Financial Auditing Using IFRS; Best Practices

OBJECTIVE:

Financial auditing methodology is constantly changing, as are the rules and regulations that underpin the preparation of financial statements. An increasing number of companies across the globe now prepare their financial statements under international Financial Reporting Standards (IFRS), an accounting approach which auditors increasingly need to be aware of.

CONTENTS:
*IFRS Financial Statements:
· Accounting rules and regulations – IFRS and GAAP
· Fundamental concepts of accounting and how they can be abused

*Fundamentals of Financial Auditing
· The role of international standards on Auditing
· The financial audit process end to end- planning, doing, completion and reporting

*Planning an audit of IFRS accounts- the risk based approach
· The audit risk model and how it applies in practice
· Understanding the entity and its environment
· Calculating and using materiality and performance materiality
· Approaches to audit sampling

*Auditing the IFRS Balance sheet –assets
· Key assertions and sources of evidences
· Common problem area- PPE, intangibles, receivables, inventory, cut- off
· How to spot fraud when auditing assets

*Auditing the IFRS Income Statement
· Key audit assertions- the risk to directional testing
· Sources of evidence- transaction tests and tests of control

*Auditing the IFRS balance sheet- liabilities
· Key assertions and sources of evidence
· Common problem areas – payables, provisions, cut-off
· How to spot fraud when auditing liabilities

For Whom:
All Internal Auditors desirous of updating themselves about current trends, new tools, techniques and strategies for the modern Internal Auditors.
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: 3rd – 6th June, 2025
2ND BATCH: 16th – 19th Dec, 2025