Audit
Advanced Audit Planning
Materiality, Audit Risk, Business Risk, and Group Audit Planning
4 CPD credits on completion
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Certificate on completion
Downloadable resources
Self-paced learning
About This Course
Course Information
Planning should result in an audit that is well directed and supervised and ultimately good planning will reduce audit risk.
Certificate on Completion
This course is made up of videos, questions and additional reading materials, and accounts for 4 units of CPD. One unit is the equivalent of one hour of learning.
Course Sections
This course is made up of the following sections:
- Planning (video)
- Planning (quiz)
- Risk assessment (video)
- Risk assessment (quiz)
- Audit and business risk (video)
- Audit and business risk (quiz)
- Group audit planning (video)
- Group audit planning (quiz)
- Working examples (video)
- Working examples (quiz)
What You Will Learn
- Calculate planning materiality using benchmarks for revenue, total assets, and profit, and explain when professional judgement should override standard percentages
- Distinguish between inherent risk, control risk, and detection risk, and describe how each affects the overall audit approach
- Identify financial, compliance, and operational business risks from a client scenario and explain their potential consequences
- Apply a top-down, business risk-based approach to audit planning by linking identified business risks to specific financial statement risks
- Evaluate the additional planning considerations for group audits, including the roles of principal and component auditors, non-coterminous year ends, and differing accounting policies
- Assess the sufficiency of a parent company support letter as audit evidence for a subsidiary with going concern issues
- Explain the audit implications of provisions, including correct discount factor application and IAS 37 recognition criteria for decommissioning obligations
Who This Course Is For
- Auditors and audit managers responsible for planning engagements across single-entity and group structures
- Accountants preparing for professional exams that test audit risk assessment, materiality, and group audit topics
- Finance professionals involved in internal audit or risk assessment who want to understand external audit planning methods
Prerequisites
- A working understanding of financial statements and basic audit terminology (e.g. audit opinion, substantive testing, tests of controls)
- Familiarity with relevant accounting standards such as IAS 16, IAS 37, and IFRS consolidation requirements
Frequently Asked Questions
Course Details
CPD Credits4
CertificateYes
Pricing
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Everything included in your subscription:
CPD certificate on completion
Downloadable resources
Self-paced learning
Expert-led content
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