Completed
Date

Thursday 21 November 2019

Time

12:00 pm

Duration

1.5 CDP hours

Session Topic

Back to basics – risk-based auditing

Quality-control reviews by accounting bodies, ASIC’s audit-inspection program, corporate restatements and frauds indicate that the basics of risk-based auditing need more emphasis. A proper understanding of the key requirements of risk-based standards is essential to an efficient, effective and compliant audit. This session will focus on:

  • The risks that auditors have not appropriately identified, assessed and responded to
  • Identifying and assessing the risks of material misstatement
  • Materiality in planning and performing an audit
  • How auditors should respond to assessed risks, and
  • Examples of the application of risk-based practice to financial reporting assertions.
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This session is presented by:

Sonya Sinclair

Audit and risk management expert

Sonya is a registered company auditor, registered superannuation auditor and quality-control reviewer, CAANZ. Sonya specialises in risk management, implementation of audit quality through development of audit systems and processes, and interpretation and advice on generally accepted accounting and auditing principles. Sonya has over 15 years’ experience in auditing and financial reporting, bringing a collaborative style and balancing technical aspects with practical recommenations to clients.