ISA 315 (2019 revised standard) for Auditors



Audit practitioners need to stay up to date with the requirements of new and revised standards. This webinar series will allow practitioners to understand what changes have been made to ISA 315 and will take a deeper dive on understanding and testing controls. 
Throughout this recorded webinar series, you will gain an understanding on what has changed and the impacts for future audits and build a deeper understanding of controls testing and which controls to test. You’ll also be able to identify, explain and test General IT Controls, IT Automated Controls and address control deficiencies. There are 3 recorded sessions within this series: 
 
Webinar 1: Summary of what has changed in ISA 315 (revised 2019)
 
Upon completion of this webinar, you will be able to: 
  • Identify key amendments to ISA 315 (Revised 2019)   
  • Explain the flow of the risk assessment process and the auditor's required response to the pervasive effect of the risk of material misstatement. 
  • Outline the auditor’s revised responsibilities in relation to understanding the entity’s use of IT and the risks arising from the use of IT. 
  • Define concepts the revised standard introduces such as inherent risk factors, spectrum of inherent risk, relevant assertions and significant transactions, account balances and disclosures.  
  • Recognise the five inter-related components of the system of internal control and whether they are direct or indirect controls.  
  • Understand the importance of the new ‘stand back’ provision for evaluating the evidence obtained from risk assessment procedures. 
  • Distinguish between the requirements for large entities compared to smaller/less complex entities. 
 
Webinar 2: Deeper dive into the controls testing requirements of ISA 315 (revised 2019), Part 1 
 
Upon completion of this webinar, you will be able to: 
  • Identify the changes in the standard’s definitions for controls and the new definition of the system of internal control.  
  • Explain the five inter-related components of the system of internal control and identify whether they are direct or indirect controls.  
  • Understand the required responses for controls that address significant risks.  
  • Apply the requirement to identify and evaluate the design of controls and determine whether the control has been implemented effectively.  
  • Recognise the profound impact of IT on the entity’s information processing activities and its influence on the design of the audit procedures for testing controls.  
  • Understand the relationship between controls and substantive procedures where substantive procedures alone cannot provide sufficient appropriate audit evidence.  
  • Utilise the revised standard’s explanatory material.  
  • Determine when automated tools and techniques may be used. 
 
Webinar 3: Deeper dive into the controls testing requirements of ISA 315 (revised 2019), Part 2 
 
Upon completion of this webinar, you will be able to: 
  • Summarise the ISA 315 (Revised 2019) standard’s new definitions for GITC, information processing controls, the IT environment, and risks arising from the use of IT.  
  • Distinguish between the purpose and nature of GITC and ITACs.  
  • Identify what it means to obtain an understanding of the entity’s use of IT.  
  • Recognise the elements of the control system that are subject to the risks arising from the use of IT. 
  • Apply the standard’s provisions for understanding IT controls in a smaller/less complex entity.  
  • Explain the importance of evaluating the design of GITC and ITACs.  
  • Recognise how to proceed where evidence of control deficiencies havs been identified.  
 
This recorded webinar series will give practitioners the flexibility to learn at their own pace. 

Benefits
The benefits of completing this recorded webinar series is to meet the requirements of the auditing standard and enhancing audit quality. 
Amanda Wall, Audit Smarter 

Amanda Wall has a Bachelor degree in Business with a double major in Accountancy and Public Sector Financial Management. Amanda is also a qualified CA. 

With 12 years of practical experience in the field of audit (external and internal audit) Amanda always proactively seeks to “make a difference”. This was first demonstrated when Amanda nominated to lead the Queensland Audit Office’s Graduate Development Program as their in-house trainer and recruitment coordinator, over and above her role as a field audit team leader for financial statement audits of Government Departments and Local Governments in Queensland. 

EVENT DETAILS


Topic: Audit & Assurance

Sub-Topic: Financial Statement Audit

Format: Recorded Webinar

Proficiency Level: All

CPD: Upto 4 hours