This course is a stand-alone CPA Australia micro-credentialed course focused on addressing the increased risk of material misstatement in audits. Successfully complete this course and assessment to receive a digital badge that you can share on LinkedIn and other social media platforms.
Description
About CPA Australia Micro-credentials
CPA Australia’s Micro-Credentials are based on technical and non-technical competencies and align to our Accounting and Finance Capability Framework. Our partner, Credly, will provide you with a digital badge on successful completion of the assessment. Your digital badge allows you to demonstrate your capability and achievement, and can be placed on your LinkedIn profile, digital CV or email signature.
About Disruption and Audit Risk Management
Organisations operating in a volatile, uncertain, complex and ambiguous (VUCA) environment are exposed to disruptions of varying kinds and degrees, the most recent being the pandemic. These events have increased the likelihood of material misstatements being present in financial reports.
In this course, we will look at the procedures that should be carried out in risk identification and assessment to address the increased risk of material misstatement and its impacts on the specific areas of going concern, estimates and subsequent events. You will also learn how to respond to organisational fraud risk and the quality management requirements for audit engagements, specifically the engagement partner’s role in the audit and the increased need for professional scepticism.
This course is highly interactive with activities, videos and simulations to keep you actively engaged.
Key topics
Increased risk of material misstatement
- Explore the increased risk of material misstatement present in today’s contemporary environment and the related requirements for risk identification and assessment.
Fraud risk
- Explore the different types of organisation fraud, the risks they pose and strategies to respond to fraud risk under ISA 240.
Going concern, estimates and subsequent events
- Learn about the impacts contemporary events can have on clients’ risk of material misstatement in the areas of going concern, estimates and subsequent events, and the implications of these on the financial reports.
Engagement quality management
- Consider the changes made to ISA 220 that set out quality management requirements for audit engagements.
This course consists of one online course, a downloadable PDF learning manual and one online assessment.
The assessment will be subject to security measures such as identification verification and webcam monitoring. Please ensure you read the Assessment and security policy and system requirements prior to making your purchase.
Learning objectives
- Analyse the impact of disruption to identify areas of audit risk
- Evaluate the impact of disruption to improve the audit risk identification and assessment process.