Introduction
In this Financial Auditing course participants will learn how key business functions interact with accounting processes, particularly in risk management, as well as how technology impacts financial auditing.
This course is designed for internal auditors and managers looking to increase their knowledge about financial reporting or simply needing a refresher in financial accounting. The module- based approach of this course promotes practical application through case study evaluation and discussion. Participants will gain experience calculating key ratios and analyzing trends over time as well as performing risk assessments and how to identify possible instances of fraud.
Duration
5 Days
Who Should Attend
- Auditors and Financial professionals responsible for ensuring transparency and integrity of processes and accounting records.
- Bookkeepers and Accountants who are in charge of maintaining the books of account and day to day financial transactions pursuing promotion
- NGO Staff
Course Level:
Course Objectives
- Fundamentals of accounting practices and financial statement analysis.
- An understanding of the accountant’s responsibility.
- In-depth study of the procedures in fraud detection.
Accounting and auditing review
- Define key accounting terms.
- Understand accounting rules, equations, and basic principles.
- Demonstrate how journal entries are used for accounting purposes.
- Discuss the Financial Accounting Standards Board’s (FASB’s) GAAP hierarchy according to FASB Statement No. 162.
- Perform a risk assessment using the financial auditing process.
- Evaluate controls in the audit process by using finance-related management assertions.
- Review an IIA Practice Guide about formulating and expressing internal audit opinions.
Financial statements — an overview
- Review the characteristics of key financial statements.
- Recognize the flow of information from source documents to financial statements.
- Identify the components of a financial balance sheet.
- Distinguish where in an income statement financial accounts should appear.
- Calculate key ratios from a company’s financial statements.
Business processes and accounting
- Differentiate between management-level reporting and consolidated financial statement-level reporting.
- Analyze data using horizontal and vertical analysis.
- Describe revenue process activities and associated rules.
- Describe procurement process activities and associated rules.
- Describe fixed asset process activities and associated rules.
- Recall key revenue, liability, and inventory-related ratios.
- Practice using a risk assessment template to analyze risks, and design and test controls.
Recipes for cooking the books
- Identify the basic elements of an accounting scandal (fraud).
- Identify the five most common financial “games.”
- Calculate financial indices to use in analyzing data.
Technology and accounting
- Discuss the risks and control breakdowns of User-developed Applications (UDAs) and best practices for controls over UDAs.
- Describe how to minimize risk and limit exposure in using spreadsheets.
- Discuss how Enterprise Resource Planning (ERP) supports and automates business processes.
- Identify audit techniques to use in performing an application review of a financial audit
Fraud Prevention
- Examining the existing internal control environment
- Understanding the COSO Model (“Internal Control-Integrated Framework”)
- Control Environment
- Risk Assessment
- Control Activities
- Information & Communication
- Monitoring
Deterring Corporate Fraud
- Identifying organizational tolerance to risk and improvement of internal controls
- Formulating a critical fraud response strategy
- Developing an anti-fraud program
Managing Donor Funding
Project start-up
- Start-up costs
- Start-up staffing
- Communications to stakeholders
Implementation
- Managing project budget and activities
- Maintaining a good relationship with the donor
- Ensuring strong internal controls
Project close Out
- Closeout planning
- Staffing
- Sub award closeout
- Final reports
Donor Audits
- Preparing for an Audit
- Areas of Audit Risk
- Supporting & Managing the Audit
- Corrective Action Plans
Related Courses
Course Administration Details:
METHODOLOGY
The instructor-led trainings are delivered using a blended learning approach and comprise presentations, guided sessions of practical exercise, web-based tutorials, and group work. Our facilitators are seasoned industry experts with years of experience, working as professionals and trainers in these fields. All facilitation and course materials will be offered in English. The participants should be reasonably proficient in English.
ACCREDITATION
Upon successful completion of this training, participants will be issued an Indepth Research Institute (IRES) certificate certified by the National Industrial Training Authority (NITA).
TRAINING VENUE
The training will be held at IRES Training Centre. The course fee covers the course tuition, training materials, two break refreshments, and lunch. All participants will additionally cater to their travel expenses, visa application, insurance, and other personal expenses.
ACCOMMODATION AND AIRPORT PICKUP
Accommodation and airport pickup are arranged upon request. For reservations contact the Training Officer.
- Email: [email protected]
- Phone: +254715 077 817
TAILOR-MADE
This training can also be customized to suit the needs of your institution upon request. You can have it delivered in our IRES Training Centre or at a convenient location. For further inquiries, please contact us on:
- Email: [email protected]
- Phone: +254715 077 817
PAYMENT
Payment should be transferred to the IRES account through a bank on or before the start of the course. Send proof of payment to [email protected]
Click here to register for this course.
Register NowCustomized Schedule is available for all courses irrespective of dates on the Calendar. Please get in touch with us for details.
Do you need more information on our courses? Talk to us.