FINANCIAL AUDITING FOR INTERNAL AUDITOR

For internal auditors and managers who want to understand and expand their roles related to financial reporting, as well as those who simply need a refresher on financial accounting, this course is the ideal way to get up to speed. By exploring concepts that go beyond basic accounting, this course will enable participants to approach financial auditing with renewed confidence.

In this course, participants will learn how key business processes relate to financial statements, as well as the impact of technology on financial auditing. The course will walk participants through an analysis of an organization’s financial statements using case study exercises, where participants will calculate key ratios and analyze trends over time.

  • Define key accounting terms.
  • Demonstrate how journal entries are used for accounting purposes.
  • Review the characteristics of key financial statements.
  • Differentiate between management-level reporting and consolidated financial statement-level reporting.
  • Describe revenue process activities and associated rules.
  • Identify the basic elements of an accounting scandal (fraud).
  • Identify audit techniques to use in performing an application review of a financial audit.

Day 1

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 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.

Day 2

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.

Day 3

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.

Day 4

Outbound Activities Aimed At Improving:

  • Communication
  • Teamwork
  • Confidence
  • Motivation

Day 5

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

  • All Internal Auditors in both the Public and Private Sectors.

  • Face To Face
  • Role playing
  • Post session assessment
  • Video presentation
  • Case study

  • English
  • Indonesia