Purpose
This seminar equips participants with the necessary theoretical background on auditing and hands-on skills and techniques for conducting audits effectively. It emphasizes real-world application on all aspects of an audit, covering topics such as risk assessment, ethical considerations, evidence gathering for each area of the financial statements, and reporting. Participants learn how to apply audit principles in practical scenarios, ensuring they can perform audits efficiently and improve their productivity within their organization.
Training Objectives
The aim of this seminar is to enable participants to obtain a well-rounded understanding on how an audit works. They should be in a position to perform all steps in an audit, ranging from planning the audit, design and carry out appropriate audit tests, drafting all necessary documents and correspondence required, and even recommending an appropriate audit opinion. They will be able to prepare the audit file to a high level of quality, ready to be reviewed by their supervisors.
Target Audience
This seminar is addressed to audit juniors and seniors, accountants that wish to transition to auditing, accountants that prepare materials or review by auditors as part of their existing duties, and individuals that wish to pursue a career in the field of auditing.
Topics
- Introduction to Audit:
Audit and Assurance concepts, audit reports and opinions, types of assurance, client acceptance and continuance, quality control, professional scepticism, ethics, and audit documentation. - Audit Planning:
Audit methodology, understanding the client, audit strategy and planning, risk assessment, materiality, and preliminary analytical procedures. - Performing the Audit:
Internal controls (understanding, documenting, testing), financial statement assertions, sampling methods, and computer-assisted audit techniques (CAATs). - Substantive Procedures:
Audit of key areas including PPE, cash, receivables, inventory, payables, provisions, borrowings, taxes, equity, leases, financial instruments, income, expenses, and related parties. - Completion & Reporting:
Review procedures, analytical review at completion, unadjusted differences, going concern, subsequent events, management representation letter, and drafting audit reports and opinions. - Financial Statement Analysis & Professional Skills:
Interpretation of financial statements, capital structure and finance costs, employability, and technology skills.
