Auditing small entities - Regional workshop 2017

These audits often face different risks due to the size of the finance team and perceived lack of controls. Consequently there is specific focus on how the audit methodology should be scaled and adapted to ensure the auditor meets their obligations as well as the requirements of the auditing standards, in this specific scenario of a smaller entity.

Key topics:

• Australian Auditing Standards
• How to make audits more effective and efficient
• Awareness of the risk based audit approach
• Linkage between risks, controls and audit approach

You will receive:

• A comprehensive learning manual
• Presentation slides
• Ample networking opportunities with colleagues over morning and afternoon tea and lunch

Learning objectives

• Outline the auditor's role and the key ethical and independence-related considerations in conducting an audit of a small entity
• Understand the importance of auditor judgement and the application of scepticism to an audit of a smaller entity
• Describe the requirements for a system of quality control to be kept by an auditor
• Use the importance of the engagement letter and the management representation letter to the audit
• Explain and apply the key requirements of the Auditing Standards applicable to each phase of the audit for smaller entities
• Explain the importance and requirements of audit documentation

Audience

This course is designed for public practitioners and auditors/members working in SMEs who audit small businesses and not for profit entities (e.g. sports clubs, associations, companies limited by guarantee, aged care facilities, groups and organisations)

This learning manual fulfils the compulsory component within the CPA Australia competency requirements for SMSF Auditors, which consists of 30 hours structured training every three years.