Audit Risk Assessment
This session will focus on the need for risk assessment emanating from auditing standards. It will commence by providing a high-level overview on the role of risk assessment in establishing the overall audit strategy. It will then delve into identifying and assessing the risks of material misstatement through understanding the entity and its environment. This includes an overview of the nature, timing and extent of the risk assessment procedures performed during an audit. The session will also touch upon the process of establishing the materiality levels for the audit of the financial statements, including the determination of the appropriate benchmarks and other metrics, as well as the re-assessment of such levels as the audit progresses.
This session is relevant to external auditors and students.
The session is aimed at increasing awareness and understanding of the risk assessment process within a financial statements audit.
A basic understanding of the scope and conduct of an ISA audit.
Time: 14:00 – 16:45 (including 15 minutes break)
Venue: Live online session – details of how to join the meeting will be sent once registration is complete
CPE Hours: This course qualifies for 2.5 hours of structured CPE which can be classified as Core Competency. A certificate of attendance will be provided at the end of the session.
Amanda Formosa, Associate Director, Audit Services, KPMG in Malta
Amanda is part of the management team of the Banking and Asset Management Audit Cluster, within the Audit function at KPMG in Malta. During her thirteen years at KPMG, Amanda has provided audit services to various clients, both local and international, with financial institutions being her main area of specialisation. Amanda also worked for two and a half years in the financial services audit department of the KPMG New York office, where she was part of the audit team of one of the top global investment banks. Amanda is an Associated Chartered Certified Accountant (ACCA) and a fellow member of the Malta Institute of Accountants and obtained also a Bachelor of Commerce (Honours) Management, from the University of Malta.
Daniel Brincat, Associate Director, Audit Services, KPMG in Malta
During his eleven years at KPMG, Daniel has worked on audit clients operating in a wide array of industries, including banking, insurance and gaming. Daniel worked for two months in the financial services audit department of the KPMG Toronto office, where he was part of the audit team of one of the top global insurance companies. Similarly, Daniel was also seconded with KPMG Channel Islands for a six month period, in which he predominantly focused on private equity clients, wealth management clients and investment funds. Today, Daniel is part of the management team of the Private Enterprise Audit Cluster, with his main portfolio including local listed entities and large international groups. Daniel is a fellow member of the Malta Institute of Accountants and obtained a Bachelor of Accountancy (Honours) from the University of Malta.
Christabelle Formosa, Senior Manager, Audit Services, KPMG in Malta
Christabelle Formosa is a Senior Manager within the audit department at KPMG Malta with her primary focus being Banking and Asset Management clients. She received her Bachelor of Accountancy (Honours) degree from the University of Malta in 2013. Christabelle is a Certified Public Accountant, a holder of a practicing certificate in auditing and also a member of the Malta Institute of Accountants.
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- Guided Learning 2.5 hours
- Language English
- Assessments Not Applicable