Course Details

This course is appropriate for a wide range of professionals but not limited to:

• Senior Auditors and Audit Managers
• Internal Audit Specialists and Supervisors
• External Audit Professionals (Public Accounting)
• Financial Controllers and Compliance Officers
• Risk Management and Assurance Professionals

• Expert-led sessions with dynamic visual aids
• Comprehensive course manual to support practical application and reinforcement
• Interactive discussions addressing participants’ real-world projects and challenges
• Insightful case studies and proven best practices to enhance learning

By the end of this course, participants should be able to:

• Design and execute a strategic, risk-based audit plan effectively and efficiently.
• Master advanced analytical procedures for identifying unusual and high-risk fluctuations successfully.
• Assess and test IT General Controls (ITGC) and application controls thoroughly.
• Develop complex audit programs for high-risk areas like revenue recognition and fair value measurements reliably.
• Apply forensic auditing techniques to detect potential fraud and material misstatements confidently.
• Formulate and communicate high-quality audit findings and value-added recommendations clearly.

DAY 1

Strategic Audit Planning and Risk Assessment

• Welcome and Introduction
• Pre-test
• The strategic role of internal and external audit in corporate governance
• Advanced techniques for entity-level risk assessment and materiality determination
• Developing a strategic, top-down audit plan focused on inherent business risk
• Mastering the use of data analytics in initial risk assessment and trend analysis
• Documentation standards and leveraging technology in the modern audit process

DAY 2

Advanced Analytical Procedures and Audit Sampling

• Designing and executing sophisticated analytical procedures (e.g., ratio and trend analysis)
• Setting appropriate expectation ranges and investigating significant variances successfully
• Complex statistical sampling methodologies (e.g., Monetary Unit Sampling)
• Determining sample size and evaluating results for tests of controls and substantive testing
• Leveraging audit software tools for continuous auditing and monitoring
• Addressing non-sampling risk and common pitfalls in substantive testing

DAY 3

Auditing Complex and High-Risk Accounting Areas

• Advanced audit procedures for revenue recognition (ASC 606 / IFRS 15)
• Auditing fair value measurements (Level 3 inputs) and financial instruments
• Strategic audit of complex debt, equity transactions, and going concern assessments
• Auditing contingent liabilities, commitments, and post-balance sheet events
• Assessing management's estimates and critical accounting policies
• Review of common audit deficiencies and regulatory findings

DAY 4

IT Audit, Controls, and Fraud Detection

• Comprehensive assessment and testing of IT General Controls (ITGC)
• Auditing application controls (input, processing, output) and system access
• Integrated auditing: linking IT risks to financial statement accounts
• Applying forensic audit techniques and data mining for fraud detection
• Recognizing the red flags of management override of controls and corruption
• Documenting and reporting control deficiencies (SOX compliance perspective)

DAY 5

Final Review, Reporting, and Value Communication

• Review of complex audit procedures and high-risk judgment areas
• Mastering the preparation and review of comprehensive audit workpapers
• Formulating clear, concise, and actionable audit findings and recommendations
• Effective communication strategies for management and the Audit Committee
• The future of auditing: AI, machine learning, and automation
• Post-test
• Certificate ceremony