International Accounting Standards are definitive. These are the rules and guidance that all accountants must follow and thus all investors and business managers understand. This seminar explains in a meaningful and practical way what the Standards mean and how they should be applied.

This includes:

• The authority of the Standards
• Understanding the Standards - the principles and detail
• Applying the Standards in practice
• The future of Standards - the problems to be addressed

Understand the need for consistent high standards

• Be aware of international practice development
• Improve audit planning
• Know why standards exist
• Understand the logic behind standards
• Understand what the "jargon" means
• Learn how to apply the standards
• Be able to identify cases of non-application
• Improve report writing
• How to conclude the audit

• Partners, managers and staff of accounting firms
• Directors, managers and staff in internal audit departments

If you are at all involved in the audit process then you need to be aware of what is best practice. This applies to the partner/director leading and signing off the audit right through to junior staff who need to appreciate the detailed work needed to arrive at a reliable audit opinion

Introduction

• Assurance Engagements
• Framework of ISAs
• Objective and General Principles Governing an Audit of Financial Statements
• Terms of Audit Engagements
• Quality Control for Audit Work

Documentation and audit files

• Documentation
• The Auditor's Responsibility to Consider Fraud and Error in an Audit of Financial Statements
• Fraud and Error
• Consideration of Laws and Regulations in an Audit of Financial Statements
• Communications of Audit Matters with Those Charged with Governance
• Management Representations
• Using the Work of another Auditor
• Considering the Work of Internal Auditing
• Using the Work of an Expert

Audit Planning

• Planning
• Knowledge of the Business
• Audit Materiality
• Risk Assessments and Internal Control
• Auditing in a Computer Information Systems Environment
• Audit Considerations Relating to Entities Using Service Organizations

Audit Evidence

• Audit Evidence
• Audit Evidence-Additional Considerations for Specific Item
• External Confirmations
• Initial Engagements - Opening Balances
• Analytical Procedures
• Audit Sampling and other Selective Testing Procedures
• Audit of Accounting Estimates

Audit Completion and Disclosure Issues

• Related Parties
• Subsequent Events
• Going Concerns
• The Auditor's Report on Financial Statements
• Comparatives
• Other information in documents containing Audited Financial statements

A variety of methodologies will be used during the course that includes:

·         (30%) Based on Case Studies

·         (30%) Techniques 

·         (30%) Role Play

·         (10%) Concepts

·         Pre-test and Post-test

·         Variety of Learning Methods

·         Lectures

·         Case Studies and Self Questionaires

·         Group Work

·         Discussion

·         Presentation

This rate includes participant’s manual, Hand-Outs, buffet lunch, coffee/tea on arrival, morning & afternoon of each day.

Daily Course Timings:

    08:00 - 08:20       Morning Coffee / Tea

    08:20 - 10:00       First Session

    10:00 - 10:20       Coffee / Tea / Snacks

    10:20 - 12:20       Second Session

    12:20 - 13:30       Lunch Break & Prayer Break

    13:30 - 15:00       Last Session