The aim of this session is to explain to delegates the audit procedures to perform on certain selected topics in order to avoid negative IRBA inspection findings. According to the latest inspection report that was recently issued by IRBA auditors are still receiving many finding on the topics listed below:
• Significant accounting and auditing estimates and judgements
• Revenue
• Related parties
• Transactions outside the normal course of business
• Journals

Content
Significant accounting and auditing estimates and judgements
• New risk assessment process for estimates
• Procedures to perform to address low risk and high-risk estimates
• Dealing with uncorrected misstatements
• Inappropriate reliance on the work of experts
• Insufficient documentation on the audit file relating to the auditor’s assessment of the reasonableness of management’s inputs and assumptions
• No or insufficient independent assessment by the auditor of the appropriateness of management’s assessment of the useful life and residual value of Property, Plant and Equipment
Revenue
• Completeness of revenue
• Direction of testing
• Source documents or source data from which samples are to be selected
• Assessing the completeness and accuracy of the population
• The rebuttal of the presumed fraud risk in revenue recognition
• Performing analytical procedures
Related parties and transactions outside the normal course of business
• Risk relating to fraud risk in related parties
• Management override of controls
• Loans to/from related parties
• Audit procedures to perform to address related parties
• Completeness of related parties
• Related party transactions outside the normal course of business were not considered or deemed significant risks
• Engagement team discussions
Journals
• Completeness of population
• Evaluating controls over journals
• Which journals to test