Introduction

Auditing and assurance services are integral to maintaining the accuracy, integrity, and transparency of financial statements and business practices. This 5-day course will provide participants with a comprehensive understanding of auditing principles, standards, and procedures, along with the role of assurance services in enhancing the reliability of financial reporting. The course will cover topics such as audit planning, risk assessment, internal controls, audit methodologies, and reporting, focusing on the best practices in the audit profession.

By the end of the course, participants will be equipped with the knowledge and skills to perform audits in compliance with industry standards and regulations, as well as provide assurance services that help organizations strengthen financial and operational controls.

Course Objectives

• Understand the role of auditing and assurance services in financial reporting and business governance.
• Learn the auditing process: planning, risk assessment, internal controls, evidence gathering, and reporting.
• Gain knowledge of audit standards, including International Standards on Auditing (ISA) and Generally Accepted Auditing Standards (GAAS).
• Understand how to evaluate internal controls and assess financial risk.
• Learn about assurance services beyond auditing, including reviews and agreed-upon procedures.
• Gain insights into the regulatory environment and ethical issues in auditing.

Who Should Attend?

• Internal and external auditors seeking to enhance their knowledge of auditing and assurance practices.
• Finance professionals, accountants, and managers responsible for overseeing audits and financial reporting.
• Students or professionals aspiring to pursue careers in auditing or assurance services.
• Compliance officers, risk managers, and professionals involved in corporate governance and internal controls.

Day 1: Introduction to Auditing and Assurance Services

• Session 1: Overview of Auditing and Assurance Services
  • The role and importance of auditing in financial markets and business governance
  • Key principles of auditing: objectivity, independence, and professional skepticism
  • Introduction to assurance services: the purpose and scope of auditing and other forms of assurance (reviews, agreed-upon procedures)
• Session 2: Regulatory Framework and Standards
  • Introduction to auditing standards: International Standards on Auditing (ISA), Generally Accepted Auditing Standards (GAAS), and Public Company Accounting Oversight Board (PCAOB)
  • The role of auditing bodies: AICPA, IAASB, and the Financial Accounting Standards Board (FASB)
  • Ethical and professional conduct in auditing: independence, confidentiality, and integrity
• Session 3: Types of Audits and Assurance Services
  • External vs. internal audits: differences and overlaps
  • The role of auditors in financial statement audits, compliance audits, operational audits, and forensic audits
  • Assurance services beyond auditing: reviews, compilations, and agreed-upon procedures

Day 2: Audit Planning and Risk Assessment

• Session 1: Understanding the Audit Process
  • The phases of an audit: planning, execution, and reporting
  • The auditor’s responsibility and the client’s responsibility in the audit process
  • Types of audit evidence and sources: financial records, physical inspections, and third-party confirmations
• Session 2: Risk Assessment in Auditing
  • Identifying and assessing audit risks: inherent risk, control risk, and detection risk
  • Developing an audit risk model and determining the overall audit risk
  • Risk-based auditing: how to plan audits based on areas of higher risk
• Session 3: Internal Controls and Audit Planning
  • The importance of internal controls in preventing and detecting errors and fraud
  • Evaluating the effectiveness of internal controls: tests of controls and substantive procedures
  • Designing the audit plan based on the assessment of internal controls and risk factors

Day 3: Gathering Evidence and Performing Audits

• Session 1: Audit Procedures and Techniques
  • Types of audit tests: control tests, substantive tests, and analytical procedures
  • Gathering and evaluating audit evidence: physical evidence, documentation review, and confirmation from third parties
  • Sampling techniques in auditing: statistical vs. non-statistical sampling methods
• Session 2: Assessing and Testing Internal Controls
  • How to assess internal controls and identify control weaknesses
  • Designing control tests to evaluate the efficiency of internal controls
  • Identifying control deficiencies and recommending corrective actions
• Session 3: Fraud Detection and Preventive Measures
  • The auditor’s responsibility for detecting fraud and errors
  • Red flags and indicators of potential fraud or financial misstatements
  • Techniques for investigating fraud: forensic audits, whistleblower programs, and fraud risk assessments

Day 4: Audit Reporting and Communication

• Session 1: Audit Reporting
  • The auditor’s opinion: unqualified, qualified, adverse, or disclaimer of opinion
  • The structure of the audit report and its components: opinion paragraph, basis for opinion, and key audit matters
  • Communicating audit findings and recommendations to stakeholders
• Session 2: Audit Documentation
  • The importance of audit documentation: maintaining an audit trail and audit file
  • Types of documentation: working papers, audit evidence, and findings
  • Legal and regulatory requirements for audit documentation retention and accessibility
• Session 3: Internal and External Communication
  • Communicating audit findings to management, the audit committee, and other stakeholders
  • Dealing with audit disagreements and issues of non-compliance
  • Effective communication skills for auditors: written reports, oral presentations, and professional discussion

Day 5: Advanced Topics in Auditing and Assurance Services

• Session 1: Advanced Audit Procedures and Techniques
  • Auditing complex financial instruments and transactions (derivatives, leases, pension plans, etc.)
  • Auditing for non-profit organizations and governmental entities
  • Understanding the impact of globalization on auditing practices: international audits, cross-border regulations, and IFRS adoption
• Session 2: Ethical and Regulatory Issues in Auditing
  • Auditor independence: avoiding conflicts of interest, self-review threats, and undue influence
  • The role of regulators and oversight bodies in ensuring audit quality and compliance
  • Case studies of auditing scandals and lessons learned: Enron, Worldcom, and other high-profile cases
• Session 3: The Future of Auditing and Assurance Services
  • The impact of technology on auditing: automation, artificial intelligence, and blockchain
  • Emerging trends in assurance services: environmental, social, and governance (ESG) reporting, cybersecurity audits
  • The evolving role of auditors in a changing business environment and regulatory landscape

Course Conclusion

• Recap of Key Learnings
• Interactive Q&A Session
• Certification of Completion
• Networking Opportunity