Annual Audit (IAS) Update
Presenters : Bronwyn MacCallum
Overview
The International Auditing and Assurance Standards Board (IAASB) regularly reviews and updates International Standards on Auditing (ISA) in order to improve the quality of audits. Recently, significant changes were made by the IAASA to audit risk assessment, risk assessment response, ethics and audit quality (see full list below under content). These changes require auditors to significantly change elements of their audit quality management and potentially their audit methodologies as well.
This webinar presented by Bronwyn MacCallum CA(SA) deals with the relevant quality management standards, relevant ISAs, their objectives, and application as well as other related explanatory material. The webinar will guide delegates in meeting the requirements of ISA 200 which requires that a registered auditor must have an understanding of the entire ISA standard, its application, explanatory material, and objectives, as well as the requirements of the new suite of quality management standards.
Learning objectives
By the end of this webinar you should be able to:
- Have a working-knowledge of Quality Management Standards and ISAs;
- Apply the principles of the new structure of standards.
- Understand the contents of the latest standards on audit quality.
- Identify and assess the risk of material misstatement and the auditing of estimates;
- Apply recent amendments to ISAs; and
- Understand recent publications by the IESBA affecting ethical requirements.
Content
The webinar will cover the following topics:
- Overview of IAASB’s projects in 2020 and 2021.
- The new suite of Quality Management Standards:
- ISQM1: Quality Management for Firms that Perform Audits or Reviews.
- ISQM2: Engagement Quality Reviews.
- ISA220(Revised): Quality Management for an Audit of Financial Statements.
- ISA315(Revised): Identifying and assessing the risk of material misstatement.
- ISA540(Revised): Auditing Accounting Estimates and Related Disclosures.
- Unpacking IRBA’s Public Inspections Report and related global trends.
- New pronouncements by IESBA:
- Impact on ethics.
- Impact on practice management.
