Through this comprehensive professional training programme, the Financial Audit Planning and Execution Training Course from the Imperial Corporate Training Institute will help participants develop a better understanding of how effective planning for an audit impacts the overall success of the audit execution. Today’s marketplace is very complicated and therefore organizations need to have a systematic way of auditing their companies to ensure they are performing correctly, are being transparent with their processes, and that they are complying with all the necessary standards. This training course goes into detail regarding every aspect of conducting an audit, starting from the initial planning stage to the actual Field Work, to Testing/Verification, to Reporting and Closing follow-ups. This course focuses on developing an understanding of how to align the audit objectives with the risks of the organization while providing professional judgment and maintaining Audit Quality.
In addition to a strong focus on practicalities, the Financial Audit Planning and Execution Training Course will provide participants with the opportunity to become very familiar with risk-based audit planning, Audit Resource Planning and Budgeting, Audit Scheduling, and Coordination/Collaboration of Audit Teams. The Programme will also include Coverage of Execution/Verification Techniques such as Substantive Testing, Analytical Procedures, Evaluation of Internal Controls, and Documenting of Audits. Participants who complete this Course will be equipped with a well-structured and systematic understanding of the Audit Process; thus enabling them to plan Audits effectively, execute Audits efficiently, and provide Audit Results that meet both professional expectations and regulatory requirements.
Objectives
By completing the Financial Audit Planning and Execution Training Course, participants will be able to:
- A structured approach to audit planning that aligns with the objectives and risk of the organisation should be developed.
- This course focuses on understanding the entire audit process, from the time the auditor is first engaged to the point at which the final report is issued.
- Risk-based planning techniques will be used to provide guidance for the auditor’s efforts to focus on the highest risk areas of the organisation.
- An effective audit program will be developed to allow for efficient execution of the audit fieldwork.
- The allocation of audit resources and timelines during the planning stage will be performed appropriately.
- Professional standards will be followed while performing audit execution activities.
- When evaluating internal controls and determining their effect on the decision of how to plan for an audit, a thorough evaluation of the organisation’s internal control assessment will be performed.
- Analytical procedures and substantive testing will be performed during the execution of the audit.
- The documentation produced during the audit process will be of high quality.
- The auditor’s professional judgement and decision-making will be enhanced during the planning and execution phases of the audit.
Target Audience
This financial audit training course is appropriate for auditors, accountants and finance professionals involved in the auditing, accounting, and finance aspect of organisations, including but not limited to:
- Internal auditors looking to strengthen their audit planning and execution abilities
- External auditors looking to improve efficiency and increase audit quality
- Accounting and finance personnel that will be preparing for the audit
- Audit supervisors/managers that are responsible for providing oversight of audit teams
- Risk and compliance personnel that are involved in the audit process
- Finance managers that will be responsible for coordinating audits within their respective organisations
- Professionals preparing to advance in the field of financial auditing
- Individuals that would like to take structured training in the planning and execution of audits