Audit Execution Phase
A real-time, compliance-driven environment for audit evidence gathering and documentation in accordance with ISA 230, ISA 330 and the ICAP Code of Ethics.
Procedure Completion
65%
Progress tracking ensures all planned procedures under ISA 330 are performed and documented (ISA 230).
Open Review Notes
12
Pending clearance from preparers. Supports ISA 220 and ISQM-1 for supervision and review.
Compliance Beacon
3 Alerts
e.g., ISA 230 documentation overdue, un-cleared exceptions, or independence/AML flags.
Test of Controls (ToC) Dashboard
Systematically evaluate control design, implementation, and operating effectiveness in accordance with ISA 315, ISA 330, ISA 240, ISA 265 and ISA 530.
Control 1.1 - Sales Order Approval
Risk Mitigated: Unauthorized or uncreditworthy sales leading to bad debts.
Assertions Addressed (ISA 315): Occurrence, Accuracy, Valuation.
A. Control Design & Implementation (ISA 315)
B. Sampling & Population (ISA 530)
C & D. Test Procedures & Results (ISA 330)
E. Conclusion on Operating Effectiveness (ISA 330)
Reminder
Exercise professional scepticism (ISA 200 & ISA 240). Do not override exceptions without documented rationale and manager approval. Independence and objectivity must be maintained.
Control 1.2 - Revenue Recognition Compliance
Risk Mitigated: Revenue recognized prematurely or inaccurately against IFRS 15.
Assertions Addressed (ISA 315): Cut-off, Accuracy, Occurrence.
A. Control Design & Implementation (ISA 315)
B. Sampling & Population (ISA 530)
C & D. Test Procedures & Results (ISA 330)
E. Conclusion on Operating Effectiveness (ISA 330)
Reminder
Exercise professional scepticism (ISA 200 & ISA 240). Do not override exceptions without documented rationale and manager approval. Independence and objectivity must be maintained.
Control 2.1 - Three-Way Match (PO, GRN, Invoice)
Risk Mitigated: Fictitious or unauthorized payments for goods not received.
Assertions Addressed (ISA 315): Occurrence, Accuracy, Completeness.
A. Control Design & Implementation (ISA 315)
B. Sampling & Population (ISA 530)
C & D. Test Procedures & Results (ISA 330)
E. Conclusion on Operating Effectiveness (ISA 330)
Reminder
Exercise professional scepticism (ISA 200 & ISA 240). Do not override exceptions without documented rationale and manager approval. Independence and objectivity must be maintained.