This course covers Auditing Standard: ISA 330 The Auditor’s Responses to Assessed Risks.

How an auditor responds to assessed risks is very important to the overall effectiveness and efficiency of the audit.

This course covers the differences between financial report level audit responses and specific assertion level responses. It also covers each of the two different types of assertion level audit responses – tests of controls, and substantive procedures including substantive analytical procedures and substantive tests of details, and when it is appropriate to use each of these audit responses based on the audit risk assessments.

This one hour online course forms part of the FastClass short course suite.

Learning objectives

  • Explain the concept of sufficient appropriate audit evidence and its relationship to audit risk and audit procedures.
  • Explain the requirement to address the assessed risks of material misstatement at the financial report level.
  • Select appropriate responses to the assessed risks of material misstatement at the assertion level and appropriate documentation of these.
  • Discuss the appropriate tests of controls procedures required to establish reliance on a control and appropriate documentation of these procedures.
  • Describe substantive procedures including substantive analytical procedures and substantive tests of details, the requirements around these and appropriate documentation of these procedures.

Audience

This course is designed for public practitioners auditors working in SMEs who audit small businesses and not for profit entities.

365 Days

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