The implementation of ISA 540 Revised requires the auditor to effectively plan and robustly challenge management’s assumptions, where relevant. This seminar will cover the audit requirements focusing on the planning and fieldwork, highlight common problem areas and explain what the auditor really needs to include on file. Topics covered include:

• Identifying accounting estimates and considering the implications for the audit at the planning stage
• Assessing risk and understanding the inherent risk factors and control risk
• Identifying and auditing estimates that give rise to a significant risk – additional audit procedures required
• Professional scepticism – what, why and how?
• What audit tests to perform, including a stand back evaluation
• What professional bodies really expect to see on an audit file