The objective of the group exercise is to recap the simulated audit client PejaSko Cheese Ltd. (PejaSko) and highlight key areas of the case study that is used throughout the audit training of trainers workshops series.
... See More + The session’s starts with a brief presentation highlighting key facts of the integrated audit client case PejaSko which is being used throughout the workshop series. There are fifteen multiple choice questions, and four answers in each question, provided in the report.
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The objective of this group challenge is to enhance the soft skills of participating trainers and to enable them to practice their client relationship skills and cross-selling techniques.
... See More + By engaging in the simulated client meeting, participants are provided with an opportunity to practice these skills in a simulated face-to-face client meeting and thus tackle and solve some real-life business situations and problems. This exercise is therefore designed to challenge small- and medium-sized practices (SMP) practitioners to think more strategically about the way they operate. By engaging in the cross-selling exercise, participants are encouraged to apply the new concepts and incorporate them into their client meeting presentations. It is expected to build awareness and develop further understanding of the ongoing changes in the profession. SMP practitioners are challenged to think more strategically about the way they operate and revisit their practice models in order to adjust to the changing business environment as well as benefit from the potential offered when providing a range of professional services more naturally suited to SME client profiles.
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Strong internal controls, including maintaining a robust internal control environment, are the best way public sector organizations can mitigate fraud.
... See More + However, even a strong internal control environment cannot guarantee that no frauds will take place within organizations. Implementation of further lines of defense, such as an efficient and effective internal audit function, is important. This publication describes some of the opportunities that new technologies, especially the use of data analytics, can offer for internal audits in preventing and detecting fraud, and offers good practice advice that organizations can follow in establishing effective fraud management programs.
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Fostering inclusive and sustainable economic growth is key to ending poverty and boosting shared prosperity. Growing economies create jobs, generate income, produce social benefits, and attract investment.
... See More + This is of particular importance for developing economies whose strategic development goals include significant efforts to improve the business climate, increase access to finance, strengthen the financial sector, and promote private sector-led growth. This accountancy education benchmarking study was undertaken for, and at the request of, the Education Community of Practice (EduCop), with four key objectives in mind: sharing good practices of universities and Professional Accountancy Organizations (PAOs) and developing solutions to shared challenges through a collaborative process, which the EduCoP has facilitated by enabling members to engage in peer learning and regional knowledge exchange; exploring synergies between academic and professional accountancy education as a prerequisite for developing adequate accountancy education systems and ensuring the effective use of country level education resources; implementing a learning outcomes approach in accountancy education promulgated by the revised content based International Education Standards (IESs) and international good practices as a more effective learning experience; and enabling a diagnostic that aims to assist EduCop members to engage in a process of international recognition and accreditation of national programs. Six countries participated in the study between March 2015 and May 2016: Albania, Bosnia and Herzegovina, Kosovo, Macedonia Former Yugoslav Republic (FYR), Montenegro, and Serbia. The study identified a number of opportunities that can be explored in future accountancy education reforms. These opportunities represent significant areas that can have an important impact while developing accountancy education in the region. The study also presents a few practical tips which, when combined with the good practices identified, can help accountancy education providers to seize the key opportunities and implement reforms.
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Fostering inclusive and sustainable economic growth is key to ending poverty and boosting shared prosperity. Growing economies create jobs, generate income, produce social benefits, and attract investment.
... See More + This is of particular importance to developing economies whose strategic development goals include significant efforts to improve the business climate, increase access to finance, strengthen the financial sector, and promote private sector-led growth. Well-developed accountancy education programs comprise technical competencies, professional skills, and professional values, ethics and attitudes. Initial education includes all the training that aspiring accountants need to complete in order to begin their career: general education (for example, high school, university), initial professional accountancy education (usually delivered through a professional accountancy organization, completion of practical experience (to learn on-the-job skills under the tutelage of a skilled accountant or auditor), and finally, passing a formal assessment of the requisite technical competencies, professional skills, and professional values, ethics and attitudes. Continuing education includes learning and development undertaken to maintain technical competencies, professional skills, and professional values, ethics and attitudes, over the course of a career. These education programs are essential, not only for ensuring the competencies of professional accountants, but also to strengthen public trust and confidence in their work.
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The objective of the exercise is to enable participants to approach professional ethics training and education in a practical way, by analyzing threats that arise and selecting an appropriate course of action in line with the fundamental principles of the IESBA code of ethics.
... See More + The session’s duration is 90 minutes. It starts with a brief presentation to serve as a reminder about the fundamental principles, threats that arise, and safeguards covered by the IESBA code of ethics. It is followed by the board game, which includes the short ethical dilemmas. Participants are divided into groups and a game board is prepared. It is expected to develop ethical decision-making skills and apply sound judgments regarding how the ethical dilemmas can be practically resolved or mitigated.
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The agreed-upon procedure (AUP) engagement can be used in a variety of circumstances that involve both financial and non-financial information engagements and cover public and private sector entities.
... See More + More recently, due to the increasing audit thresholds for smaller entities, the AUP engagement may affect the demand of stakeholders seeking alternatives to audit, such as lenders, and because of the flexibility this type of engagement offers, it can be tailored to different circumstances and focused on individual items of financial data. The objective of this group exercise is to enhance participants knowledge about the AUP engagement and illustrate it’s use in a variety of contexts to the benefit of a wide range of stakeholders. International standard on related services (ISRS) 4400, engagements to perform AUP regarding financial information provides standards and guidance when audit practitioners and or professional accountants perform AUP engagements.
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This case study is a core teaching resource during the Audit ToT workshops and its aim is to provide an opportunity to bridge the gap between theory and the practical application of ISA by simulating a small audit client scenario.
... See More + Audit documentation templates and examples form part of the case study and allow the audience to go through a real-life business situation, and tackle and solve some real-life problems. The case study is structured into three volumes that should be used simultaneously: volume one – audit simulation, this volume represents a summary of the PejaSko Cheese scenario providing the background information about the audit case and also including references to the assignments that participants are expected to work through during the training sessions. Volume two - documentation templates and examples, volume two is a collection of documentation templates that should be used by participants when completing the assignments of the audit simulation. This section also includes a few examples aiming to assist participants to work through the Case Study. Volume three – trainers guide, the solutions and examples outlined in volume three - Trainers guide, have been complied based on the discussions and exchange of opinions among the members of the Audit ToT Community of Practice. Any audit engagement is however unique and subject to the exercise of professional judgment on behalf of the auditor. The proposed approach and examples shown on this client are therefore just one way to approach challenges related to performing an effective small audit.
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This case study is a core teaching resource during the Audit ToT workshops and its aim is to provide an opportunity to bridge the gap between theory and the practical application of ISA by simulating a small audit client scenario.
... See More + Audit documentation templates and examples form part of the case study and allow the audience to go through a real-life business situation, and tackle and solve some real-life problems. The case study is structured into three volumes that should be used simultaneously: volume one – audit simulation, this volume represents a summary of the PejaSko Cheese scenario providing the background information about the audit case and also including references to the assignments that participants are expected to work through during the training sessions. Volume two - documentation templates and examples, volume two is a collection of documentation templates that should be used by participants when completing the assignments of the audit simulation. This section also includes a few examples aiming to assist participants to work through the Case Study. Volume three – trainers guide, the solutions and examples outlined in volume three - Trainers guide, have been complied based on the discussions and exchange of opinions among the members of the Audit ToT Community of Practice. Any audit engagement is however unique and subject to the exercise of professional judgment on behalf of the auditor. The proposed approach and examples shown on this client are therefore just one way to approach challenges related to performing an effective small audit.
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Small- and medium-sized practices (SMPs) have an important role to play in supplying professional services to their small- and medium-sized enterprise (SME) clients.
... See More + This publication describes the range of professional services available that are more naturally suited to the SME profile. It also provides guidance that might be useful for practitioners, SMPs and professional accountancy organizations (PAOs) as they support their members during the transition from traditional compliance providers to trusted advisors of SMEs.
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Traditional audit methods served auditors for decades but as technology advances and stakeholders’ expectations evolve, so does the need for auditors to innovate and transform their approaches in order to keep pace with demand.
... See More + This publication describes some of the opportunities that new technologies, especially the use of audit data analytics, can offer for audits of entities of all sizes. It also provides a few tips which might be useful for practitioners, Small and Medium Sized Practices (SMPs) and Professional Accountancy Organizations (PAOs) as they support their members.
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This case study is a core teaching resource during the Audit ToT workshops and its aim is to provide an opportunity to bridge the gap between theory and the practical application of ISA by simulating a small audit client scenario.
... See More + Audit documentation templates and examples form part of the case study and allow the audience to go through a real-life business situation, and tackle and solve some real-life problems. The case study is structured into three volumes that should be used simultaneously: volume one – audit simulation, this volume represents a summary of the PejaSko Cheese scenario providing the background information about the audit case and also including references to the assignments that participants are expected to work through during the training sessions. Volume two - documentation templates and examples, volume two is a collection of documentation templates that should be used by participants when completing the assignments of the audit simulation. This section also includes a few examples aiming to assist participants to work through the Case Study. Volume three – trainers guide, the solutions and examples outlined in volume three - Trainers guide, have been complied based on the discussions and exchange of opinions among the members of the Audit ToT Community of Practice. Any audit engagement is however unique and subject to the exercise of professional judgment on behalf of the auditor. The proposed approach and examples shown on this client are therefore just one way to approach challenges related to performing an effective small audit.
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The Ethical Dilemmas Board Game and associated learning session approaches professional ethics training and education in an engaging and practical way.
... See More + It reviews the fundamental principles of the Code of Ethics for Internal Auditors, prescribed by the Institute of Internal Auditors (IIA), then allows understandings to be tested through analysis, discussion, and selection of action for examples of potential threats.
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The IA ToT workshops focus on developing the capacity of public sector internal auditors to deliver high-quality internal audit training within their countries/institutions, based on the International Standards for the Professional Practice of Internal Auditing (ISPPIA) and international good practices in public sector internal auditing.
... See More + The Case Study Orotavia - Capital City Municipality is a core teaching resource for the IA ToT workshops. Its objective is to provide an opportunity to bridge the gap between theory and the practical application of the ISPPIA by simulating a small audit client scenario. Audit documentation templates and examples form part of the case study and allow the audience to go through a real life situation, and tackle and solve some real life problems.The Case Study is structured into three sections.Section I – Audit Simulation; This section summarizes the Orotavia - Capital City Municipality scenario and provides background information about the case. It also includes references to the assignments that participants are expected to work through during the training sessions.Section II – Documentation Templates and Examples is a collection of documentation templates to be used by participants when completing the internal audit simulation assignments. It also provides examples to assist participants work through the Case Study. Section III is the trainers guide, outlining possible solutions and examples based on the IA ToT Community of Practice discussions and exchanges.
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The objective of the group exercise is to enhance the analytical and intellectual skills of participating trainers while engaging in a practical case study involving going concern judgements.
... See More + Gathering appropriate evidence and evaluating the appropriateness of the going concern assumption, as well as making judgements about whether a going concern issue is present, are affected by the size of the entity. Auditors in small- and medium-sized practices (SMPs) face specific challenges when auditing going concern in their SME clients. It is therefore critical for SMP practitioners to develop a wide range of analytical and intellectual skills including abilities to apply sound professional judgement to reach well-reasoned conclusions based on facts.
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The objective of the exercise is to enable participants to engage in a role play activity and practice enhancing their interview, communication and interpersonal skills.
... See More + Engaging in a role play exercises also allows simulation of a real-life business situation and provides an opportunity for participants to tackle and solve some real-life problems. This is critical in order to acquire the complex skills needed by auditors that go beyond the theory and technical competence, allowing participants to exercise their professional judgement and understand particular problems from different perspectives.
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Smaller audits are considered ‘a specialty’, with their own unique set of challenges for practitioners to address when engaging with smaller clients.
... See More + This publication highlights some of those challenges and provides related insights that might be useful for practitioners, Small and Medium Sized Practices (SMPs) and Professional Accounting Organizations (PAOs) as they support their members.
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Working Paper 106079 JAN 01, 2016
Shukarova Savovska,Kalina; Hodge,John David SydneyDisclosed
The audit training of trainers (ToT) workshops focus on developing the capacity of the audit profession to deliver high-quality training and on providing continuing professional development programs based on the standards of the international auditing and assurance standards board (IAASB).
... See More + The workshops focus in particular on the needs and challenges of small and medium-sized audit practices (SMPs) to implement ISA and help them to guide practitioners in the development of quality assurance procedures at the firm and engagement levels. The workshops have two streams: (i) auditing fundamentals stream with broader coverage of topics and many practical case studies on simulated audit clients designed for the less experienced practitioner; and (ii) advanced stream for the more seasoned auditor with a narrower focus on more complex ISAs with emphasis on providing tools, templates, and examples.
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This assessment of accounting and auditing (A and A) practices in Latvia is part of a joint initiative of the World Bank and International Monetary Fund (IMF) to prepare reports on the observance of standards and codes (ROSC).
... See More + The assessment focuses on the strengths and weaknesses of the accounting and auditing environment that influence the quality of corporate financial reporting and includes a review of both mandatory requirements and actual practice. The main objective of this 2014 ROSC A and A is to record progress over the past nine years and support Latvia’s continued alignment with European Union (EU) requirements in this area, as well as to foster the ongoing development of its private sector. The ROSC will assess Latvia’s implementation of the 2005 report recommendations.
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Accounting and Auditing Assessment (ROSC) 100143 SEP 01, 2014
