Accounting and Auditing

Accounting and Auditing

Course Overview

Modern day internal audit is energetic and electrifying, adding real value to the organisation and operating at the highest levels. The reputation of many audit functions is soaring – it is increasingly recognised as a catalyst for change and a business partner. As a consequence of this, internal auditors have to have the full range of knowledge and skills to ensure that they can carry out their function at world class levels.

The success of any organisation, whether in the public or private sector, relies on strong financial management and suitably skilled accounting staff. This need, coupled with the current shortage of suitably skilled individuals at the accounting technician level, makes this area ripe with career opportunities.

Course Objectives

  • Understand the internal audit process; 
  • Understand the different tools and techniques to be used by the internal auditor during the internal auditing process; 
  • Be able to specify different findings of the audit performed; 
  • Understand and be able to apply statistical sampling techniques and other quantitative methods; 
  • Be able to write an audit report, do follow-ups and communicate with other parties according to IIA standards; 
  • Understand general and application controls in an information technology environment; 
  • Perform an audit of computer programs and data files; and
  • Understand audit relationships, be able to manage an audit function and quality assurance reviews.
  • Understand three most common financial statements: the income statement, balance sheet, and statement of cash flows
  • Master the technical skills needed to analyze financial statements and disclosures for use in financial analysis
  • Learn how accounting standards and managerial incentives affect the financial reporting process

Course Outline

Essentials Of Internal Audit

  • What Is Internal Audit?
  • The professional standards
  • How does the role differ from other assurance providers?
  • Audit skills
  • The modern approach to IA
  • Preparing for an audit
  • The need for a risk based approach
  • Meeting management expectations
  • Internal Audit and the external relationship
  • Developing team relationships
  • The audit manual
  • Audit interviews
  • Audit programmes and testing
  • The challenges of audit reporting

Effective Report Writing And Communication Skills For Auditors

  • Worldwide trends In Internal Audit
  • How can a better understanding of the role be gained?
  • The role of the modern auditor
  • The different requirements and challenges facing ia in major sectors in the GCC And MENA region
  • Initial planning
  • The audit manual
  • Organising the assignment
  • Risk based auditing
  • Audit programmes
  • Fieldwork techniques

Risk Based Auditing

  • What is risk based audit?
  • The nature of risk
  • Business risk                                                                                                                    
  • Risk identification and evaluation
  • The role of Internal Audit in risk facilitation
  • Assessment of risk mitigation
  • The Internal Audit role
  • Strategic audit planning
  • Tactical audit panning
  • The converging roles of the assurance providers
  • Planning a Risk Based Audit( RBA)

Introduction and Balance Sheet

  • Financial Reporting
  • Balance Sheet Equation, Assets, Liabilities, and Stockholders' Equity
  • Debit and Credit Bookkeeping

Accrual Accounting and the Income Statement

  • Revenues and Expenses
  • Adjusting Entries
  • Financial Statements and Closing Entries
  • Income Statement and Balance Sheet

Cash Flows

  • Operating, Investing, and Financing Cash Flows
  • Statement of Cash Flows
  • Overview of Ratio Analysis
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Course Features
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  • 8 Weeks Online
  • 1-2 Weeks Classes
  • Certified

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