Introduction:

 The Integrated Auditing of Financial and Operational Processes training course is designed to equip audit professionals with the skills needed to perform comprehensive audits that combine financial and operational aspects. Integrated auditing helps organizations evaluate their processes holistically, providing insights into both financial accuracy and operational efficiency. This course covers the methodologies, tools, and best practices for conducting integrated audits, focusing on risk assessment, process improvement, and compliance in a modern business environment.

Objectives:

• Understand the principles and benefits of integrated auditing for comprehensive risk and control assessment.
• Develop skills in planning and conducting audits that cover both financial and operational elements.
• Learn techniques for evaluating internal controls and identifying inefficiencies across functions.
• Use data analytics and digital tools to enhance the integrated audit process.
• Improve communication skills for presenting integrated audit findings to stakeholders.

Who Should Attend? This course is ideal for:

• Internal auditors, audit managers, and compliance officers responsible for comprehensive audits.
• Risk managers and process improvement specialists seeking to enhance audit practices.
• Financial and operational controllers aiming to implement integrated control evaluations.
• Executives and managers looking to better understand the connection between financial and operational performance.
• Professionals who want to strengthen their audit methodologies with a combined focus on financial and operational risks.

Day 1: Foundations of Integrated Auditing

• Introduction to Integrated Auditing: Understanding the objectives and scope of integrated audits.
• Differences Between Financial and Operational Audits: Key distinctions and points of integration.
• Benefits of Integrated Auditing: Value of a holistic approach to risk management, efficiency, and compliance.
• Planning for an Integrated Audit: Defining scope, objectives, and setting audit priorities across functions.
• Workshop: Case study on selecting audit areas for an integrated audit of a sample organization.

Day 2: Risk Assessment and Control Evaluation in Integrated Audits

• Risk Assessment in Integrated Auditing: Identifying and prioritizing financial and operational risks.
• Assessing Internal Controls: Evaluating control effectiveness in both financial and operational contexts.
• Key Process Controls: Understanding critical controls across functions such as procurement, revenue, HR, and inventory management.
• Fraud Risk Assessment: Identifying fraud indicators in integrated processes and transactions.
• Practical Exercise: Developing a risk matrix that covers both financial and operational risks for a hypothetical business.

Day 3: Conducting Fieldwork in an Integrated Audit

• Fieldwork Techniques for Integrated Audits: Gathering evidence through walkthroughs, interviews, and document reviews.
• Testing Operational Efficiency and Effectiveness: Techniques for assessing process efficiency and control effectiveness.
• Sampling and Analytical Procedures: Applying sampling and data analysis in integrated audits.
• Operational Process Mapping: Mapping out processes to identify bottlenecks and areas for improvement.
• Hands-on Lab: Conducting fieldwork for a simulated audit that combines financial and operational assessments.

Day 4: Using Data Analytics and Technology in Integrated Audits

• Role of Data Analytics in Integrated Audits: Leveraging analytics to identify risks and optimize efficiency.
• Data Analytics Tools: Overview of tools like Power BI, Excel, and ACL for analyzing data across processes.
• Continuous Monitoring and Real-Time Audit: Implementing real-time controls and continuous auditing for proactive risk management.
• Evaluating Process KPIs: Using key performance indicators to assess operational and financial health.
• Practical Exercise: Using data analytics software to analyze sample data and identify trends, anomalies, and inefficiencies.

Day 5: Reporting and Communicating Integrated Audit Findings

• Drafting Integrated Audit Reports: Structuring reports to cover both financial and operational insights.
• Presenting Integrated Findings: Techniques for presenting findings effectively to stakeholders.
• Continuous Improvement and Follow-Up: Developing recommendations for process improvements and continuous monitoring.
• Creating a Culture of Collaboration: Fostering teamwork between finance, operations, and audit functions.
• Final Workshop: Preparing and presenting a comprehensive integrated audit report based on a simulated business case.

Conclusion and Assessment: Participants will complete a final assessment to demonstrate their understanding and application of integrated audit principles and techniques. A reflection session will allow for feedback, discussion, and identification of actionable steps for applying integrated audit skills within their organizations.