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24-26 September 2012, Vienna
As part of the REPARIS program and in response to the need for improved continued professional development (CPD) for statutory auditors in the participating countries, the CFRR organized a three-day "Training of Trainers" workshop on audit education in Vienna from 24-26 September, 2012.
The workshop, the first in a series of three, was designed to support the efforts of Professional Accounting Organizations (PAOs) to develop CPD courses that assist the auditors of small- and medium-sized enterprises in implementing International Standards on Auditing (ISA) and in developing appropriate procedures for quality assurance (QA). The workshop was attended by over 30 trainers in auditing CPD from the REPARIS countries and by members of the Education Division of the Romanian Chamber of Financial Auditors.
IFAC provides some excellent resources and guidance to support implementation of ISA and of International Standards on Quality Control(ISQC), and several of these were disseminated at the PAO forum jointly organized with IFAC on 1 June 2012. However, REPARIS participants had also highlighted the need for greater "hands on" support for Small and Medium Sized Practices and for support from REPARIS in transferring practical experience of auditing using ISA in CPD programs.
This workshop presented the concept of a Client File Series (CFS), which would contain all the documentation and teaching materials that CPD teachers need to present a case study of the audit of an SME. In addition, the materials would show the minimum required for the audit to comply with ISAs and with the IAASB’s main standard on quality control (ISQC1). The CFS would be jointly developed by workshop participants and by CFRR staff over the course of the three workshops. By the end of the series of workshops, the full set of CFS material would be available for use by CPD teachers.
At this first workshop, the detailed discussion of the CFS focused on the first stages of the audit process, including the professional and ethical issues surrounding obtaining audit engagements and the initial steps in planning the audit itself. There was then a detailed discussion of how the risk-based approach to auditing embodied in ISA should be applied in practice. In these activities, the workshop made extensive use of IFAC’s Guide to using ISAs in the audits of SMEs.
The workshop contained a number of sessions on more general topics relevant to the provision of CPD to auditors, with a focus on SMPs, such as how to bring real world experience of carrying out audits into the classroom. It also discussed how the World Bank assesses the quality of audit firms while pre-qualifying potential audit firms for audits of World Bank-funded activities.
Participants also discussed what topics should be covered in future workshops in the series, what educational materials on implementing ISAs were already available in the REPARIS countries and what mix of training techniques (traditional lectures, on-site training, e-learning using specialized software, and role-playing exercises) was most effective for educating existing auditors.
The CFRR team will now draw on this material in designing the next two workshops, which are planned to be held in spring and autumn 2013.