Date

Thursday 22 April 2021

Time

12:00 pm

Duration

1.5 CPD Hours

Session Topic

Planning the 2021 audit

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.
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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.