Effective Financial Audit
“Mastering the Techniques of Financial Auditing for Accuracy and Compliance”
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Course Schedule
| Date | Venue | Fees (Face-to-Face) |
|---|---|---|
| 14 – 18 Apr 2025 | London, UK | USD 3495 per delegate |
Course Introduction
Financial audits are essential for ensuring the integrity, transparency, and compliance of an organization’s financial statements. This 5-day course is designed for professionals who wish to enhance their skills in performing effective financial audits. Through comprehensive coverage of auditing standards, methodologies, and tools, participants will gain practical knowledge on how to conduct audits that add value to their organization, identify risks, and ensure regulatory compliance.
The course includes both theoretical knowledge and practical exercises to equip participants with the ability to perform accurate, effective, and efficient financial audits. They will also learn how to identify areas of improvement in financial processes and provide recommendations to enhance organizational controls.
Course Objectives
By the end of this course, participants will be able to:
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Understand the key principles and standards governing financial auditing.
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Develop comprehensive audit plans tailored to specific financial statements and internal controls.
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Apply auditing methodologies to identify errors, fraud, and financial irregularities.
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Use tools and techniques to analyze financial data and assess organizational performance.
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Evaluate internal controls and compliance with regulatory standards.
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Provide actionable recommendations to enhance financial processes and controls.
Key Benefits of Attending
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Gain a deep understanding of financial auditing principles and standards.
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Learn how to plan and execute financial audits effectively and efficiently.
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Improve your ability to detect errors, fraud, and irregularities in financial data.
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Enhance your skills in evaluating internal controls and risk management processes.
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Strengthen your ability to provide actionable recommendations to improve financial performance and compliance.
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Master auditing tools and techniques to optimize audit outcomes and reduce errors.
Intended Audience
This program is designed for:
• Financial auditors and internal auditors
• Compliance and risk management professionals
• Accountants and finance managers responsible for financial reporting and auditing
• Professionals seeking to enhance their auditing and financial analysis skills
• Anyone looking to gain in-depth knowledge of financial auditing practices
Individual Benefits
Key competencies that will be developed include:
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Advanced knowledge of financial auditing standards and practices.
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Expertise in identifying fraud, errors, and irregularities in financial statements.
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Enhanced skills in planning, conducting, and reporting financial audits.
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Ability to assess the effectiveness of internal controls and identify areas for improvement.
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Proficiency in using auditing tools and techniques to streamline the audit process.
Organization Benefits
Upon completing the training course, participants will demonstrate:
• Improved accuracy and reliability in financial auditing and reporting.
• Enhanced risk identification and management capabilities.
• Better financial decision-making through effective audits.
• A stronger control environment within the organization, ensuring regulatory compliance.
• Increased efficiency and reduced costs in the audit process.
Instructional Methdology
The course follows a blended learning approach combining theory with practice:
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Strategy Briefings – Detailed discussions on financial auditing principles, standards, and methodologies.
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Case Studies – Real-world examples and challenges in financial auditing, with practical solutions.
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Workshops – Hands-on exercises focused on planning, conducting, and reporting financial audits.
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Peer Exchange – Group discussions to share best practices, tools, and techniques for effective auditing.
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Tools – Practical tools and templates for financial audit planning and execution.
Course Outline
Training Hours: 7:30 AM – 3:30 PM
Daily Format: 3–4 Learning Modules | Coffee breaks: 09:30 & 11:15 | Lunch Buffet: 01:00 – 02:00
Day 1: Introduction to Financial Auditing
Module 1: Fundamentals of Financial Auditing (07:30 – 09:30)
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Key principles and objectives of financial audits
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Overview of auditing standards: IFRS, GAAP, ISA
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The role of an auditor in ensuring transparency and compliance
Module 2: Audit Planning and Risk Assessment (09:45 – 11:15)
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Developing audit plans and strategies for different financial audits
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Conducting risk assessments and identifying audit objectives
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Understanding the scope of an audit and defining audit procedures
Module 3: Understanding Financial Statements (11:30 – 01:00)
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Key components of financial statements: balance sheet, income statement, cash flow statement
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Techniques for analyzing financial data and identifying red flags
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Understanding the significance of financial statement disclosures
Day 2: Audit Methodology and Techniques
Module 1: Audit Evidence and Sampling Techniques (07:30 – 09:30)
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Types of audit evidence and how to gather reliable evidence
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Sampling methods and techniques for testing financial transactions
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Analyzing audit evidence to support audit conclusions
Module 2: Testing Internal Controls (09:45 – 11:15)
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Evaluating the effectiveness of internal controls and risk management processes
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Techniques for assessing controls in financial systems and reporting processes
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Testing the adequacy and reliability of internal controls during the audit
Module 3: Conducting the Audit Fieldwork (11:30 – 01:00)
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Steps involved in performing audit fieldwork
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Key audit procedures for verifying financial transactions and records
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Techniques for identifying fraud and irregularities during the audit process
Day 3: Advanced Financial Audit Techniques
Module 1: Identifying and Managing Audit Risks (07:30 – 09:30)
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Types of audit risks: detection risk, inherent risk, control risk
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Methods for managing and mitigating audit risks
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Using audit risk assessment to guide audit procedures
Module 2: Fraud Detection in Financial Audits (09:45 – 11:15)
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Common fraud schemes in financial reporting and their red flags
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Techniques for detecting fraudulent financial activities during an audit
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Conducting forensic analysis and reporting fraud findings
Module 3: Audit Documentation and Reporting (11:30 – 01:00)
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Importance of documenting audit work and findings
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Best practices for audit reporting and communicating results to stakeholders
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Preparing audit reports that provide actionable recommendations
Day 4: Audit Completion and Communication
Module 1: Completing the Audit and Final Review (07:30 – 09:30)
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Finalizing audit work and ensuring compliance with audit standards
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Reviewing audit findings and assessing audit evidence
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Developing final conclusions and recommendations for the client
Module 2: Communicating Audit Findings to Stakeholders (09:45 – 11:15)
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Best practices for presenting audit findings to senior management and stakeholders
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Writing clear and concise audit reports for different audiences
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Managing client relationships and addressing audit concerns
Module 3: Post-Audit Follow-Up and Action Plans (11:30 – 01:00)
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Ensuring that audit recommendations are implemented effectively
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Developing post-audit action plans to address findings and improve financial practices
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Continuous improvement through feedback from audits
Day 5: Final Review and Certification Preparation
Module 1: Review of Financial Auditing Principles (07:30 – 09:30)
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Recap of key concepts, tools, and techniques in financial auditing
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Review of case studies and practical applications from the course
Module 2: Final Q&A and Exam Preparation (09:45 – 11:15)
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Preparing for the certification exam
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Final Q&A session for clarifications on key topics
Module 3: Action Planning and Conclusion (11:30 – 01:00)
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Developing an action plan to implement course learnings in your organization
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Final discussion on applying auditing best practices in the workplace
Certification
Upon completing the training course, participants will receive a Certificate of Completion in Effective Financial Audit, recognizing their ability to conduct financial audits that ensure accuracy, compliance, and operational efficiency.