Back to Basics - Understanding the Entity

At the end of the course participants will be reminded of the ISA requirements with regards to understanding the entity and its environment and how these are reflected in the audit file. 

ISA (UK) 315 - Identifying and Assessing the Risks of Material Misstatement  

• The importance of understanding the entity 
• The nature of the entity 
• Financial reporting framework 
• Laws and regulations 
• Related parties 
• Financial performance and strategy 
• Going concern 
• How to practically understand an entity and its environment and its significance to the audit.