Course Summary

Duration8 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 1 & 2: Audit Overview and Revisions to the Standards & Acceptance, Continuance and Ethics

In these sessions, Colm & Lindsay will cover the following topics:

Session 1: Audit Overview and Revisions to the Standards

Session 2: Acceptance, Continuance and Ethics
– ISA 200 – Overall Objectives of the Independent Auditor & the Conduct of an Audit;
– ISA 220 – Quality Control for an Audit;
– Ethical Standard for Auditors;
– ISQC1 – Quality Control for Firms that Perform Audits;
– ISA 210 – Agreeing on the Terms of an Audit Engagement.

Session 3 & 4: Audit Planning & Risk Assessment and Responses

Session 3: Audit Planning
– ISA 300 – Planning an Audit;
– ISA 260 – Communication with TCWG;
– ISA 250A – Consideration of Laws and Regulations in an Audit;
– ISA 320 – Materiality in Planning and Performing an Audit;
– ISA 530 – Audit Sampling.

Session 4: Risk Assessment and Responses
– ISA 240 – Auditors’ Responsibilities Relating to Fraud in an Audit;
– ISA 315 – Identifying and Assessing the Risks of Material Misstatements;
– ISA 265 – Communicating Deficiencies in Internal Control to TCWG;
– ISA 330 – Auditors’ Responses to Assessed Risks.

Session 5 & 6: Audit Evidence & Execution & Other Key Standards and Areas

Session 5:  Audit Evidence & Execution
– ISA 230 – Audit Documentation;
– ISA 500 – Audit Evidence;
– ISA 402 – Audit Consideration Relating to an Entity Using a Service Organisation;
– ISA 450 – Evaluation of Misstatements Identified During the Audit;
– ISA 501 – Audit Evidence – Specific Consideration for Selected Items;
– ISA 505 – External Confirmations;
– ISA 510 – Initial Audit Engagements – Opening Balances;
– ISA 520 – Analytical Procedures;
– ISA 540 – Auditing Accounting Estimates;
– ISA 550 – Related Parties.

Session 6: Other Key Standards and Areas
– ISA 560 – Subsequent Events;
– ISA 580 – Written Representations;
– ISA 600 – Audits of Group Financial Statements (incl. the WORK of Component Auditors);
– ISA 610 – Using the Work of Internal Auditors;
– ISA 620 – Using the Work of an Auditor’s Expert.

Session 7 & 8: Going Concern and Audit Opinions & Practical Opinion Forming & Review of Live Audit Reports

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.