Course Summary

Duration2 hours

PresenterColm Owens & Lindsay Webber

CPD Course Overview

While the IAASA International Standards on Auditing (Ireland) have been with us for some time now, there are new standards and amendments being rolled out on an ongoing basis. Auditors need to keep up to date with the fundamentals along with the changes introduced. The ongoing flood of challenges facing auditors never seems to end. Covid-19 is still with us, and we have to contend with Brexit and the global economic uncertainty. Financial Reporting disclosures, asset valuations and going concern are back on the agenda with a bang for 2022. It is essential that auditors now focus on optimising their processes and procedures to ensure the profitable implementation of the new standards.

Having helped hundreds of firms navigate the auditing and ethical standards over the years the OmniPro technical team is uniquely positioned to identify the enduring problem areas and provide solutions to the most common challenges faced by practitioners. This workshop looks at the theory of the standards blended together with the practical challenges and the requirements to comply with the monitoring expectations of the Institutes.

This audit CPD workshop will focus on the practical implementation of the new auditing and associated ethical standards – from communications, planning and procedures right through to execution, reporting and opinion forming.

Session 7 & 8: Going Concern and Audit Opinions & Practical Opinion Forming & Review of Live Audit Reports
In these sessions, Colm & Lindsay will cover the following topics:

Session 7: Going Concern and Audit Opinions
– ISA 700 – The Unqualified Audit Opinion;
– ISA 570 – Material Uncertainty Due to Going Concern;
– ISA 706 – Emphasis of Matter Paragraphs & Other Matter Paragraphs & First Time Audits;
– ISA 705 – Modified Opinions; Limitation of Scope, Adverse & Disclaimers of Opinion;
– ISA 701 – Key Audit Matters;
– ISA 710 – Comparative information;
– ISA 720 – Auditors Responsibility for Other Information.

Session 8: Practical Opinion Forming & Review of Live Audit Reports.
– Live Audit Opinion Review


Online CPD Course Facilitators:

Colm Owens: Practice Support Executive, OmniPro

As a member of our Practice Support team, Colm’s focus is on helping practices achieve on-going best practice compliance, prepare for monitoring visits, and assist with post-monitoring visits follow-ups.

Having spent the last 6 years as a quality reviewer with Chartered Accountants Ireland Colm has a unique insight into how firms operate, the challenges facing firms and how firms are responding to current issues facing them and the profession.

Lindsay Webber: Practice Support Executive, OmniPro

As a member of our Practice Support team, Lindsay’s focus is on helping practices achieve on-going best practice compliance, prepare for monitoring visits and assist with post-monitoring visits follow-ups.

Lindsay is a qualified Chartered Accountant and trained with KPMG in Johannesburg. She has over six years external audit experience along with over six years academic experience specialising in Audit and Financial Accounting.