International Standard on Assurance Engagements 3000

ISAE3000(R) - International Standard on Assurance Engagements 3000 (Revised) - Comprehensive Workshop

The International Auditing and Assurance Standards Board (IAASB) completed its project on Assurance Engagements Other than Audits or Reviews of Historical Financial Information in September 2013, after running the project since approving its proposal in March 2009. The standard itself has been effective for assurance engagements when the assurance report is dated on or after December 15, 2015. Whilst this standard has been applicable for some time, its use has not been as widespread previously. With the global growth in and focus on non-financial and external reporting in recent years, auditing professionals need to extend their knowledge of providing assurance relating to non-financial information, either to perform these engagements or at least to be competent in taking into account the impact of information on both financial and non-financial reporting and risk of material misstatement in both forms of reporting.

This short course is designed to enable auditors to understand the concept, process and requirements of non-financial assurance engagements performed in compliance with the International Standard of Assurance Engagements 3000 (Revised): Assurance Engagements Other Than Audits of Historical Financial Information issued by the IAASB.

At the end of this course participants will be able to:

• Explain the concept and identify examples of non-financial information
• Describe the objective of ISAE3000
• Describe the key principles and terminology contained in ISAE3000 and how these apply practically to non-financial information
• Explain the assurance process prescribed by ISAE3000
• Compare the types of assurance provided by the standard and how they may be modified
• Identify the reporting requirements based on different scenarios
• Explain the professional, independence and quality requirements of performing engagements in compliance with this standard

Who Should Attend

• Public practitioners who audit, or play a substantial role in auditing, public company financial statements
• Audit supervisors and managers at public audit practices

Topics

• What is non-financial information?
• The scope and objective of ISAE3000
• Key principles and terminology contained in ISAE3000
• Practical examples of principles and terminology
• The assurance process: Non-financial information
• Types of assurance
• Modifications based on evidence
• Understanding the users of ISAE3000 reports
• The professional, independence and quality requirements of performing engagements in compliance with ISAE3000

Prerequisites

A reasonable understanding of auditing. No advance preparation is required for this course.