The Audit Process – eLearning

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What is the role of the auditor? There is a widespread belief that it is to provide absolute assurance that the financial statements are free from material misstatement. Although this is not in reality possible, recent news stories about corporate collapses and scandals, from Carillion to Patisserie Valerie have led to questions about the value of audit.

At a time when there are calls for radical overhaul of the audit profession, Steve Collings provides a calm, rational voice, arguing that by following the audit process, from planning the audit, through gathering the evidence, to finalising the audit, we can raise the quality of work and avoid the mistakes that bring the profession into disrepute.

Alongside an in-depth introduction to the audit process, this course gives you insight into the practicalities of audit and provides a detailed overview of the International Standards on Auditing (ISA).

Upon satisfactory completion of this activity you will be able to:
Appreciate the auditing landscape and the role of the auditor.
Understand each stage of the audit process, why they are important, and the possible challenges involved.
Identify some of the ethical requirements for auditors, potential threats to their independence and how to manage them.
Articulate audit engagement procedures and audit planning.
Specify the procedures for gathering audit evidence.
Understand the finalisation and completion stage of the audit.

Get a practical understanding on the principles of auditing, the importance of planning, the roles and responsibilities of an auditor, how to gather effective audit evidence and report on the audit findings, and the required follow-up activities as an auditor.
No prerequisites.

No materials distributed.

No assessments required.


Topic: Audit & Assurance

Sub-Topic: Auditor Liability, Financial Statement Audit, Other Assurance Engagements

Format: eLearning

Proficiency Level: Intermediate

CPD: Upto 4 hours