du texte du masque Troisième niveau Quatrième niveau Cinquième niveau

Transcription

1 Cliquez et modifiez le titre Cliquez Institut et des modifiez Réviseurs R d Entreprisesd le titre Cliquez pour modifier Studiedag les styles Journée d é études du texte du masque Deuxième toepassing niveau van de ISA s in KMO s Troisième niveau Quatrième niveau concr Cinquième niveau Instrumenten voor de praktische Des outils pour une application concrète des normes ISA dans les PME ISA for SME s Audit tools Luis Laperal, Réviseur d entreprises 19/11/2010 2

2 ISA for SME s Audit tools 1. Why? 2. How? 3. The differents stages of an audit process «Isa compliant» 4. Other issues and specific B.Gaas topics 19/11/ Why? On 15 December 2009, the Superior Council of economic professions approved the draft standard & the support and training plan On April 1, 2010, the Minister of economy approved the draft and the training plan The development of audit tools and checklist focused on SME s was part of the support plan 19/11/2010 4

3 2. How? We have subdivided an audit process "ISA compliant" in different stages The audit planning (including materiality & audit team discussion) Risk Assessment Risk Respons Reporting + ISA not yet covered and Special BGAAS topics Each stage was documented by one or more check list 19/11/ a. The differents stages Audit planification Establish the overall audit strategy for the audit. Develop an audit plan for the audit in order to reduce audit risk to an acceptably low level. The overall audit strategy and the audit plan should be updated and changed as necessary during the course of the audit. We developped an overall audit strategy memorandum 19/11/2010 6

4 3.a. The differents stages Audit planification The nature and extent of planning activities will vary according to several factors: The size and complexity of the entity; The composition and size of the audit team. Smaller audits will also have smaller teams, making planning, coordination, and communication easier; The auditor s previous experience with the entity; and Changes in circumstances that occur during the audit engagement 19/11/ Audit planning/audit strategy in smaller entities Small entity audits are often conducted by very small audit teams. This makes coordination and communication among the team easier and the overall audit strategy can be straightforward. Documentation for small entities may be in the form of a brief memorandum that includes: Nature of engagement and timing; Issues identified in the audit just completed; What has changed in the current period; Any revisions required in the overall audit strategy or in the detailed audit plan; and The specific responsibilities of each member of the audit team 19/11/2010 8

5 3.b. The differents stages Risk Assessment The auditor should obtain an understanding of the entity and its environment, including its internal control, sufficient to identify and assess sufficient to design and perform further audit procedures We developped a checklist to document the understanding of relevant industry,, nature of the entity, accounting policies, entity s objectives and strategies, etc 19/11/ b. The differents stages Risk Assessment After the auditor has identified the risk factors and the types of misstatement in the financial statements that could result, the next step is to summarize the risks identified in two register Business Risk Fraud Risk 19/11/

6 3.c. The differents stages - Risk Respons The auditor s assessment of the identified risks at the assertion level provides a basis for considering the appropriate audit approach for designing and performing further audit procedures. 19/11/ c. The differents stages - Risk Respons 19/11/

7 3.d. The differents stages - Reporting Before the auditor s report is issued, the engagement partner should be ensured that sufficient appropriate audit evidence has been obtained to support the conclusions reached and for the auditor s report to be issued. We developped audit completion checklist, notes on significant decisions. 19/11/ Other issues and specific B.GAAS topics Going concern Consideration of laws and regulations Accounting estimation Related party transactions Journal entries Subsequent events Use of an expert, internal audit, service organization Annual accounts, annual report. 19/11/