This one-day seminar is to provide invaluable insights in the Audit Process, in particular the most critical element of its most critical phase, to accountants and auditors, employed in accountancy and audit firms. It is a most valuable opportunity to let a most experienced hands-on expert to substantially enhance their knowledge on conducting a risk analysis and assessment and forming the only basis in planning that can assure preparation of an appropriate Report under the International Standards in Auditing.
This seminar is to guide participants through the necessary procedures required to conduct a proper risk identification, analysis and assessment, and explain to them the critical link of that risk assessment with the
- Audit procedures in field work addressing those identified risks,
- Preparation of the audit report particularly for small and medium sized clients in a professional, efficient and effective manner.
The participants, through comprehensive use of illustrative examples from the instructor’s vast career in auditing (as auditor, audit director, quality reviewer and quality consultant – internal and external), including ones that are specific to their client portfolio, will be shown in the most practical manner how to identify, assess and address audit risks in conducting their audits, converting general, theoretical ISA requirements to plain, practical steps, and linking these to the actual forms commonly used in audit methodologies. The practical implications of the risk-related aspects of the important recent changes in the International Standards on Auditing and the relevant Cyprus Laws (Company Law & Auditor Law) will be examined and examples will provided to illustrate their impact on the auditor’s report as well as the work and file supporting it.
It will explain very specifically how different outcomes in the addressing of identified Risks lead to different types of opinion, and provide:
- Ways of avoiding the need for report modifications (by securing either additional evidence or amendment of the Financial Statements).
- Alternative wordings for modifications, of differing severity, where they cannot be avoided.
A ‘library’ of common risks (by Financial Statement line item), including ways of addressing them, will be provided. Emphasis will be placed throughout on the difficult aspects of the Risk-Assessment process and the common pitfalls, both in assessing Risks (Inherent Risk/‘Gross’ Risk) and Controls (Control Risk/‘Net’ Risk), and practical ways of avoiding them, will be presented.