Auditing Financial Statement Disclosures

Overview:

Many auditors feel intimidated by IFRS and are uncertain about how to verify compliance with the international financial reporting standards. Others are more familiar with the IFRS requirements, but omit to document their considerations when verifying compliance.

It is crucial for auditors to understand the requirements of the relevant financial reporting standards and have a sound knowledge of the business of the entity. This will enable them to adapt the interpretation of the IFRS standards to the circumstances of the entity during execution of the basic steps, and verify compliance appropriately.

The best method is to develop a standard approach on how to audit the requirements of the financial reporting framework, and then adapt this approach to the circumstances of the individual entity.

This training will give participants a practical understanding of how to audit compliance with IFRS requirements, and how to document everything in audit working papers. Participants will learn how to implement these requirements and principles through discussion of practical examples.

Content and outline:

To explain the following concepts and demonstrate their practical application:

• Important principles for auditing IFRS requirements
• How to interpret key requirements from financial reporting frameworks
• Evaluating financial statement disclosures
• Cash flow statements
• Common working paper deficiencies
• Practical application and documentation of required audit procedures.

Certification:

Upon completion of the training, participants will receive a verifiable LEAF Bronze certificate.