It’s important for Financial Auditors to have a comprehensive understanding of both the business processes that create financial statements as well as the key components of the business’s internal control structure. The Financial Audit Risk Assessment Training Course offered by the Imperial Corporate Training Institute teaches participants how to effectively assess, analyze, and manage audit risks in today’s increasingly complicated business environment. In order to accomplish this, auditors need to move beyond mere compliance auditing to develop an organized way to identify and assess risk while maintaining proper audit documentation and supporting reliable audit results through sound business reasoning.
This training course will provide participants with both theoretical knowledge and practical application of the concepts learned. Participants will learn how to understand the relationship between internal and external risks on a company’s financial statements; how to assess a company’s inherent and control risks; and subsequently, how to use this information to determine the scope, timing, and procedures for conducting an audit. By utilizing structured frameworks, real-life examples, and case studies, participants will become more confident in utilizing risk-based audit approaches to improve the quality of audits performed in a variety of industries and sectors.
Objectives
Upon successful completion of the Financial Audit Risk Assessment Training Course, participants will be able to:
- Become familiar with the basic terminology and concepts of assessing audit risk in a financial context.
- Understand the concept of inherent, control and detection risk as related to a financial audit.
- Leverage risk assessment methodologies during the audit planning process to optimise the chance of successfully completing an effective audit.
- Examine the potential impact of business, finance and other operational risks when analysing and reporting on the financial condition of an organisation/entity.
- Develop a comprehensive auditing strategy that is based on the risks identified during the audit process and is compliant with professional standards of auditing.
- Enhance use of professional judgement when making decisions regarding the risk of material misstatement.
- Include, in the overall audit risk assessment, an evaluation of the internal controls related to each of the financial statements.
- Increase the efficiency of the audit process by directing auditors’ resources to areas of auditing that are deemed to have the highest potential of risk.
- Establish and maintain documentation practices regarding the audit risk assessment, audit planning and decision-making processes.
- Align all audit risk assessment processes with those of the organisation, including its governance and compliance requirements.
Target Audience
- Audit Managers and Senior Auditors in the Role of Audit Planning and Supervision
- Financial Management and Accounting Professionals for Financial Reporting and Control
- Risk Management Professionals Working with Audit and Assurance Teams
- Compliance Officers Responsible for Financial and Regulatory Risk Frameworks
- Corporate Governance Professionals Supporting Audit Committees
- Public Sector Practitioners (Auditors and Financial Managers)
- Auditors and Financial Managers Preparing for Senior Level Positions in Financial Auditing.