CPD Course Overview

CPD Allocation

8 Hours

Fee

€210 (or 8 CPD Club points)

Time

Registration 09:00, start 09:15, finish 17:30


Venues & Dates:

Carlow 23/05/2017 Talbot Hotel Book Now
Dublin 24/05/2017 Radisson Blu, Dublin Airport Book Now
Limerick 05/09/2017 Radisson Blu Hotel Book Now
Dublin 06/09/2017 Radisson Blu, Dublin Airport Book Now
Cork 12/09/2017 Radisson Blu Book Now
Galway 26/09/2017 Clayton Hotel Book Now
Dublin 19/12/2017 Talbot Hotel, Stillorgan Book Now

Course Content


"Essential attendance.  With Des, who could say that auditing is boring?!"

Patrick O'Rourke, O'Kelly Sutton


Auditing Framework for Ireland

On 31 January 2017, IAASA announced the adoption of the Auditing Framework for Ireland (“the Standards”). The Standards – ISAs (Ireland), ISQC (Ireland) 1 and the Ethical Standard for Auditors (Ireland) are mandatory for use in auditing financial statements of periods commencing on or after 17 June 2016. What does this mean?

While early adoption is permitted for audit reports signed off after 1st of February 2017, all year end audits for years ending 30th of June 2017, the new revised standards must be applied. Until then, we can continue to use the existing FRC Clarity ISAs UK and Ireland and the Ethical Standards 1 to 5 and ES PASE. The good news is that these Irish Standards are just the updated FRC Standards updated for the changes

What does all this mean in plain and simple English

  • Your audit reports are going to change
  • Your client communications such as your engagement letters, planning letters, letters of representation, audit findings letters are all going to change
  • There will be changes to the planning section of your audit files and the conclusion sections of the file
  • There is an increased emphasis on how you audit going concern and management estimates
  • There are warnings about auditing FRS105 micro entities
  • There may be small modifications to the execution elements of your file to comply with the new standard

The change is one thing, but your firm now has to get all this into your audits, to ensure that you comply with the new standards. More importantly, when you have your next monitoring visit you need to be able to demonstrate to the reviewers that you are maintaining your audit quality for every audit opinion you sign off.


How Are You Going To Practically Implement These Changes?

The OmniPro Technical Development Team have already invested a huge amount of time analysing the standards, identifying the changes and working out how the changes are going to impact on your audits, your files, your working papers, your audit reports and your client communications. We are already working on updating all of our audit programmes in the Accountants Resource Centre so they will be ready for June 2017.

Our 2017 Audit Workshop condenses and summarises the changes and integrates them into an A to Z of practical audit application. In this seminar we not only look at auditing, we look at how the auditing standards interact with FRS 102 and the Companies Act 2014, giving you the full spectrum or Irish Auditing.


Is The Complete Audit Workshop 2017 For Me?

If you are an auditor doing audits big or small, this workshop is definitely for you.

Over the past 12 years since we created OmniPro, our Audit Workshop has consistently been our best-selling event. We have some regular pilgrims who make the journey every year, year in year out. We have other firms who at least once a year send out the scouts to see what is new and what is in our template pack. With the audit workshop you not only get your 8 hours of CPD, you get almost 500 pages of supporting material that you will be able to refer to and use again and again.

  • Sample working papers

  • Guidance documents

  • Sample financial statements

  • Template client communications

  • Practical examples

  • Concise technical information

Our audit workshop is built on the Auditing Standards but also focusses on the interpretation of those standards, as evidenced by our own work with firms preparing for and recovering from Quality Assurance Visit of the Institutes and what the institute reviewers are focussing on in their recent visits.


What Exactly Is Covered On The Day?

We have broken the audit workshop down into 8 separate and distinct sessions. We move through the material with a “How To” focus. We address every auditing standard and every element of the audit process:

Section 1 Applying the new integrated Ethical Standard and ISQC1 in accepting the audit
Section 2    The overall planning process and your planning memorandum including dealing with materiality and setting sample sizes
Section 3 Implementing the key planning standards of ISA 240, ISA 315 and ISA 320
Section 4 The responses to identified audit risks and documenting your audit work
Section 5 Audit Execution including some of the common weaknesses of completeness of income, auditing management estimates, related parties and expenditure testing
Section 6 Pulling the file together and financial reporting auditing issues
Section 7 Going Concern under the new Auditing Standards
Section 8 The new Format of Audit Report and Opinion Forming in the new regime

For anyone who is working in audit, this seminar allows you comply with your Core Competency Audit CPD requirements. IAASA now has an expanded regulatory role under SI 312 of 2016 and the European Statutory Audit Directive. S.62 of this Statutory Instrument deals with Auditor Education.


CPD Course Facilitators

Des O’Neill - Co-Founder and Managing Director, OmniPro

Having worked for a number of years in practice, Des O’Neill co-founded OmniPro to develop tools, techniques, products and services, empowering accountants to acHaving worked for a number of years in practice, Des O’Neill co-founded OmniPro to develop tools, techniques, products and services, empowering accountants to achieve their best. Over 15 years, he has grown the company to a multi-million-euro turnover business and established OmniPro as Ireland’s largest independent provider of CPD for accountants.

Des speaks regularly, at national and international fora, on practice development, auditing, accounting, company law and regulation. He is passionate about bringing innovation to the profession and empowering accountants to achieve what they want in their careers and practice.