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.
The process of auditing is complex and organizations seek qualified professionals who can perform internal and external audits.
Who should attend? :
- 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.
The Auditing Profession
- The demand for auditing and other assurance services
- The CPA profession
- Audit reports
- Professional ethics
- Legal liability
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
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
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
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