Course IV (Audit Planning and Completion- PROAUDIT)
To explain how audits should be planned and completed. The requirements of the relevant ISAs will be explained, and explanations given of the best ways to approach the various issues.
To look at the issue of client communication, particularly by letter. How best to communicate will be considered, and the required elements of the various audit letters will be discussed.
The training involves practical case studies, using an example client during the first two days of the course.
Days 1 & 2
- Audit pre-planning – taking on new clients, independence & ethical issues.
- Audit planning - understanding the client and identifying risks. Performing preliminary analytical review, determining materiality, considering fraud.
- Assessing risk, and designing an audit programme that responds to the risks.
- Budgeting and writing a planning memorandum.
- Planning the audit of a group.
- Reconsidering the audit plan – use of controls testing or substantive analytical review as part of the audit approach.
- Using the work of others.
- Audit completion – audit highlights memorandum, final analytical review.
- Audit completion – ensuring that the file is complete and all matters have been resolved.
- Preparing for clearance meetings, client communication including management letters and letters of representation).
- Completing the audit of a group.
Audit Automation version – the Audit Automation version of the course will use example Audit Automation files and an example client to illustrate the various points, and the practical exercises and case studies will be performed on-screen.
The example files can be completed using either the PCAS or Mercia master packs, depending on the audit methodology used by the student’s firm.
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