Course description
An audit is a systematic review and assessment of information or documents. There are a few different types of audit but, in the specific context of professional services, an audit is usually financial. It is intended to provide reasonable assurance, that the financial statements give a true and fair view in accordance with the financial reporting framework.
Auditing is by far the most important process in maintaining and evaluating an organization’s finances, internal controls, and transparency. Maintaining these parameters will help the organization achieve business objectives, prevent fraud and misappropriation of assets, monitor compliance with company and government policy and help assure customers, shareholders, and investors.
This training course examines and applies the key elements of internal auditing.Extend your auditing skills and add value to your organization with our Auditing and Assurance Training Course.
Upcoming start dates
Suitability - Who should attend?
This Auditing and Assurance Training Course ideal for:
- Internal auditors and government auditors.
- Employees of certified public accounting (CPA) firms.
- Who is preparing for the Audit and Assurance exam conducted by the prestigious ACCA (Association of Chartered Certified Accountants).
- Those interested in up-to-date coverage of globally recognised auditing concepts with practical examples of the implementation of those concepts in real-world settings.
- Those interested in the most important internationally recognised concepts of auditing to aid their audit decision making and evidence accumulation in today’s complex, global auditing environment.
Outcome / Qualification etc.
By the end of this Auditing and Assurance Training Course, you will learn:
- The concept and function of audit and assurance, corporate governance, ethics and professional conduct
- How to distinguish between internal and external audits
- How to assess misstatements and analyse potential risks arising from fraud
- How to make appropriate recommendations after exposing potential risks
- How to perform IT-related audits and review financial statements
- How to manage internal audit reports, statutory reports and other types of reports
- How to help organizations gain customer and investor assurance
- How to help organizations comply with government regulations and policies
- Explain the principles and elements of the internal audit function.
- Demonstrate how internal auditing works.
- Identify the standards under which internal audits are conducted.
- Develop a practical perspective into contemporary work practices in your field.
Training Course Content
Day 1
The Auditing Profession
- The concept of accountability
- Economic demand for auditing
- Auditing as a monitoring device
- The historical development of auditing practices.
- The demand for auditing and other assurance services
- The CPA profession
- Audit reports
- Professional ethics
- Legal liability
Day 2
The Audit Process
- Audit responsibilities and objectives
- Audit evidence
- Audit planning and materiality
- Assessing the risk of material misstatement
- Assessing and responding to fraud risks
- Internal control and COSO framework
- Assessing control risk and reporting on internal controls
- Overall audit strategy and audit programme
Day 3
Application of the Audit Process to the Sales and Collection Cycle
- Tests of controls and substantive tests of transactions
- Audit sampling for tests of controls and substantive tests of tests of transactions
- Completing the tests in the sales and collection cycle: accounts receivable
- Audit sampling for tests of details of balances
Day 4
Application of the Audit Process to other Cycles
- Audit of the acquisition and payment cycle: tests of controls, substantive tests of transactions, and accounts payable
- Completing the tests in the acquisition and payment cycle: verification of selected accounts
- Audit of the payroll and personnel cycle
- Audit of the inventory and warehousing cycle
- Audit of the capital acquisition and repayment cycle
- Audit of cash and financial instruments
Day 5
Completing the Audit
- Perform additional tests for presentation and disclosure
- Review for contingent liabilities and commitments
- Review for subsequent events
- Final evidence accumulation
- Evaluate results
- Issue the audit report
- Communicate with the audit committee and management
- Subsequent discovery of facts
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London Premier Centre
London Premier Centre is a UK leading training provider based in London and specialises in international short courses. Our inspiring, comprehensive portfolio of more than 400 professional development courses and seminars covers a wide range of professions from Administration, Leadership,...