Changes to auditing and other IAASB guidance - part 2

In this lesson

1. 0:00 Climate risks and audit standards
2. 0:56 Laws, regulations and compliance procedures
3. 1:26 Evaluating misstatements and going concern
4. 2:16 Accounting estimates and audit experts
5. 3:09 Key audit matters and EU reforms
6. 4:16 Data analytics in large group audits
7. 5:12 Understanding business systems through data
8. 6:43 Efficiency gains from analysing larger datasets
9. 7:39 Coverage and sample risk elimination

About this lesson

You'll explore the connection between climate considerations and multiple auditing standards—from risk assessment (ISA 315) through to going concern and key audit matters (ISA 701)—and understand how to apply these in practice. You'll also discover how data analytics tools help you analyse larger populations of data more efficiently, identify anomalies faster, and deliver greater value to clients, whilst allowing your team to focus professional expertise on higher-risk judgements. This is essential knowledge for the AA module and exam scenarios that increasingly test your understanding of emerging audit risks and modern audit techniques. The lesson covers practical application through a realistic case study on data analytics benefits, helping you articulate how these tools strengthen audit quality in large group audits. You'll also learn about EU audit reform requirements, including auditor rotation rules and limitations on non-audit service fees—details that frequently appear in exam questions. By the end, you'll be able to explain how climate risks cascade through the audit process, connect new IAASB standards to real audit scenarios, and confidently discuss the strategic value of data analytics to audit engagement partners and clients alike.

Duration: 9m