ISA 500- Audit Evidence webinar

Overview

ISA 500 Audit Evidence is one of the International Standards on Auditing. It serves to guide the auditor on obtaining audit evidence through the application of an appropriate mix of tests of control systems and substantive tests of transaction and balances. ISA 500 defines audit evidence as “the information used by the auditor in arriving at the conclusions on which the audit opinion is based and includes the information contained in the accounting records underlying the financial statements and other information from other sources” It requests the auditor to obtain ‘sufficient’ and ‘appropriate’ audit evidence in order to draw reasonable conclusions on which to base the audit opinion.

The records of initial accounting entries and supporting records, such as checks and records of electronic fund transfers; invoices; contracts; the general and subsidiary ledgers, journal entries and other adjustments to the financial statements that are not reflected in journal entries; and records such as work sheets and spreadsheets supporting cost allocations, computations, reconciliation, and disclosures.

The measure of the quality of audit evidence; that is, its relevance and its reliability in providing support for the conclusions on which the auditor’s opinion is based. ISA 500 explains what constitutes audit evidence in an audit of financial statements, and deals with the auditor’s responsibility to design and perform audit procedures to obtain sufficient appropriate audit evidence to be able to draw reasonable conclusions.

The auditor considers reliability of audit evidence collected. For instance, audit evidence is more reliable when it exists in documentary form rather than subsequent oral representation of the matters. Auditors consider reliability of information but involve little authentication of evidence.

This training aims to help Audit Professionals with critical knowledge and insights that will enable them to provide assurance to key stakeholders — including audit committees (ACs), regulators, and external auditors — on the quality and reliability of auditors’ work:

• Financial Statement Assertions
• Audit Evidence Gathering and Utilization of Technology
• ISA 500 Requirements
• Inconsistency in audit evidence

Continuous Professional Development Units (CPD Units):

Members of ICPAK and reciprocating professional bodies will be awarded 1CPD Unit upon successfully attending each of the sessions.

Target Audience

This webinar will be useful to all professional Accountants and those aspiring to join the profession

Cost:

Charges for the training will be Kes 1,000/= which will cover workshop fees, materials, and e-certificates of attendance.

Online Booking:

We call on Seminar participants to note that booking for is available only online at www.icpak.com/events and will close two hours before the training session.  Delegates are reminded to note that online booking for training sessions is mandatory.   This is available either online at www.icpak.com/events  or on the ICPAK Live – A smart phone-based application that is available from google store.

National Industrial Training Authority (NITA) Reimbursement:

The Institute is registered as a trainer with National Industrial Training Authority. The Institute’s registration number is DIT/TRN/47. Participants who are registered levy contributors should apply to NITA for reimbursement of their fees. Please note that this is applicable for Kenyan citizens only and subject to NITA regulations. Remember that to qualify you should apply to NITA for approval prior to the date of the conference. Further details can be obtained from their website (www.nita.go.ke)