Delivered by Imperial Corporate Training Institute. This program is a professional educational offering designed to provide a comprehensive understanding of the role of an internal control framework in the success of a financial audit. Each of the modules of this program covers the structure, design, and evaluation of an internal control system and the impact it has on the reliability of a company’s financial statement, compliance with regulatory standards and the governance of a company. The participants will be able to develop a thorough understanding of the operational context of internal controls as they function within various business environments, and how auditors evaluate their effectiveness during the execution of a financial audit.
In addition to the theoretical aspects of internal controls, this course also covers the application of such controls in the context of managing risk and detecting fraud. Participants will learn how to assess audit risk through identifying weaknesses and determining whether the proper preventive and detective controls are in place. This training course consists of several structured modules and includes practical examples of how to use a professional audit approach to achieve alignment between internal controls, audit objectives and international best practices to support the development of accurate financial statements and strong organisational accountability.
Objectives
By the end of the Internal Controls and Financial Audit Training Course, participants will be able to:
- The Fundamentals and Components of Internal Control Frameworks
- The Functions of Internal Controls Supporting Effective Financial Audits
- Design and Implementation of Control Systems Within an Organization
- Internal Controls Related to Financial Statements and Reporting
- Weak or Ineffective Internal Controls Create Key Risks
- Using Audit Procedures to Assess the Effectiveness of Internal Control Activities
- Utilizing Control-Based Risk Assessments to Strengthen Audit Planning
- The Relationship of Internal Controls to Governance and Compliance
- Identifying Gaps in Control that may Lead to Financial Misstatements
- Using Strong Internal Control Evaluations to Support Fraud Prevention Strategies
Target Audience
This course is directed toward professionals involved in Financial Oversight, Auditing and Risk Management, including:
- Internal auditors wanting to gain more information about evaluating internal controls
- External auditors responsible for planning and performing a financial audit
- Finance Managers responsible for maintaining adequate controls within their organizations
- Risk and Compliance Officers that oversee Governance Frameworks internally
- Accounting Professionals involved with preparing and reviewing financial statements
- Members of the Audit Committee and Governance Professionals
- Financial Controllers and Senior Accountants