Financial Auditing for Auditors

OBJECTIVE
• Define key accounting terms.
• Understand accounting rules, equations, and basic principles.
• Demonstrate how journal entries are used for accounting purposes.
• Discuss the Financial Accounting Standards Board’s GAAP hierarchy according to FASB Statement
• Review the characteristics of key financial statements.
• Calculate key ratios from a company’s financial statements.
• Differentiate between management-level reporting and consolidated financial statement-level reporting.
• Analyze data using horizontal and vertical analysis.
• Describe revenue process activities and associated rules.
• Practice using a risk assessment template to analyze risks and design and test controls.
• Identify the basic elements of an accounting scandal (fraud).
• Discuss how Enterprise Resource Planning (ERP) supports and automates business processes.
• Identify audit techniques to use in performing an application review of a financial audit.

CONTENT
Accounting and Auditing Review
• Define key accounting terms.
• Understand accounting rules, equations, and basic principles.
• Demonstrate how journal entries are used for accounting purposes.
• Discuss the Financial Accounting Standards Board’s (FASB’s) GAAP hierarchy according to FASB Statement Perform a risk assessment using the financial auditing process.
• Evaluate controls in the audit process by using finance-related management assertions.
• Review an IIA Practice Guide about formulating and expressing internal audit opinions.
Financial Statements — An Overview
• Review the characteristics of key financial statements.
• Recognize the flow of information from source documents to financial statements.
• Identify the components of a financial balance sheet.
• Distinguish where in an income statement financial accounts should appear.
• Calculate key ratios from a company’s financial statements.
Business Processes and Accounting
• Differentiate between management-level reporting and consolidated financial statement-level reporting.
• Analyze data using horizontal and vertical analysis.
• Describe revenue process activities and associated rules.
• Describe procurement process activities and associated rules.
• Describe fixed asset process activities and associated rules.
• Recall key revenue, liability, and inventory-related ratios.
• Practice using a risk assessment template to analyze risks, and design and test controls.
Recipes for Cooking the Books
• Identify the basic elements of an accounting scandal (fraud).
• Identify the five most common financial “games.”
• Calculate financial indices to use in analyzing data.
Technology and Accounting
• Discuss the risks and control breakdowns of User-developed Applications (UDAs) and best practices for controls over UDAs.
• Describe how to minimize risk and limit exposure in using spreadsheets.
• Discuss how Enterprise Resource Planning (ERP) supports and automates business processes.
• Identify audit techniques to use in performing an application review of a financial audit

FOR WHOM:
All Internal Auditors in both the Public and Private Sectors.
METHODOLOGY
The training methodology integrates lectures, interactive discussions, collaborative group exercises, and illustrative examples. Participants will acquire a blend of theoretical insights and hands-on practical experience, emphasizing the application of learned techniques. This approach ensures that attendees return to their professional environments equipped with both the competence and self-assurance to effectively implement the acquired skills in their responsibilities.

DATE:
1ST BATCH: 4th – 7th Feb,2025
2ND BATCH: 15th – 18th July,2025