Good planning is the bedrock of a good audit. Every reporting season has its own unique audit risks and challenges. The prior-year audit plan should not be simply rolled-over – audit risks change with business and regulatory environments. This session will focus on new audit challenges and how to handle them.
The session will:
- Explain the fundamentals of audit planning and risk assessments and, in particular, the revised requirements of ASA 540 Auditing Accounting Estimates and Related Disclosures
- Emphasise continuing audit risks and identify new ones (for example, non-compliance with laws and regulations, new accounting standards, regulators’ focus) that should be considered for 2021
- Identify areas of audit planning where auditors should do better, and
- Conclude with tips on effective audit planning.
