Revised ISA315 - how do we identify SIGNIFICANT RISKS?

** I know I forgot to remove a small boo boo where I started a sentence and then started talking again at 11:35-11:40. Thanks to those who wrote to me about it! This is why you shouldn’t edit in a hurry late at night 😂
Link to the Revised ISA315 - download free of charge - bit.ly/2G7arNV
Video on why you need to understand internal controls - • Why do we need to iden...
How to identify significant risks - • Can you identify Signi...
My old video on audit assertions - • Explaning the financia...
#SignificantRisks #AuditRisks #AmandaLovesToAudit
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[@zander9486]

This woman was born to do these vids. She looks so happy. Thanks for the free education from sunny south africa

[@amandalovestoaudit]

Aww thank you so much! This comment made my day!

[@lachlangmbh8947]

Amanda you are beautiful!

[@prabhatgupta7]

Hi Ma'am , i am pusuing Chartered Accountancy in India . I have my final level exams in may . A big thank you for making these videos , i found you around a year ago and since then have used your videos while conducting actual audits during my 3 year articleship in internal audit . Please don't stop making these , our profession is quite under-represented here on youtube

[@amandalovestoaudit]

Hi Prabhat - many thanks for your kind words and for watching :) My plan is certainly to keep making these videos :) Please let me know if there is anything particular you'd like to see - you can comment here or email it to me at [e-mail] :)

[@mdshafiulazamacamentorofifrsia]

DearAmanda I am a newly qualified Chartered Accountant in Bangladesh.I followed your excellent videos and had much enthusiasm in Audit and Assurance subject.Thank you

[@kovilinmoodley1748]

Hi Dr Amanda, I'm a student in South Africa, Thank you so much I really appreciate all your your videos They've really helped me understand auditing Please can you make a video of ISA315 Revised Application and other Explanatory Material Much appreciated 💜💯

[@san12X]

South africa 🇿🇦

[@JillBayno]

Hi Amanda I love your vids! You’re way better than my lecturer!

[@MeditationMusicMovies420]

Thanks Amanda Really Helpful to clear concept

[@christianvictorino6727]

Thanks Amanda, I really like your lectures.

[@voicechasakarasakramente3504]

hi Amanda, am preparing for my ACCA audit exam. i found your channel so helpful. thank u so much

[@devmaster1988]

Really helpful Amanda! So stoked to be finishing my studies this feb and enter the world of accounting. Your video r really informative and consistant.

[@amandalovestoaudit]

Thank you so much! I’m sure you’ll do great at your new job!

[@babalwamvuleni2214]

How informative; I really enjoyed the presentation - its clear.

[@amandalovestoaudit]

Many thanks!

[@sendymashiya9810]

Thank you for an insightful lecture. You surely made it easy

[@amandalovestoaudit]

Thanks Sendy 😊

[@user-zi3mo6dg5l]

Great work, highly appreciated.

[@amandalovestoaudit]

Much appreciated!

[@amycool7499]

Ur videos are always helpful for me

[@amandalovestoaudit]

Thank you Amy! 🙏😊

[@chenvoonchong6140]

Excellent presentation. Thank you so much👍👍👍

[@amandalovestoaudit]

Thank you for watching 🙏🙏🙏

[@cloverbits4064]

Thank you for your vids it is really helpful for me to remember this things haha 🙂

[@amandalovestoaudit]

You’re welcome!

[@musyanisimposya5273]

best of the best.... thank you soo much ma'am

[@kidkash1221]

Hi Amanda , You're enthusiasm for this subject just motivates me to give this subject one more chance, especially due to the fact that your make this standard more relatable and practical for our use. I am currently doing Chartered Accountancy in Pakistan, and have final level exams coming up in June, for which Im grateful for making these easy-to-understand video.

[@amandalovestoaudit]

Thank you Kid Kash! Good luck in those exams - and make sure you get in touch afterwards to let me know how you go 😊

[@lokbdr7713]

Really helpful to understand and thank you madam🙏

[@francisazeglo6961]

This is great. Thanks

[@amandalovestoaudit]

You're welcome! Thanks for watching!

[@maria_lara111]

Thank you for the video.

[@amandalovestoaudit]

You’re welcome Maria!

[@shingiefoya2385]

Thank you Amanda

[@amandalovestoaudit]

You're welcome 😊

[@anantamurti4346]

Thank you so much for this! Your explanations are very clear and easy to understand :)

[@amandalovestoaudit]

Thank you Antana!

[@ofantasticlou]

Hi, I started watching your videos for my assignment but now you have made me really interested in auditing 😂 It’s your fault (of course it’s not your fault, joking), thank you!

[@amandalovestoaudit]

😂😂 my plan is to convert all general accounting students to want to become auditors 😉 Thanks for watching! ❤️

[@AY-cv1he]

Hi Amanda love your videos! Please, when designing your risk assessment procedures does that fall under your audit strategy or your audit plan?

[@amandalovestoaudit]

Hi AY - your risk evaluation of the client? Deciding your strategy is part of the audit planning process (normally)

[@taylorlov3559]

Hi there I’m learning auditing & would love a video on examples of how to write a audit finding or observations. Not sure if you already have a video on that. Thanks

[@davidavelar7045]

Hi, Amanda, David From El Salvador, thanks for the useful vdios about auditing

[@amandalovestoaudit]

Thank you for watching David!

[@yasirnisar57]

U r great ma'am

[@amandalovestoaudit]

Thank you 🙏

[@leroynyabeze6824]

good. thank you.

[@amandalovestoaudit]

You’re welcome!

[@ilenimegameno]

Hi Amanda. Can you please do a video on how to answer a ROMM at AFS level question as well as at Assertion level using an example

[@amandalovestoaudit]

It is definitely on my list!

[@ES2350]

Greetings from California!

[@chocymachado]

your videos are great. but i either didnt understand it completely or you didnt actually identify a risk. it seems to be an explanation on how to idenify a risk but i was hoping you to actaully discuss a risk that you have identified? i cant seem to grasp the concept of identifying an accounts risk and assertion especially at an academic level to analyse an annual report we dont get to talk to management, observe or test the entity's internal controls? could you please explain or do a video perhaps if the industry was anything other than retail maybe... hospitality (restaurant hotel) or transport (taxi or bus service) thanks once again great work ...subscribed!

[@amandalovestoaudit]

Hi! This was just a video on the latest standard - an example of how to actually do this is here: Can you identify Significant Risks for an audit client? kzbin.info/www/bejne/e3_Hmp9-oKtlrbs

[@Elvirgelion]

Have a question: • Identify the detection risk (How do you do the identifying to detection risk based on what basis, is this a terminology? Like example: Detection risk identified the auditor may not be able to see an error on the accounts receivable, that may lead to material misstatement) • Describe the factors that led you to identify the detection risk (is this referring to the control risk / inherent risk: Like example: High Internal control - Segregation of duties as cash receipts through the mail is opened by Zoe Patten and is being supervised by Kara Hampton at the time of opening.) • Explain why you feel it is a key detection risk (how to build up on the factors?) • Describe what testing you would plan to do to address the detection risk (is this referring to the testing of controls? Testing for occurrence, testing for completeness?)

[@amandalovestoaudit]

This sounds like a question for a test. I’m not sure what you’re actually asking. Identify DR is asking you to give the rating as L, M or H. Then after that it is asking you to explain how the AR model works.

[@nyokabigitau3623]

Thanks Dr. Amanda. It's insightful. I have a problem when the examiner talks about 'risks facing the auditor. Could you help?

[@josephgyimah7003]

I believe that risk facing the auditor has to do with Detection Risk, thus the risk that the Auditor may not detect material misstatement in the financial statements during the audit. I stand to be corrected though. 🙏🙏🙏

[@80dakka]

We missed u:) need some advices about how start IS Audit and Data Analysts, after CISA what most demanding knowledge to be learn like give me an example 1.2.3.etc.. i have to learn thanks

[@amandalovestoaudit]

Hi Ashraf :) After you complete CISA, my pick for the next big area of study is Data Analytics and Machine Learning.

[@80dakka]

@@amandalovestoaudit Software Requirements Management - Data Modeling and Relational Database Design -Software Quality Assurance and Testing Techniques - Agile Software Development - above topics will be helping Data analytics?

[@abdusalam6338]

Is there is a pen drive or cloud lecture which comprises full length video (all Audit stanterds) available????

[@amandalovestoaudit]

Hi Abdu - I don’t make pen drives (that seems to be only something I’ve seen in India and the sub-continent). However all of my videos on the auditing standards are here at this playlist - Auditing Standards EXPLAINED kzbin.info/aero/PLpJRVR3iB5Z7ST2Lc9SYeHHUznmlkVhqe

[@amandalovestoaudit]

And be sure to check out my ultimate audit study guide - organised logically according to the audit process here amandalovestoaudit.com/learning-resources/audit-study-guide/

[@anantamurti4346]

Dear Dr Amanda, whilst comparing ISA315 (Revised) Para 14(a) and ASA315 (extra) 14(a) I noticed ASA315 (14)(a) has "enquiries and ISA315 14(a) has "inquiries. I believe these words have the same meaning in the context of "act of questioning/investigating?

[@amandalovestoaudit]

Hi Ananta - exactly the same word - just different spellings 😊

[@amycool7499]

Hi.... Ma'am could you please make a video on TOC nd SP along with knowledge application....

[@amandalovestoaudit]

Hi Amy - just to make sure there is no confusion - what do you mean by TOC and SP?

[@amycool7499]

@@amandalovestoaudit hi maam. TOC means test control and SP means substantive procedure. My problem is that i am not able to understand what are the risk involved in sales purchase or any system so that i can apply control and test them.... And for substantive procedure i dont know where to start.... if it is possible, kindly make a video about how to apply substantive procedure and test of control.... so nice of you thanks. your response is awaited.

[@kgodishojulianlekgau3153]

@@amycool7499 I'm also struggling with them.

[@amandalovestoaudit]

You want to start with this video Can you tell your tests of controls from substantive tests? kzbin.info/www/bejne/roGbcp2BfpyLgtU

[@amandalovestoaudit]

And then work through all of these videos from the Gathering Audit Evidence on my study guide website amandalovestoaudit.com/learning-resources/audit-study-guide/gathering-audit-evidence/

[@tafarapaul]

Hie Amanda and everyone, what's the difference between an audit plan and an audit approach?

[@amandalovestoaudit]

Hi Tafara - the approach (or strategy) I consider to be the overall way you’re going to conduct the audit. You’ll then have specific plans and programs for auditing each of the areas of the accounts. Hope this helps 😊

[@tafarapaul]

@@amandalovestoaudit Very helpful, thanks Amanda for clearing my confusion👏

[@tafarapaul]

@@amandalovestoaudit Very helpful, thanks Amanda for clearing my confusion👏

[@anikiu3208]

Mam, if inherent risk is medium, Control risk is low then Detection risk is medium or low?

[@amandalovestoaudit]

Hi Anik - the DR matrix will indicate that DR should be low.

[@anikiu3208]

Thank you mam for your valuable comment.

[@JillBayno]

Can you help me in choosing a good company that has potential audit 315 blunders?

[@amandalovestoaudit]

Hi Jill - it is impossible for companies to have 315 "blunders" as it is really about the auditor assessing the client. There are some companies where it is more difficult than others because of the complexity of the industry or client :)

[@JillBayno]

@@amandalovestoaudit I see. Thank you. You're right, it's all up to the auditor to detect them. So I guess I'll choose any asx company then-- perhaps banks or lender/financing companies!

[@amandalovestoaudit]

The complexity is increased because of going concern in every industry right now - but if I had to pick one - I’d be looking at retail chains, airlines and financial institutions as interesting cases ☺️

[@JillBayno]

@@amandalovestoaudit sweet!