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Planning, risk assessment and internal control

Access practical resources on planning an audit, risk assessment and internal controls to help understand auditors’ responsibilities and the requirements of International Standards on Auditing (ISAs), in particular, ISA 315. These resources include practical support to help auditors deal with the challenges that may arise.

Revising ISA 315: why the IAASB needs to get it right

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Katharine Bagshaw, Audit and Assurance Faculty Audit and Beyond 06-02-2019

Proposals to revise ISA 315 will be far-reaching, so ICAEW is urging the IAASB to take the time to get it right, says Katharine Bagshaw. She covers inherent and significant risks, IT, work on controls and ‘smaller and less complex entities’

Internal control in smaller ISA audits

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International Accounting and Auditing 24-10-2017

Understanding and documenting internal control has always been a challenging area in smaller entity audits. This guide helps auditors to understand the requirements in this area and addresses common questions from auditors such as how to evaluate the control environment and deal with the entity’s information system.

Risk assessment and internal controls: continuing challenges for auditors

International Accounting Auditing and Ethics 10-03-2016

Risk assessment is critical to the conduct of all financial statement audits. The idea of a ‘risk-based’ approach to auditing has been around for at least 20 years, and it is not a difficult concept: it refers to the focus of the audit process on those areas that are most at risk of material misstatement. But both auditors and regulators report problems in in applying the relevant auditing standards consistently.