Know Your Client - What a Good Audit Looks Like Under ISA 315

Introduction

This new virtual classroom seminar explores the critical importance of understanding your client in light of the revised ISA 315.

At the core of recent audit reforms is the need for deeper insight into a client’s business, internal controls, and the legal and regulatory environment in which they operate. Changes to audit guidance around fraud, going concern, accounting estimates, and group audits have all been shaped by the revisions to ISA 315.

This session will provide practical guidance on how to demonstrate compliance with the updated standard, with a focus on areas most relevant to auditors working with SME clients.

What You Will Learn

This live and interactive session will cover the following:

• ISA 315 - know your client, key questions to ask - who, why, what, where, and how
• Risk assessment and the spectrum of risk - what are the real key audit areas?
• Professional scepticism and challenge, how to achieve, apply and document (demonstrate)
• What work is needed on systems and controls, what are the key requirements?
• Key ISA 315 compliance issues identified and what is the root cause analysis of the issues
• How can these issues be addressed - impact on planning and documentation
• Managing the audit team and dealing with questions arising especially on key audit matters
• What next, especially for the SME audit market? Initial feedback from FRC review

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.