Overview:
Audit procedures performed on detailed consolidation processes form an integral part of performing group audits. In order to test the consolidation processes and workings of the client, the auditor needs to be familiar with the correct accounting treatment of consolidation entries as required by the financial reporting framework. Auditors must also consider group risk and the possible fraud risk with intercompany elimination entries. Furthermore, auditors often neglect to document audit procedures performed on detailed consolidation processes, over and above the accounting workings.
This course provides a practical understanding of key requirements relating to consolidation procedures on group audits, and how to approach these procedures appropriately and in an efficient manner. Participants will learn how to apply these requirements and principles in practice through discussion of practical examples.
Content and outline:
To explain the following concepts and demonstrate their practical application:
· ISA 600 requirements for consolidation procedures performed on audits of group financial statements
· Consideration of financial reporting framework requirements
· Documentation of audit procedures performed on consolidation workings
· Common working paper deficiencies
Certification:
Upon completion of the quest, participants will receive a verifiable Bronze LEAF Certificate.
Elevating the standards of all auditors and those seeking to become auditors by upholding the principles of legislation, regulation, and quality audit management and performance.
Quests Curriculum
- 4 Levelss
- Coaching By LEAF
- Communities Support
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Levels 01 Introduction & Requirements
Mission(s) in this level: 1.Welcome & Introduction, 2. ISA 600 Requirements
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Levels 02 Financial Reporting & Documentation
Mission(s) in this level: 3. Finance Report Framework, 4. Documentation
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Levels 03 Common Deficiencies
Mission(s) in this level: 5. Common Deficiencies
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Levels 04 Final Quiz
Upon completion of all the levels and passing the quiz with a minimum of 80 % and the quest, participants will receive a verifiable Bronze LEAF Certificate.
Success Stories
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Priya S., Financial Reporting Specialist Extremely helpful
"The practical examples were extremely helpful. It’s rare to find training that explains consolidations in such a practical and structured way."
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Daniel M., Audit Manager Clear, practical, and well-structured
"Clear, practical, and well-structured. It helped me understand consolidation adjustments and documentation requirements properly."
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Michael R., Senior Auditor Highly recommended.
"Excellent course for anyone involved in group audits or consolidated financial statements. Highly recommended."
