Practical implementation of the new ISA 315 (ISA 315 Revised 2019)

Price:
R1518.00 (VAT Incl.)
Level:
Accounting Professionals
Sub-level:
Auditing
Lecturer:
Probeta Training
Duration:
390 Minutes
Additionals:
   CPD Assessment
   Certificate

Lesson Outline

The new ISA 315 (revised) requires the auditor to identify and assess many different types of risks. During this session, I am going to explain the meaning of all the different risks that must be identified, assessed and documented by the auditor

  • What is audit risk?
  • Identification of risk?
  • ROMM at the financial statement level
  • ROMM at the assertion level and the new concept of relevant assertions
  • Assessment of inherent risk (Including the new inherent risk factors)
  • Control risk (New requirements as per ISA 315)
    • Indirect controls
    • Direct controls
  • Assessment of fraud risk
  • The spectrum of inherent risk
  • Significant risks
  • Significant classes of transactions, account balances and transactions
  • The risk assessment procedures that must be performed during the audit
  • Responses to address the assessed Risk of Material Misstatement

What do all these terms mean and how does it fit into a risk-based audit approach?