Resources and courses included in the ISA 315 Implementation Hub
All the courses in this Hub contain Videos, Course materials, Post- Assessments and Certificates
New ISA 315 Implementation hub – Caseware, Draftworx, and No- Methodology
The revised International Standard on Auditing (ISA) 315 introduces major changes in the risk identification and assessment approach.
The enhancements will affect the planning section of all audits, and audit firms of all sizes must revise their risk assessment approach.
The changes will be effective for audits of financial statements for periods beginning on or after 15 December 2021.
The effects of the revisions will be far-reaching and require firms of all sizes to revise their approach to risk assessments.
The hub will explain everything you need about the new ISA 315 and 330 standards update.
Ensure that your team members:
- Understand the importance of planning,
- Know precisely what is required on the audit file to ensure that the audit is performed effectively and efficiently.
This Hub explains how audits can be planned and performed effectively using the software to improve efficiency while maintaining audit quality.
CaseWare
- Introduction and Fundamental Principles
- Assertion
- How to determine Desired Audit Risk
- Risk Assessment Procedures
- Types and volumes of transactions
- Analytical procedures
- Estimates
- Materiality
- Inherent risk
- System of internal controls
- Risk factors, Relevant assertions, spectum of risk, Significant risk
- Control activities
- Risk of Material Misstatement (ROMM)
- Responding to the Risk of Material Misstatement (ROMM)
- Post assessment and certificate
DaftWorx
- Introduction and Fundamental Principles
- Assertion
- DraftWorx Template Introduction and Changes
- Pre-engagement planning
- Materiality
- Scoping
- Risk assessment Procedures
- Risk assessment procedures: Opening balance
- Risk assessment procedures: Engagement Team Discussion.
- Risk assessment procedures: Review of the prior year audit report and management report
- Risk assessment procedures: Analytical Review
- Risk assessment procedures: Understanding the nature of the entity
- Risk assessment procedures: Fraud Discussion with TCWG
- Risk assessment procedures: Laws and Regulations
- Risk assessment procedures: Review Discussion of Minutes of management meetings
- System of Internal Control - Indirect Controls and IT Controls
- Risk assessment procedures: Revenue Fraud Risk
- Risk assessment procedures: Estimates
- Risk Identification Summary
- Going Concern
- System of Internal Control: Direct Controls
- Relevant Assertions + SCOTABD
- Risk Identification and Risk Assessment - Inherent risk factors
- Risk identification and assessment summarised
- Risk Assessment Component Summary and Audit Plan
- Impact of planning on Execution Phase - Responses to ROMM
- Post assessment and certificate
No Methodology
- Practical implementation of the New ISA 315 and ISA 330
- Post assessment and certificate
Avoid IRBA/Regulator inspection findings
- Avoid IRBA/Regulator inspection findings
- Post assessment and certificate
Practical implementation of the new ISA 315 and 330 based on CaseWare Probe update
- Practical implementation of the new ISA 315 and 330 based on CaseWare Probe
- Post assessment and certificate
