Conducting Your First Audit Engagement - A Survival Guide

Introduction

This is a highly practical and interactive course which is designed to prepare your junior members of staff for their first audit engagement.

The course will explain the audit process from start to finish and will explain the most important aspects and requirements.

What You Will Learn

This course will cover the following:

• Introduction
• What is a statutory audit compared with an internal audit
• The legal scope, responsibilities and obligations of the auditor
• What is an audit team - the role of the senior statutory auditor
• Auditor independence and ethical standards
• The role of International Standards of Auditing (ISAs) and ISAs UK
• Initial steps and planning
  • Understanding the client, environment, industry and business
  • What are systems and controls and how to identify, document and record
  • Audit risks - the different types explained and the audit responses required
  • Planning the audit work, audit objectives and tests (sampling techniques)
• Audit evidence
  • Test of control and tests of detail - what is the difference?
  • Different types of audit evidence and which is the most important and reliable
  • Testing techniques such as enquiry and observation
• File completion and documentation
• How to properly document audit evidence
• Audit file reviews and summary of audit findings and conclusions reached
• Reporting
• The Statutory Audit Report and modifications from an Unqualified Report
• Other reports required such as reports to management and those charged with governance