The Complete Audit Workshop 2017

Course Content


A comprehensive audit workshop that focuses on the challenges facing SME Auditors and how they can produce compliant audit files based on the advent of FRS 102 and Companies Act 2014.

This seminar will provide practical examples of common audit issues that affect Irish auditors dealing with SME clients. It will take real life issues from planning and risk identification, through execution and documentation all the way to forming an opinion in accordance with the Clarity ISAs UK and Ireland.

The ever popular audit workshop has been updated in 2016 to reflect the requirements of both Companies Act 2014 and FRS 102. In the 2016 workshop we will focus on the changes and issues created by the recent total overhaul of our financial reporting framework. The notes for the seminar have been updated to reflect the changes that are likely to impact on SME Auditors and they are packed with the most recent practical guidance available containing almost 500 pages of valuable templates, checklists, practical examples and concise technical information that you will be able to use and refer to again and again.

In order to make an often difficult topic more digestible for Irish accountants we have broken this down into 13 bite size separate and distinct sessions that will bring attendees on a compelling journey of compliant auditing. This fast moving engaging seminar will move through and focus on the key challenges that face Irish auditors giving practical “how to” responses in each area, with a view to helping attendees create audit files that will satisfy the monitors and the monitoring process.

  1. Accepting the Audit and how to deal with Ethical Threats that will inevitably arise – focussing on the challenges facing auditors whose clients need assistance in relation to the Transition of the Financial Statements to the new Companies Act 2014 and FRS 102 Regime
  2. Building the foundation of the file - The Overall Audit Strategy and Audit Planning under ISA 300 – including a practical review of how and where the planning memorandum has changed under the new regime
  3. Documenting systems and controls for SME Clients – How much do you need to do?
  4. Understanding the entity and Comprehensive Implementation of ISA 240, ISA 315 and ISA 250 at the risk identification stage – with an emphasis on the impact that the new regime may have on risk assessment
  5. The Implementation of Analytical Review as a Tool at the Planning, Execution and Completion Stages of the Audit
  6. The use of materiality and sampling in compliant audit files
  7. Comprehensive testing and how to document it including critical areas such as
    1. encountered completeness of income;
    2. stock and WIP valuations;
    3. impairment reviews;
    4. management estimates;
    5. related parties and related partytransactions
    6. The audit of specific file areas impacted by the new accounting standards and the type of issues
    7. P&L and transaction testing
  8. Practical quality control and implementing ISQC1 in the finalisation and conclusion stages of an Audit – What partners should be reviewing?
  9. Documentation requirements for small companies under ISA 230 and how much is enough
  10. Auditing, opinion forming and directors disclosures in relation to Going Concern
  11. Common mistakes in financial statements and picking them up prior to finalisation
  12. Forming Opinions under ISA 700, 705, 706 and Implementing Bulleting 1 (I)
  13. Communicating with the client from start to finish – The technical and practical requirements

For anyone who is working in audit this seminar allows you comply with your Core Competency Audit CPD requirements, while giving a practical and concise update in relation to how to perform effective and efficient audits within the parameters of the monitoring visit regime.

Auditing Standards Overview and Acceptance & Continuance

  • Introduction to the Auditing Standards and Acceptance & Acceptance & Continuance
  • New Auditing Standards June 2016
  • Audit Overview
  • Acceptance & Continuance & ISA 220
  • Ethical Standards and ES PASE
  • ISQC1
  • ISA 210 and the Letter of Engagement

Audit Planning

  • Introduction to Audit Planning
  • ISA 300 and Audit Planning
  • Documentation of Systems and Controls
  • Fraud considerations and ISA 240
  • ISA 250 and Laws and Regulations
  • Communication with Management and those Charged with Governance under ISA 260
  • Risk Assesment and ISA 315
  • ISA 330 and Risk Response
  • Analytcial Review as Part of the Planning Process
  • ISA 320, ISA 450 & Materiality

Audit Execution

  • ISA 500 and Gathering Evidence
  • Documenting the Audit under ISA 230
  • Auditing Completeness of Income
  • Auditor Implications of Impairment Reviews
  • The Audit of Management Estimates in Accordance with ISA 540
  • Client Communications from A-Z
  • The Summary of Unadjusted Differences under ISA 450
  • Main Changes to Execution under the new ISAs
  • Impact of CA 2014 & FRS 102 on Audits
  • Key Issues Arising From Monitoring Visits

Audit Opinion

  • Introduction to Audit Opinion Forming
  • Financial Statements and Disclosures
  • Going Concern under ISA 570 and Documenting Going Concern
  • Opinion Forming under the ISAs & Documenting Your Opinions

CPD Course Facilitators

Des O'Neill - OmniPro

Des co-founded OmniPro in 2005 and has been involved in all aspects of the company’s establishment and growth to its current status. He speaks extensively on the subjects of Auditing, Accounting, Practice Development and Strategic Planning, nationally and internationally. He is a member of the Auditing Practices Board SME Audit Sub Committee. Des works with Irish and international practices on technical, regulatory and strategic issues and his current roles within the OmniPro group include Managing Director at OmniPro, editor at AccountingNet.ie and developer and innovator for the Accountants Resource Centre. He is a regular contributor to the profession through a combination of seminars, publications, articles, tools and new processes.

Courses
Program Details
  • Max Subscription Days:
    180
  • Credits:
    8.0
  • Code:
    ONCAUW17
  • Price:
    €130.00 by Stripe