Understanding the industry and the business (documenting your understanding)

Date: 15th March 2019 - Access Recording

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Objectives As part of the planning stage, understanding the entity and its environment (ISA 315) is essential to identifying and assessing the risks of material misstatement and planning the audit procedures. The entity’s strategies, financial reporting and industry knowledge, including the media will assist auditors to evaluate the risks within an entity. After attending this webinar you will have further insight into the business and the environment to assess the potential impact on the planning of the audit. Key Topics Key content includes:
  • Identifying the key areas of an entity and its environment, including regulatory, accounting policies and business objectives, to assist with planning the audit
  • Reviewing different sources of information to obtain our understanding of the entity
  • Using the media to understand the entity’s environment
  • The financial reporting areas to consider
  • Using preliminary analytical procedures to understand the entity and its financial performance.


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