Introduction

In an interconnected global economy, auditors must adhere to internationally recognized standards to ensure consistency, transparency, and credibility in their work. This course provides a comprehensive understanding of International Auditing Standards (ISAs) issued by the International Auditing and Assurance Standards Board (IAASB) and their application in real-world scenarios. It equips participants with advanced auditing techniques and practices, enabling them to conduct audits that meet global regulatory and professional requirements.

Course Objectives

By the end of this course, participants will be able to:

1. Understand the principles and frameworks of International Standards on Auditing (ISAs).
2. Apply ISAs to plan, execute, and report audits effectively.
3. Enhance audit quality and compliance with international requirements.
4. Navigate challenges in cross-border and multinational audits.
5. Address emerging trends, including sustainability reporting and technology integration in auditing.

Who Should Attend?

This course is ideal for:

• External and internal auditors seeking to enhance their knowledge of ISAs.
• Audit managers and supervisors conducting multinational audits.
• Compliance officers and professionals responsible for audit quality assurance.
• Accountants and financial professionals transitioning to auditing roles.
• Consultants and advisors working in the auditing and assurance fields.
• Professionals involved in international business operations requiring ISA compliance.

5-Day Training Outline

Day 1: Introduction to International Auditing Standards (ISAs)

• Overview of the IAASB and the Structure of ISAs.
• Fundamental Principles and Objectives of ISAs.
• The Role of Ethics and Professional Skepticism in Auditing.
• Case Study: The Impact of ISAs on Global Audit Practices.

Day 2: Audit Planning and Risk Assessment

• ISA 300: Planning an Audit of Financial Statements.
• ISA 315: Identifying and Assessing Risks of Material Misstatement.
• Conducting Risk-Based Audits: Key Concepts and Methodologies.
• Workshop: Developing an Audit Plan Aligned with ISAs.

Day 3: Executing the Audit

• ISA 500: Audit Evidence and Sampling Techniques.
• ISA 540: Auditing Accounting Estimates and Fair Value Measurements.
• Testing Internal Controls and Substantive Procedures.
• Practical Exercise: Applying ISA Guidelines to Evaluate Audit Evidence.

Day 4: Reporting and Communication

• ISA 700: Forming an Opinion and Reporting on Financial Statements.
• ISA 705 & 706: Modifications to the Audit Opinion and Emphasis of Matters.
• Best Practices for Communicating with Stakeholders and Regulators.
• Case Study: Evaluating and Preparing Audit Reports Following ISAs.

Day 5: Emerging Trends and Challenges in International Auditing

• ISA 720: Auditor’s Responsibilities Relating to Other Information.
• Integrating Technology in Auditing: Data Analytics and AI.
• Addressing ESG and Sustainability Reporting in Audits.
• Capstone Activity: Conducting a Comprehensive Audit Following ISAs.

Course Outcome

Participants will leave this course with a thorough understanding of International Auditing Standards and their practical application in various auditing scenarios. Equipped with advanced techniques, participants will be able to conduct high-quality audits that align with global expectations, enhance transparency, and build trust in financial reporting. This training prepares professionals to succeed in both local and international auditing environments.