This course was updated in January 2020 and provides comprehensive coverage of the auditing standards and how to apply the requirements, including key audit matters, enhanced auditor reporting and review engagements.
Overview
This course was updated in January 2020. Applying the Auditing Standards provides comprehensive coverage of the auditing standards and how to communicate, document and apply the requirements, including key audit matters, enhanced auditor reporting and review engagements.
The course includes activities, case studies, examples, tips, traps and warnings to ensure learning can be applied to your work. There are also videos for each topic that highlight particular issues to enhance your learning experience.
Key topics:
- Audit risk identification and assessment
- A practical guide to materiality
- Assessing the design and implementation of controls whilst auditing
- The auditor’s responses to assessed risks
- Sufficient audit documentation
- The auditor’s responsibilities relating to fraud
- The written requirements for auditor / client communication
- Enhanced auditor reporting: for all entities
- Enhanced auditor reporting: key audit matters
- Review engagements
This course consists of one interactive online course, videos, a downloadable PDF learning manual and one online multiple choice assessment.
Objectives
- Identify, document and assess the risks of material misstatement at the financial report and assertion level
- Outline, determine and apply documentation requirements for materiality
- Assess and document the design and implementation of controls
- Design and perform audit procedures to respond to the assessed risks
- Describe ‘professional scepticism’ and how to document this appropriately
- Determine the appropriate audit procedures relating to fraud and the appropriate documentation of these procedures
- Determine the various types of written communication between auditors and clients relevant to audit engagements
- Implement enhanced auditor reporting relating to the audit of financial statements
- Communicate and apply Key Audit Matters
- Describe which entities can elect to have a review rather than an audit and apply a review engagement
Audience
This course is designed for auditors and public practitioners.
This course fulfils the compulsory component within the CPA Australia competency requirements for SMSF Auditors, which consists of 30 hours CPD every three years.
Refer to CPA Australia website for further information: