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• M23101 - Auditing Accounting Estimates (Online)

  • When
    13 Oct 2023
  •  
    09:15 - 12:30
  • Location
    Online Webinar

  Register

  Registration Time: 09:00
  Sessions Time: 09:15- 12:30  including a 15-minute break
  Speaker: Mr Mario P Galea
  Venue: Online Webinar

  Participation Fees (The Institute is now accepting payments via Paypal)
  MIA Members: €40
  Non-MIA Members: €75.00
  Retired Members: €20.00
  Students: €30.00

  BACKGROUND INFORMATION

  Financial statements are meant to give a true and fair view of the financial performance for a period of time and the financial position at the period ended on that date. The majority of balances and transactions making up the financial statements are supported by documentation. However, some items are not so supported because they are estimates.
  These estimates are pivotal to the truth and fairness of the financial statements because they can overturn the message that the supported assertions purport to provide. Accounting estimates may be a tool in the hands of persons with malintent to deliver the message they want rather than an objective view about the entity.
  Auditors are concerned with the audit risk of issuing the wrong opinion on the financial statements. During their work they are faced with various levels of comfort or lack of it. It’s one thing auditing routine procedures which produce documented numbers flowing into the financial statements and it’s another thing auditing estimations which are placed in, rather than flow into, the financial statements side by side with the data supported by a clearly laid out audit trail.
  When it comes to the audit of accounting estimates the inherent audit risk shoots through the roof and with no or limited concrete controls to mitigate that risk, the auditor is constrained to apply extensive procedures to bring down the detection risk and therefore balance and rationalise the audit risk of misrepresentation.
  During this session we will be looking at the nature, presence and incidence of accounting estimates, their impact of financial statements and the tools at the disposal of the auditor to detect them, obtain reasonable assurance about their truthfulness, justification, and fair representation as well as the nature of work and procedures that the auditor will have to engage in to minimise the risk of being drawn into being an accomplice in misrepresentation.

  Topics on the agenda

  • ISA 540, estimation uncertainties

  • complex estimations

  • setting assumptions

  • supporting data

  • judgmental decision

  • nature timing and extent of audit procedures

  • risks of material misstatements

  • implementation tools for auditors

  • ISA 540 requirements flow

  • specific procedures under ISA 540 and other ISAs and the auditor’s professional judgement

  WHY IS THE SESSION OF RELEVANCE TO OUR MEMBERS?

  This session is important for members in their responsibility to lend credibility to financial statements audited or produced by them, and to non-members as part of the campaign of the accounting profession to make business owners and users of financial statements aware of the workings of the profession.

  Target Audience

  Auditors, accountants, accounting staff, business leaders who are responsible for determining accounting estimates in their financial reporting, and students.

  Speaker's Profile

  Mario P Galea is a  certified public accountant holding a warrant to practice both as an accountant and as an auditor. Currently practising as a business advisor providing governance oversight and advisory services to businesses and corporations. Serves as an independent non-executive director on the boards and audit committees of various listed companies in the financial and commercial sectors. Mentor and advisor to family businesses. Founder, managing partner and chairman of accountancy and audit firm EY in Malta until retirement in 2012. Specialised in auditing and assurance which he has practiced for 35 years in Malta and abroad. Lectured in auditing, assurance and professional and business ethics and led several training courses. Speaker at various business and professional conferences in Malta and abroad. Speaker and producer of various webinars related to auditing, corporate governance and ethics. Assisted businesses in several areas particularly relating to governance, accounting and systems of control. Served as President of the Malta Institute of Accountants and for many years formed part of the Accountancy Board which is the accountancy profession regulator in Malta. Served on various professional committees in Malta and abroad such as the council of the Federation des Experts Comptables (FEE) in Brussels (now Accountancy Europe). Member of the Ethics committee of the Malta Institute of Accountants in Malta.
  

  EVENT CPE COMPETENCES

  
  

  3 Hours Core

  
  

  WEBINARS TERMS AND CONDITIONS

  
  

  Terms and conditions  apply

  
  

  DISCLAIMER

  By Registering and/or Booking for this event, you agree that MIA will collect your information which will be using it in accordance with its Privacy Notice available at the following link.

  Please note that all webinars are recorded by the MIA. Such recordings will be retained by the MIA for internal use.

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• M23085 - The risk of fraud - an audit perspective (Online)

  • When
    15 Nov 2023
  •  
    13:30 - 15:30
  • Location
    Online Webinar

  Register

  Registration Time: 13:15
  Sessions Time: 13:30 - 15:30  no break
  Speakers: Ms Rebekah Barthet & Ms Anita Grech
  Venue: Online Webinar

  Participation Fees (The Institute is now accepting payments via Paypal)
  MIA Members: €28
  Non-MIA Members: €50.00
  Retired Members: €15.00
  Students: €20.00

  *Group bookings for 3 or more participants available.
  

  BACKGROUND INFORMATION

  Fraud can have serious consequences for both organisations and stakeholders. Throughout the audit process, auditors are expected to exercise professional scepticism and due care. They assess fraud risks, detect material misstatements resulting from fraud, and report any identified fraudulent activities to those charged with governance.
  

  SPECIFIC TOPICS TO BE COVERED DURING THE SESSION

  • Fraud basics

  • Mitigating fraud risk

  • ISA requirements with respect to fraud

  • Challenges faced by auditors

  • Audit reporting requirements

  
  

  TARGET AUDIENCE

  The session is targeted to finance professionals seeking to enhance their understanding of fraud risks and the role of external auditors in relation to fraud. This session will also be of interest to those professionals who already work within the respective fields.
  

  WHY IS THE SESSION OF RELEVANCE TO OUR MEMBERS?

  Participants will obtain a deeper understanding of fraud risks and various fraud indicators. This would enable them to develop audit procedures to address areas of higher risk, ensuring an efficient audit process. This session will also outline the responsibilities of external auditors in relation to fraud in an audit engagement, addressing the requirements of ISA 240 and ISA 315.
  It is also relevant to those charged with corporate governance as they are responsible for monitoring the overall risk assessment process of the organisation, including the organisation’s exposure to fraud risks. Understanding the role of external auditors in relation to fraud is essential for them in order to identify the requirements for their organisation.

  Speakers' Profiles

  Rebekah Barthet is an Associate Director within the Business Advisory Department at Mazars in Malta. As an appointed Court Expert, she is involved in forensic investigations relating to financial crime. Rebekah was also involved in anti-money laundering related projects instituted by law enforcement agencies. Rebekah holds an MSc in Forensic Accounting and is accredited with the ACAMS certification. She is a certified public accountant, holding a practicing certificate in auditing and a member of the Malta Institute of Accountants.

  Anita Grech is a Partner at Mazars Malta and is specialised in audits of PIEs and listed entities and has extensive experience working on local and international groups of companies. She previously worked with one of the Big Four firms and has also gained experience working in industry. Anita is part of firm’s technical team and involved in internal training on audit methodology and is also deputy chairperson on the MIA’s sustainable finance committee. Anita is a Certified Public Accountant and Practicing Auditor by profession.
  

  EVENT CPE COMPETENCies

  
  

  2 Hours Core

  
  

  WEBINARS TERMS AND CONDITIONS

  
  

  Terms and conditions  apply

  
  

  DISCLAIMER

  By Registering and/or Booking for this event, you agree that MIA will collect your information which will be using it in accordance with its Privacy Notice available at the following link.

  Please note that all webinars are recorded by the MIA. Such recordings will be retained by the MIA for internal use.

  Show details