20 Audit Problems

There are changes to accounting standards, ISAs and Ethical Standards that are presenting plenty of challenges to the audit profession.

Also, following the financial crisis, more is being expected of auditors by regulators. The drive for professional scepticism and audit quality are driving up standards and there is more focus than ever on obtaining the right audit evidence.

The course will look at real life problems that auditors have experienced and examine practical and efficient solutions.

This is a topical course and the content will reflect that. Areas that might be covered include:

• Addressing the risk of fraud in revenue recognition
• Auditing financial instruments
• Adequate audit documentation
• How much needs to be done on journals
• The application of materiality
• Ethical issues including contingent fees and advocacy services
• Relying upon experts
• Related parties
• Accounting estimates
• The issues found in recent disciplinary cases
• Auditing micro company accountants
• Audit reports