Auditors must now direct more attention to procedures concerned with audit risk and fraud. This course deals with key issues arising from application of international auditing standards and takes account the revisions under the Clarity Project.

·      ISA 315 – Understanding the Entity and its Environment and Assessing the Risk of Material Misstatement - a review of key aspects including assembling and recording information on the business, the impact of client strategy and objectives on audit risk, using analytical procedures to assesses risk, audit team meetings and documentation and assessing the control environment and internal control

·      ISA 330 – The auditor’s response to assessed risks – key features of the audit approach including designing audit procedures to cover key assertions, rules governing control tests and substantive procedures common problem areas

·      ISA 240 – The Auditors Responsibility to Consider Fraud in an Audit of financial statements common types of fraud and how to detect it, assessing client procedures and controls related to fraud, effective operation of the two-way communication process with the client

·      Fraud in regulated clients – a review of key points from APB guidance

·      Reporting fraud and suspected fraud to management, shareholders, regulations and SOCA