Understanding the Scope and Purpose of Financial Statement Audits
CPD Hours: 2
Price: R450.00
Understanding the Scope and Purpose of Financial Statement Audits
Presenters : Jako Liebenberg CA(SA)
Overview
Financial statement audits verify the accuracy and trustworthiness of financial data within organisations. It is important for every audit team member to possess a thorough understanding of the scope and objectives of every audit engagement.
This webinar explores the regulatory frameworks that govern audit practices and discusses the primary goals of these critical assessments. Also under discussion will be detailed insights into the methodologies employed throughout the audit process, including risk assessment techniques, testing procedures, and effective communication of findings.
Join Jako Liebenberg CA(SA) for an enlightening session designed to deepen your understanding of financial statement audits and your part in ensuring their integrity and accountability for the benefit of all stakeholders.
Learning objectives
Attending this webinar will equip you with the following skills:
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Gain a comprehensive understanding of the objectives and scope of financial statement audits, including their role in providing assurance to stakeholders.
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Learn about the key principles and standards governing financial statement audits, such as those set forth by regulatory bodies and auditing standards boards.
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Explore the importance of independence, objectivity, and professional skepticism in the audit process, and understand their significance in maintaining audit quality.
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Identify the various stages and procedures involved in conducting a financial statement audit, from planning and risk assessment to testing and reporting.
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Understand the implications of audit findings and the role of auditors in communicating results to stakeholders, including management, shareholders, and regulatory authorities.
Content
The webinar will cover the following topics:
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Introduction to Financial Statement Audits:
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Definition and purpose of financial statement audits.
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Importance of audits in providing assurance to stakeholders.
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Evolution of audit standards and regulations.
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Regulatory Framework and Standards:
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Overview of regulatory bodies and auditing standards boards.
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Examination of key auditing standards and guidelines.
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Understanding the compliance requirements for financial statement audits.
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Objectives and Scope of Audits:
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Clarification of the objectives and scope of financial statement audits.
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Discussion on the responsibilities of auditors and management.
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Examination of the limitations of audits and areas not covered.
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Audit Process and Methodologies:
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Overview of the stages involved in conducting a financial statement audit.
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Explanation of risk assessment and planning procedures.
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Exploration of audit testing techniques and sampling methodologies.
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Reporting and Communication:
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Analysis of audit findings and their implications.
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Understanding the different types of audit opinions.
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Discussion on the communication of audit results to stakeholders.
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Professional Ethics and Independence:
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Examination of ethical considerations and conflicts of interest.
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Case studies and examples illustrating ethical dilemmas in auditing.
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Emerging Trends and Challenges:
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Exploration of current trends and developments in financial statement auditing.
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Discussion on challenges faced by auditors and the profession.
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Consideration of the impact of technology and data analytics on audits.
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