Session 3: Pre-engagement – Fraud; Assessing Risk and Understanding the client


ProBeta Training presents a refresher webinar-series on the International Standard on Auditing or ISA to familiarise you with all pertinent elements directly from the standard.

The approach to the webinar-series is to split the standards into the relevant phase of the audit, spending several weeks on each phase i.e.
• Pre-engagement planning
• Execution; and
• Finalisation

The series will run over 8 weeks, and each weekly-webinar will attempt to:
• simplify the relevant standards,
• highlight key elements and
• provide action points from each standard to ensure that you conduct each audit in accordance with the International Standard on Auditing (ISA).

Session 3 will focus on:
o ISA 240: Fraud
o ISA 315: Assessing Risk and Understanding the Client

Concepts that will form part of the session, which form the foundation of pre-engagement are:
• Assessing the risk of material misstatement due to fraud
• Identifying and evaluating fraud risk factors
• Presumed fraud risks
• Risk assessment procedures
• Understanding and documenting the client and its environment
• Design and implementation of controls
• The effect of risks on the audit approach