Thursday 17 November 2022


12:00 pm


1.5 CPD Hours

Session Topic

Implementing the revised ASA 315 Identifying and Assessing the Risks of Material Misstatement (Part 3) – Understanding internal controls

The requirements and application guidance for ‘Obtaining an Understanding of the Entity and Its Environment, the Applicable Financial Reporting Framework and the Entity’s System of Internal Control’ are extensive and challenging.  Experience has shown that auditors have struggled with previous requirements, particularly documentation on transaction flows and key controls.  Often the problem comes about by just rolling over work done previously without an effort to revisit what had been done.

This session addresses:

  • Understanding the system of internal control (Appendix 3)
  • Internal control components
  • Understanding an entity’s risk-assessment process
  • Monitoring internal controls
  • Understanding sources of information, including those beyond general and subsidiary ledgers
  • Information systems and communication
  • Control activities – assertions, significant risks, journals, testing the operating effectiveness, control deficiencies
  • An entity’s internal audit function (Appendix 4), and
  • Documentation.
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This session is presented by:

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.


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.