013 by the Association of International Accountants. He also works with some of the main professional bodies in respect of interpretational aspects of UK GAAP and preparing their responses to Consultations or Exposure Drafts issued by the FRC.

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ACCA partner with to provide high quality CPD for members. As an ACCA member, you are required to complete at least 40 relevant units of CPD each year, where one unit is equal to one hour. 21 units must be verifiable; the other 19 can be non-verifiable.

Verifiable CPD
Your course counts as verifiable CPD, if you can answer "yes" to these questions:

  1. Was the learning activity relevant to your career?
  2. Can you explain how you will apply the learning in the workplace?

You select courses that meet these criteria, and as you complete each course you get a CPD certificate so you can provide ACCA with the evidence that you undertook the learning activity.