Imperial Corporate Training Institute provides an intensive and practical training course for auditors on how to assess fraud risk within their organisations and what auditors need to do to effectively identify, evaluate, and mitigate those fraud risks. With the modern world of audit and regulation becoming increasingly complex, the auditor’s role has expanded beyond just compliance testing; now auditors must not only be knowledgeable about their profession but also apply professional scepticism, analytical thought, and structured methodology in order to identify indications of fraud.
Through a blend of theory and practice, this financial audit training course will provide students with a thorough understanding of fraud risk factors, weaknesses in internal controls, instances where the management overrode internal controls, and schemes in different industries. Participants will also learn how fraud risk assessment corresponds with various international auditing standards and ethical obligations, as well as how to accurately document fraud risk assessments, communicate to relevant parties, and revise fraud risk assessments. Upon completion of the course, participants will be equipped with all of the knowledge and tools required to create and implement their own comprehensive fraud risk assessment process to enhance the quality of audit work performed as well as improve the governance and decision making processes.
Objectives
By completing the Fraud Risk Assessment in Auditing Training Course, participants will be able to:
- Understand Fraud Risks and Impacts on Financial Statements and Business Operations
- Apply International Auditing Standards for Fraud Risk Assessment
- Identify Specific Fraud Risk Indicators Within Organization Processes and Transactions
- Evaluate Internal Control Effectiveness for Preventing & Detecting Fraud
- Assess Risk of Management Override of Internal Controls & Related Audit Implications
- Incorporate Fraud Risk Assessments into Audit Planning & Execution
- Conduct Analytical Procedures & Use Professional Judgment to Identify Outlier Trends & Red Flags as Part of The Fraud Risk Assessment Process
- Create Structured, Clear, & Actionable Documentation on Fraud Risk Assessment
- Create Audit Responses That Are Aligned With Assessed Fraud Risks
- Communicate Effectively About Fraud-Related Issues With Management & Those Responsible for Overseeing the Organization.
Target Audience
This financial audit training course is suitable for professionals who are involved in auditing, risk management, and financial oversight, including:
- Internal and external auditors
- Audit managers and audit supervisors
- Risk management and compliance professionals
- Finance managers and financial controllers
- Forensic accounting practitioners
- Corporate governance and internal control specialists
- Professionals preparing for advanced auditing or accounting roles
- Consultants involved in audit, assurance, or financial risk advisory services