Risk Assessment in Financial Statement Audits 2024
Presenters : Monja van Zyl CA(SA)
Overview
Risk assessment in financial statement audits is pivotal for ensuring the accuracy and trustworthiness of reported financial data. In the process of understanding the audited entity and its operational landscape, auditors need to pinpoint significant accounts and disclosures while evaluating inherent and control risks associated with them.
Leveraging analytical procedures and substantive tests, auditors gather evidence to validate financial assertions and gauge the potential for material misstatement, including fraudulent activities. Documentation serves as a cornerstone throughout, facilitating audit planning, execution, and reporting.
We are delighted to extend an invitation to you to join Monja van Zyl CA(SA) for invaluable insights on conducting a diligent risk assessment and tailoring audit procedures to address critical areas effectively. This session promises to equip you with the necessary tools and knowledge to support the integrity of financial statements.
Learning objectives
Attending this webinar will equip you with the following skills:
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Possess the knowledge to be able to differentiate between inherent, control, and detection risks.
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Gain a deep understanding of how to apply the audit risk model to ensure thorough risk assessments.
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Develop skills to effectively identify and assess significant risks prevailing in each audit engagement.
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Have the knowledge to design and implement effective audit procedures based on assessed risks.
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Fully understand and apply relevant auditing standards in all engagements, particularly ISA 315 and ISA 330.
Content
The webinar will cover the following topics:
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Introduction to risk assessment in auditing.
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Understanding the audited entity.
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Identifying significant accounts and disclosures.
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Evaluation of inherent risks.
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Assessment of control risks.
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Leveraging analytical procedures in audits.
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Substantive testing strategies.
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Detecting and addressing fraud risks.
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Integrating risk assessment into audit planning.
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A look at risk assessment standards:
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ISA 315.
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ISA 330
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Reporting audit findings.
