Group Audit Basics course

What will we cover?
During this E learning , We will focus on group audit from the perspective of the group engagement team and the component auditor.
Target Audience
Audit firms’ partners or managers or field seniors who have solid auditing background

This E Learning will be divided into 8 phase
1- Course overview
Which describe this e learning content and learning objectives

2- Introduction to group audit
Which will cover the below learning objectives
1- Introduction to relevant group auditing standards ( ISA)
2- Introduction to relevant group accounting standards (IFRS )
3- Introduction to ISA 600 “ SPECIAL CONSIDERATIONS-AUDITS OF GROUP FINANCIAL STATEMENTS (INCLUDING THE WORK OF COMPONENT AUDITORS) “
4- Definitions used in ISA 600
5- What is a Group Audit?
6- what’s component for the purpose of ISA 600?
7- Identification of components
8- indicators of a Group Audit
9- Other considerations in group audit identification
10- Risk-Based Approach in Audit
11- Audit process phases ( included group)

This E Learning will be divided into 8 phase
3 – Phase 1 Preliminary engagement activities
Which will cover the below learning objectives
1. ASSESS ENGAGEMENT RISK OF GROUP ENGAGEMENT
2. ACCPETANCE AND CONTINUACE CONSIDERATIONS IN GROUP AUDIT
3. ESTABLISH TERMS OF THE GROUP AUDIT ENGAGEMENT

4 – Phase 2 Understand and Plan Learning objectives
Which will cover the below learning objectives
1. overall Group Audit Strategy and Group Audit plan
2. Understanding the Group and Its Environment and the Applicable Financial Reporting Framework
3. Understand the group’s system of internal control
4. Determine materiality for group and component
5. Identifying material account balances , classes of transactions and disclosures
6. Identifying and Assessing the Risks of Material Misstatement for material ABCOTD
7. Design responses to address assessed risk of material misstatements
8. UNDERSTAND THE COMPONENT AUDITOR
9. Communications with components auditors
10. Prepare audit planning memorandum

5 – Phase 3 Perform and Evaluate
Which will cover the below learning objectives
1- Perform audit procedures as planned
A. Determine level of involvement in component auditor’s work
B. Obtain reporting packages and clearance memos from component auditors
C. Document group engagement team’s work performed on components
D. Test the consolidation adjustments
2.Perform analytical procedures at group and component level
3 Evaluate whether sufficient appropriate audit evidence has been obtained

6 – Phase 4 Conclude and report
Which will cover the below learning objectives
1.Perform subsequent events review for both the group engagement team and component auditors
2. Obtain written representation letter
3. Prepare the audit summary memorandum
4.perform engagement quality review
5. Form an opinion and report on financial statement
6. Communicate with management and those charged with governances

7-Phase 5 SPECIFIC ISSUES RELATED TO GROUP AUDIT
Which will cover the below learning objectives
1- non-conterminous year ends;
2 – aligning inconsistent accounting policies;
3- subsidiary audit exemption and the audit of balances.
4- Other Matters

8- Group Audit course assessment
After your completion of “the Group Audits E learning ” you are required to take assessment Consist of 10 questions .
You need to score 70 percent or more to pass. If you score less than 70 percent. You will be required to retake the assessment.