The Audit Training of Trainers (Audit ToT) activities focus on developing the capacity of the audit profession to deliver high-quality training and continuing professional development (CPD) programs based on International Standards issued by the International Auditing and Assurance Standards Board® (IAASB®). This regional activity for participants in the EU-REPARIS program aims to facilitate shared learning and peer exchange regarding the design, content, implementation arrangements, teaching and authorization environment for CPD. It focuses on the needs and challenges of Small and Medium Sized Audit Practices (SMPs) aiming to help develop both their technical and essential soft skills.
Trainers from Professional Accounting Organizations (PAOs) and/or other organizations responsible for the design and delivery of CPD training programs for statutory auditors and audit firms in EU-REPARIS countries receive high-quality training and experience of using internationally recognized teaching materials. They are then able to pass on this knowledge and experience to other audit trainers in their home country.
A previous series of five workshops were held from 2012-2014 as part of the REPARIS program. This new series has two streams: Fundamental and Advanced Streams, and a Supplementary Module focusing on other reporting circumstances. Online sessions complement both streams. The Fundamental Stream begins with four modules, each delivered at a workshop, while the Advanced Stream combines the four models into two, and offers a narrower focus for the more experienced professional. The approach and format for the workshops are designed to be highly interactive. Modules address International Standards on Auditing (ISA) requirements, following the logical sequence of the audit process from accepting the engagement, through audit planning and execution, to concluding the audit. The Supplementary Module provides further guidance to SMP practitioners regarding engagements other than audits by using the IFAC Guides on reviews and compilations. A fictional case study is integrated throughout the training series to provide a practical element to the teaching format and help guide SMP practitioners in the development of firm-level and engagement-level quality assurance procedures.
The series is conducted with the support of the International Federation of Accountants (IFAC) and uses IFAC Guides as teaching resources.
The Audit Training of Trainers workshops aim to develop the capacity of the profession to deliver high-quality training and continuing professional development programs and to help Small and Medium Practices (SMPs) raise their capacity to implement International Standards on Auditing (ISA).
Approach and format
Workshop topics are logically sequenced in the context of the audit cycle, as shown in the graph below. The workshops are designed to be highly interactive and enable shared learning and peer exchange among countries in the region and members of the Community of Practice (CoP).
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The document provides a detailed overview of the Audit Training of Trainers program including the content and composition of the modules and sessions.
The case study PejaSko Cheese Ltd. was developed to facilitate the EU-REPARIS Audit Training of Trainers workshops and simulates a small audit client. The case study is the core teaching resource during the EU-REPARIS Audit Training of Trainers workshops and provides an opportunity to bridge the gap between theory and the practical application of International Standards on Auditing (ISAs) while also assisting to develop soft skills such as communication, working as a team and problem solving. It is structured into three volumes that should be used simultaneously: (i) Volume I – Audit Simulation (summary of the PejaSko Cheese scenario); Volume II – Documentation Templates and Examples and Volume III – Trainers Guide.
Developed to facilitate the EU-REPARIS Audit Training of Trainers program, the objective of the Ethical Dilemmas Board Game is to enable participants to approach professional ethics training and education in a practical way, by analyzing threats that arise and selecting an appropriate course of action in line with the fundamental principles of the International Ethics Standard Board for Accountants (IESBA) Code of Ethics. The game is expected to develop participants' ethical decision-making skills and to make sound judgments when resolving and mitigating ethical dilemmas.
Engaging the participation of learners as presenters provides an opportunity to involve participants in a “learning by doing” approach and empowers them to apply their knowledge by simulating a real life scenario. This Group Challenge aims to enhance the soft skills development of trainers and to improve their presentation skills and techniques.
This exercise, developed to facilitate the EU-REPARIS Audit Training of Trainers program, enables participants to engage in a role play activity and develop their interview, communication and interpersonal skills. By simulating a real life business situation, participants tackle and solve some real life problems. This is critical for the development of the complex skills needed by auditors that go beyond the theory and International Standards on Auditing (ISAs), and also allows participants to exercise their professional judgment and understand problems from different perspectives.
This group challenge was developed to facilitate the EU-REPARIS Audit Training of Trainers program and enables participants to practice their client relationship skills and cross-selling techniques. By engaging in the simulated client meeting, participants are provided with an opportunity to practice these skills in a simulated face-to-face client meeting and thus tackle and solve some real life business situations and problems. This is critical in order to acquire the complex skill set essential for practitioners of small- and medium-sized practices (SMPs) that go beyond technical competencies and proficiencies and involve a wide-ranging set of soft skills, including competencies in selling, negotiating, communication and business acumen skills required necessary appropriately serve their small- and medium-sized enterprise (SME) clients.
Developed to facilitate the EU REPARIS Audit Training of Trainers program, the objective of the group exercise is to enhance the analytical and intellectual skills of participating trainers while engaging in a practical case study involving going concern judgements. Gathering appropriate evidence and evaluating the appropriateness of the going concern assumption, as well as making judgements about whether a going concern issue is present, are affected by the size of the entity. Auditors in small- and medium-sized practices (SMPs) face specific challenges when auditing going concern in their small- and medium-sized enterprise (SME) clients. It is therefore critical for SMP practitioners to develop a wide range of analytical and intellectual skills including abilities to apply sound professional judgement to reach well-reasoned conclusions based on facts.
This Group Challenge aims to refresh participants memory of key facts and concepts described in the simulated audit client PejaSko that is used as a core teaching resource throughout the Audit Training of Trainers Workshops and draw participant’s attention to key issues to be covered in the upcoming workshop sessions.
The Agreed-Upon Procedure (AUP) engagement can be used in a variety of circumstances that involve both financial and non-financial information engagements and cover public and private sector entities. More recently, due to the increasing audit thresholds for smaller entities, the AUP engagement may affect the demand of stakeholders seeking alternatives to audit, such as lenders, and because of the flexibility this type of engagement offers, it can be tailored to different circumstances and focused on individual items of financial data.
The objective of this group exercise is to enhance participants knowledge about the AUP engagement, illustrate it’s use in a variety of contexts to the benefit of a wide range of stakeholders and enhance participants skills related to preparation and presentation of reports on factual findings.
Small- and medium-sized practices (SMPs) have an important role to play in supplying professional services to their small- and medium-sized enterprise (SME) clients. Understanding the range, requirements and benefits of available professional services is essential for practitioners and SMPs to be able to tailor the various services to meet the needs of their SME clients, as well as helping them to choose the right service for their needs. This publication provides guidance that might be useful for SMEs, practitioners, SMPs and professional accountancy organizations (PAOs) as they support their members during the transition from traditional compliance providers to trusted advisors of SMEs.
Traditional audit methods served auditors for decades but as technology advances and stakeholders’ expectations evolve, so does the need for auditors to innovate and transform their approaches in order to keep pace with demand. This publication describes some of the opportunities that new technologies, especially the use of audit data analytics, can offer for audits of entities of all sizes. It also provides a few tips which might be useful for practitioners, Small and Medium Sized Practices (SMPs) and Professional Accountancy Organizations (PAOs) as they support their members.
You can also read the CFRR article published on the IFAC Knowledge Gateway discussing Audit Data Analytics and offering useful tips for SMPs based on this publication.
Smaller audits are considered “a specialty”, with their own unique set of challenges for practitioners to address when engaging with smaller clients. This publication highlights some of those challenges and provides related insights that might be useful for practitioners, Small and Medium Sized Practices (SMPs) and Professional Accounting Organizations (PAOs) as they support their members.
You can also read the CFRR article "SME Audits: Challenges and Insights" published on the IFAC Knowledge Gateway that was based on this publication.
Professional accountants recognize that achieving and maintaining the highest levels of professional competence help them win business and retain clients. Professional Accountancy Organizations (PAOs) have an important role to play in encouraging, facilitating and monitoring life-long learning. With the support of participating PAOs involved in the EU-REPARIS Audit Training of Trainers program, the World Bank Centre for Financial Reporting Reform has produced a short practical guide on Continuing Professional Development (CPD). This offers tips and suggestions of good CPD practices to help PAOs and their members meet international standards and keep pace with accountancy changes and innovations.
Focused on enhancing lifelong learning and supporting improvements in continuing education systems for professional accountants, the EU-REPARIS Audit Training of Trainers Program explores ways of modernizing the skills of the profession to provide effective financial reporting support to Small and Medium Enterprises (SMEs) and private sector enterprises.