Fundamentals of Auditing Program Course

Course Overview:

The Fundamentals of Auditing Program course has been created with an emphasis on practicing international standards on auditing.

It is International Standards on Auditing (ISAs) which must have global application towards the end of the course including a review of the important aspects of all the ISAs and the real practices of using them in practice with case studies, questions, and exercises. 

Included in this area be the definition of what internal auditing is, the strategical approach of risk assessment, internal controls which need to be documented, how audit plan is formulated, the methodologies and approaches employed enabling the fieldwork, and the framework for writing audit report.

The course also addresses such important topics as standards of the work performed, audit sampling, and audit communication. The program fits the profile of auditors, accountants, financial managers as well as those who wish to begin in the field of financial accounting and intend to improve their `emphasized` auditing practices.

The course provides ample opportunity for this since it also ensures that the of participants has high exposure of current trends of the audit profession.

Course Objectives:

At the end of this Fundamentals of Auditing Program Course, learners will be able to do:

• To help you understand how ISAs are used around the world
• To examine the fundamental requirements of ISAs on a standard-by-standard basis
• To provide guidance on how to use ISAs in practice with the aid of questions, case studies, and exercises

Who Should Attend?

This course will be beneficial to Auditors, Accountants, Accounts Clerks, Bookkeepers, Cost and Management Accountants, Financial Managers, Portfolio Managers, Financial Planners, and anyone interested in pursuing a career in Financial Accounting. Qualified accountants and auditors can use this course to ensure that they are up to date with all the current developments issued by the IAASB. An educational or vocational background in audit is recommended before commencing the Certificate in International Auditing.

Course Outlines:

1. Internal Auditing

• IA Department Sample Charter
• The Role of The Internal Audit Department
• The Standards
• Leading-Edge Trends In IA
• What Makes An Effective Internal Audit Department
• Differences Between an Internal Auditor/External Auditor
• Events That Have Helped Create Growth In IA
• The Foreign Corrupt Practices Act (FCPA)
• COSO IC-IF
• Federal Sentencing Guidelines
• Sarbanes-Oxley
• Fraudulent Financial Reporting
• Internal Audit Department Sample Statement Of Purpose

2. Contemporary Internal Auditing

• Types Of Internal Audits
• Economy, Efficiency and Effectiveness
• Operational Vs. Financial Auditing
• Overview Of IT General Computer Controls (GCCS)
• Steps In The Internal Audit Process: An Overview

3. Risk Assessment Strategies

• Selecting The Client
• Notifying The Client
• Determining Risk
• Performing Standard for Determining Risk
• Effects Of Risk
• Identifying Auditable Activities
• Risk Factors
• Trends In Risk Assessment
• Risk Assessment Approaches

4. Planning and Preliminary Fieldwork

• Strategies for Planning the Audit
• Notifying The Client
• The Planning Memo
• Preliminary And Opening Meetings
• The Importance of Preliminary Work
• Strategies For Planning Effectively
• Planning Resources

5. Documenting Internal Controls

• Evaluating and Documenting The System Of Internal Controls
• Performance Standard For Controls
• Control Points
• Cost/Benefit Considerations
• Types Of Controls
• The Control Environment
• Methods Of Documenting Internal Controls
• Internal Control

6. Audit Programs

• Performance Standards, Scope and Developing The Audit Program
• The Audit Program as A Guide
• Criteria For Audit Programs
• Audit Objectives/Scope/Test Steps
• Sample Audit Program

7. Fieldwork Techniques

• Performance Standards For Fieldwork
• Audit Evidence
• Handling Sensitive Evidence

8. Workpapers

• Performance Standards for Recording Information And Engagement Supervision
• Purpose Of Audit Workpapers
• Workpaper Techniques/Templates
• Electronic Workpapers
• Tick Marks
• Quality Assurance And Improvement Program

9. Audit Findings

• Fundamentals of Audit Reports
• Selling Your Report
• Strategies For Issuing Timely Reports
• Characteristics Of Effective Audit Reports

10. Audit Reports

• Fundamentals of Audit Reports
• Selling Your Report
• Strategies For Issuing Timely Reports
• Characteristics Of Effective Audit Reports

11. Effective Audit Communications

• Possible Barriers to Overcome In the Interview
• Diffusing The Difficult Interview
• Dos And Don’ts Of Effective Interviewing
• Strategies For Conducting Effective Closing Meetings

12. Sampling

• Sampling and Its Effect on Audit Testing
• Sampling Terminology and Methodologies
• Sampling For SOX

see more: Fundamentals of Corporate Credit Course