To provide insights into the most critical Risk element of the audit process. A valuable opportunity to let a vastly experienced hands-on expert to substantially enhance your knowledge on conducting a risk analysis and assessment in planning that can assure preparation of an appropriate Report.
To guide participants through the procedures of a risk identification, analysis and assessment in Planning, and explain its critical link with the audit procedures in Field Work and preparation of the Audit Report particularly for small and medium sized clients.
The participants through examples from the instructor’s vast career in auditing (as auditor, audit director, quality reviewer and quality consultant – internal and external), will be shown in the most practical manner how to identify, assess and address audit risks. The practical implications of the risk-related aspects of the important recent changes in the International Standards on Auditing will be examined and examples will be provided to illustrate their impact on the auditor’s report as well as the work and file supporting it.
To explain 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.
Accountants and Auditors
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