Course Overview
The "Training on Financial Statement Auditing" course is designed to provide participants with a comprehensive understanding of the principles and practices of auditing financial statements. The course covers the entire audit process, from planning and risk assessment to the execution of audit procedures and the issuance of audit reports. It aims to equip participants with the skills and knowledge necessary to conduct effective audits and ensure the accuracy and reliability of financial statements.
Course Duration
5 Days
Who Should Attend
- Auditors and audit professionals
- Financial analysts
- Accountants and financial managers
- Internal auditors
- Risk management professionals
- Compliance officers
- Professionals seeking to enhance their understanding of financial statement auditing
Course Objectives
By the end of this course, participants will:
- Understand the fundamentals of financial statement auditing, including the regulatory framework and ethical considerations.
- Plan and conduct risk assessments to identify areas of potential material misstatement.
- Develop and execute audit procedures to gather sufficient and appropriate audit evidence.
- Evaluate the effectiveness of internal controls and assess control risks.
- Prepare and present audit reports in accordance with auditing standards.
- Apply professional skepticism and critical thinking in the audit process.
- Stay updated with the latest developments and trends in financial statement auditing.
Course Outline:
Module 1: Introduction to Financial Statement Auditing
- Overview of auditing principles and standards
- The role of the auditor and audit ethics
- Understanding the regulatory environment
- Introduction to audit planning and risk assessment
Module 2: Audit Planning and Risk Assessment
- Identifying and assessing audit risks
- Materiality and its impact on the audit
- Understanding the entity and its environment
- Developing the audit plan and strategy
Module 3: Audit Procedures and Evidence Gathering
- Types of audit evidence and their reliability
- Performing substantive testing and analytical procedures
- Testing internal controls and assessing control risks
- Documentation of audit work and findings
Module 4: Evaluating Internal Controls and Audit Sampling
- Assessing the effectiveness of internal controls
- Designing and performing audit tests of controls
- Audit sampling techniques and methodologies
- Evaluating audit evidence and drawing conclusions
Module 5: Audit Reporting and Current Trends in Auditing
- Preparing audit reports and management letters
- Communicating audit findings and recommendations
- Quality control and peer reviews in auditing
- Current trends and developments in financial statement auditing
