This two-day seminar will provide invaluable insights in the Audit Process, in particular its output, to accountants and auditors, employed in accountancy and audit firms. This opportunity to substantially expand and improve their knowledge on preparing an audit report based on the International Standards in Auditing, represents excellent value for money and is an opportunity not to be missed!

This seminar will guide participants through the necessary procedures required to prepare an audit report for small and medium sized clients in a professional, efficient and effective manner. Furthermore, practical implications of the important recent changes in the International Standards on Auditing and the relevant Cyprus Laws (Company Law & Auditor Law) will be analyzed and examples will be used throughout this session to illustrate the impact of changes on the auditor’s report as well as the work and file supporting it.

It will cover in detail all types of modification, focusing on difficult particular cases including imposed limitations of scope, multiple qualifications, disclaimers, emphasis of matter, going concern qualifications, substance over form qualifications, disclosure qualifications and the impact of qualified opinions in the prior year or the previous year being un-audited or audited by another auditor on the current and subsequent period audits importantly and modifications resulting from recoverability / impairment aspects of IFRS 9, in respect of receivables (trade and loan) and banks.

In the context of avoiding a modified report, different available audit tests on commonly problematic areas, like loan receivable and investments in subsidiary/associate undertakings and other investments (including foreign currency), or lacking bank confirmations or inventory count non-attendance, as well as the extent and quality of audit evidence required, will also be discussed.

The seminar is addressed to accountants and auditors