About this webinar
The new Controls Auditing Standard ASAE 3150 Assurance Engagements on Controls applies for audits commencing 1/1/2016, and relates to audits of other than historical financial statements. It is a significant update to the former AUS 810 that dates back to 2002, and reinforces the importance of Controls audit testing.
ASAE 3150 reflects best practice and clarifies how to scope, conduct and report on an assurance engagement on controls, to ensure that assurance engagement quality is maintained and where necessary improved.
Typical Controls audit testing cover areas such as:
(a) compliance with contractual requirements agreed with customers, investors, financiers, purchasers or government for controls to achieve identified control objectives at an entity, such as controls over health and safety, ethics, privacy and security of data and information technology (IT) accessibility;
(b) compliance with regulatory requirements, such as:
(i) Australian Prudential Regulation Authority (APRA) reporting requirements or
(ii) legislative requirements for assurance reports on controls at certain government entities;
(c) concluding on operational or compliance controls at a service organisation or
(d) voluntary engagements initiated by the entity on its own controls over services, activities undertaken or functions which it provides.
In addition to examining ASAE 3150, this webinar will also look at Auditing Standard ASA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment, given on-going concerns raised by ASIC over what is sees as significant deficiencies in Controls audit testing generally.
Who should attend
This webinar is suitable for accountants throughout Australia. This is an update webinar on recent developments in this area.
Keith Reilly, Financial Reporting Consultant & Lecturer, Macquarie University, Sydney
Keith Reilly is a financial reporting consultant and covers accounting, auditing and ethical standards, as well as governance and regulatory issues. He has some 40 years’ experience in the financial reporting field, most recently (July 2013) being the National Head of Professional Standards at Grant Thornton Australia, and a member of Grant Thornton’s International Public Policy Group, Independence Working Group, and IFRS Committee.
He was previously the technical director and advisor for the Institute of Chartered Accountants in Australia, and has also worked with the Australian Securities Regulator (ASIC), been an advisor to a major institutional Australian stock broking firm, and a former Research Director and Auditor for two Australian Big 4 audit firms.
Keith consults, writes and lectures extensively on financial reporting issues. He is a former member of the Australian Accounting Standards Board’s Urgent Issues Group and a member of the Accounting Professional and Ethical Standards Board’s Code of Ethics Taskforce.