2023-24 Update: Audit
This activity is published by accountingcpd.
All year round, and on every accountingcpd purchase you make, get 10% off as a CA ANZ member. Just use code CAANZ101.
Please note you will be directed to accountingcpd to purchase this product.
Is everyone at your firm aware of the latest changes to the International Standards on Auditing? This update will help to ensure that you are on top of some key aspects, from quality management, to obtaining sufficient audit evidence in contentious areas, and delivering the appropriate audit opinion.
As auditing becomes more specialised and more responsibility is placed on the auditor, the International Standards on Auditing (ISAs) are going through some changes.
This course examines the latest changes to the ISAs, including the new International Standards on Quality Management, ISQM 1 and ISQM 2.
It also looks at some of the more contentious areas of audit that cause problems for firms, including specific issues with audit evidence highlighted by file reviewers, and how to ensure the auditor’s report and the audit opinion is appropriate.
• Recent changes
• Going concern assessments
• Common problems
• The auditor’s report
Upon satisfactory completion of this activity, you will be able to:
• Stay on top of recent updates to the International Standards on Auditing, and the new International Standards on Quality Management.
• Recognise the ongoing issues with the auditing of going concern assessments, and plan to meet evidence and reporting requirements.
• Understand the complexities involved when auditing revenue, the statement of cash flows, related parties and property revaluations.
• Ensure that the auditor’s report contains the most appropriate audit opinion, and any other required information.
This update will help to ensure that you are on top of some key aspects, from quality management, to obtaining sufficient audit evidence in contentious areas, and delivering the appropriate audit opinion.
Author: Steve Collings
Steve Collings is the audit and technical director at Leavitt Walmsley Associates Ltd, Cheshire. He specialises in UK GAAP, IFRS, Solicitors Accounts Rules and auditing and is also a nationwide lecturer on these subjects.
Topic: Audit & Assurance, Business Mindset
Sub-Topic: Auditor Liability, Finance Management, Project Management
Proficiency Level: Intermediate, Advanced
CPD: Upto 4 hours