Auditing accounting estimates & report modifications

26 January 2023 | 9:00 a.m. – 5:15 p.m. | 7 CPD |KPMG Limassol

26 January 2023 | 9:00 a.m. – 5:15 p.m. | 7 CPD | KPMG Limassol

auditing-and-accounting

Important Note

Please note that KPMG will offer this training as a webinar, if health considerations and government restrictions require this adjustment. In such a case, the webinar will be conducted in two sessions. Further information will be communicated to you in due course.

Seminar’s overview

A Board Member with vast experience as an Auditor in Cyprus and the USA will deliver this informative practical training, in an effort to update audit professionals about changes in audit methodology regarding “Estimates”. Through this training, which will focus on International Standards on Auditing (ISA), participants will also enhance their knowledge on possible circumstances that call for audit report modifications. This way, they will be equipped with the necessary knowledge and skills to apply the new and revised ISAs in their workplace in a correct and effective way. KPMG Academy will accept a small number of participants in order to encourage interactivity and give the opportunity to the trainer, who is a practitioner, to answer all questions.

Seminar’s goals

By the end of the training, participants will be able to:

  • explain the international standards ISA 540, ISA 700, ISA 701, ISA 260, ISA 570, ISA 705, ISA 706
  • list the changes in the audit methodology in ISA 540
  • use assumptions and specific methods to audit accounting estimates correctly
  • form an opinion based on the audit evidences and when to modify this opinion
  • demonstrate the ways to define the importance level of key audit matters in financial statements that are communicated by those charged with governance
  • the audit evidence they collected and based on the evaluation of the management’s assumption
  • explain their conclusion on why an entity should consider as “going concern” based on the audit evidence they collected and based on the evaluation of the management’s assumption 
  • draft matter paragraphs in a correct way based on the knowledge obtained during the training
  • adopt the requirements of the above-mentioned auditing standards in their audit engagements.

Participants

This seminar is essential for CEOs, CFOs, financial managers, managers, auditors, internal auditors, accountants and other professionals who wish to be informed on the latest ISA developments.

Agenda

1. Introduction (20 min)

  • Session’s objectives
  • Highlight of changes in audit methodology

2. ISA 540 Auditing Accounting Estimates and related disclosures (1 hr & 45 min)

  • Scope and nature of Accounting Estimates
  • Key changes of the revised standard
  • Required application and examples

3. ISA 700 Forming an opinion and reporting on financial statements (50 min)

  • Form of opinion and resent changes
  • Auditor’s report
  • Supplementary information presented with the financial statements

4. ISA 701 Communicating key audit matters in the independent auditor’s reports (30 min)

  • Identification of key audit matters
  • Communication of key audit matters

5. ISA 260 Communication with those charged with governance (45 min)

  • Categories of those who are charged with governance and their responsibilities
  • Matters to be communicated
  • The communication process
  • Documentation

6. ISA 705 Modifications to the opinions in the independent audit’s report (1 hr & 10 min)

  • Circumstances when a modification to the auditor’s report is required
  • Determine the auditor’s report type

7. ISA 570 Going concern (1 hr & 10 min)

  • Going concern assumption
  • Evaluating management’s assumption
  • Additional audit procedures when events are identified
  • Audit conclusions and reporting

8. ISA 706 Emphasis of matter paragraphs and other matter paragraphs in the independent auditor’s report (30 min)

  • Emphasis on matter paragraphs in an auditor’s report
  • Other matter paragraphs
  • Communication with those charged with governance.

Registration & Contact

If you wish to register for the seminar, please complete the registration form.

Once your registration is submitted, you will receive an email stating the participation fee, including any discounts, if applicable. Kindly note that the payment should be settled at least two days prior to the seminar’s date for your registration to be confirmed.

If you do not receive our confirmation e-mail regarding your registration, your participation cannot be guaranteed.

Cost

€210 + VAT

*Last Date for 10% Early Bird Discount: 13/01/23

 

Discounts available

  • For more than two (3+) participants from the same company a 10% discount is available on the total cost, before the VAT and HRDA subsidy. This discount only applies for participants who enrol in the same seminar, on the same day. This discount can only be combined with the early bird discount and the HRDA subsidy, when applicable.
  • For individuals/legal entities who/which register in more than two (3+) seminars during the same semester (January-June & July-December), a 10% discount is available on the total cost, before the VAT and HRDA subsidy. This discount only applies for individuals/legal entities who/which enrol in more than two (3+) seminars during the same semester, on the same day. This discount can only be combined with the early bird discount and the HRDA subsidy, when applicable.
  • There is a 10% discount for alumni members. This discount should be applied before the VAT and HRDA subsidy and can only be combined with the early bird discount and the HRDA subsidy, when applicable. For more information on our alumni scheme, click here.
  • There is a 10% early bird discount on selected seminars for participants who enrol in a training course until a specific date which is stated above. This discount should be applied before the VAT and HRDA subsidy and can only be combined with the HRDA subsidy, when applicable.
  • HRDA subsidy for all HRDA approved seminars. 


Contact

For any queries, please contact Elli Athanasiou on +357 22 209 053 or at academy@kpmg.com.cy.

CPD: This seminar may contribute to Continuing Professional Development requirements. At the end of the seminar participants will be given a certificate of attendance confirming the total number of training hours (7 CPD).

Trainer

John Nicolaou 
Board Member, L&D Audit and Soft Skills Lead, Audit and Advisory, KPMG Cyprus

John is a Board Member of KPMG Limited and has over 16 years of combined experience in Cyprus and the United States of America. His past and current clients are from various industries including information technology, oil and gas, real estate, shipping, and international trade.

John has a BSc in Accounting from the University of Arizona, is a member of the American Institute of Certified Public Accountants, a member of the Institute of Certified Public Accountants of Cyprus and an associate member of the Chartered Institute of Personnel Development.  

As a facilitator John has extensive experience in providing various courses and seminars in audit, management, leadership, coaching, relationship building, negotiating skills, time management, presentation/facilitation skills, among other courses. In 2016, he was certified by the HRDA as a “Trainer of Vocational Training”. John is currently the head of Audit Learning and Development team of KPMG Limited. John, supported by a team of experienced facilitators, designs and delivers audit trainings for all levels of audit professionals.

Furthermore, John is a member of the Training Committee of the Institute of Certified Public Accountants of Cyprus (ICPAC). The role of the committee is to organize and deliver various trainings to the accounting professionals in Cyprus.  

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