Thursday 4 May 2023


12:00 pm


1.5 CPD hours

Session Topic

Identifying and documenting controls over transaction cycles

Understanding and documenting the system of internal control varies significantly.  In some circumstances it’s just perfunctory, in others far more extensive; and that can depend on whether specific internal controls are intended to be relied upon or not. Regulators and others have noted areas where applying auditing standards can be improved.

ASA 315 Identifying and Assessing the Risks of Material Misstatement sharpens the focus on the system of internal controls. So it’s timely to review the key controls activities over the control environment and over the transaction cycles.

Auditors are reminded that they are required to evaluate the design and effectiveness of the system of internal control and to report their findings.

This session will:

  • Investigate ASIC audit-file reviews and other inspections and what they tell us about work done on internal controls
  • Refresh your knowledge of the principle of understanding the system of internal control under ASA 315
  • Discuss the importance of the control environment and, in particular, the role of governance
  • Describe the fundamental internal-control activities
  • Identify the typical key internal-control activities over the transaction cycles – revenue, expenses, payroll, and financial reporting, and
  • What to document and what to report to management and governance.
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This session is presented by:

Chanelle Pienaar

Principal | Audit Assist

Chanelle is an accomplished Chartered Accountant with more than 20 years’ experience as an auditor in a wide variety of Financial Audit and Audit Quality Control projects. Chanelle has abroad range of experience covering Financial Statement Audits, Audit Quality Control Reviews, Trust Account Audits and AASB implementation Advice & Assistance.

Chanelle has strong technical knowledge and enthusiastic training style ensures that all participants, from the graduate to the partner, receive maximum value from each training session.

Colin Parker

Principal | GAAP Consulting | Financial Reporting Expert

Colin, Principal of GAAP Consulting, is an expert in financial reporting, auditing and related governance issues, and was previously a member of the Australian Accounting Standards Board.

He has conducted many independent expert and consulting experts reports on professional negligence, and accounting and auditing standards. He is the team leader advisory and litigation services and adviser to GAAP Training and Reportfraud.