Practical Auditing For Professionals

What Will You Learn?

• The meaning and purpose of audited financial statements
• Key parties involved in an audit engagement
• Structure and roles within an engagement team
• Overview of the audit process from start to finish
• Introductory audit concepts and preconditions for accepting an audit
• Required audit documentation and working papers
• Application of professional skepticism in practice
• Understanding and evaluating audit evidence
• Various practical audit approaches and when to use them
• Auditor independence and ethical considerations
• Audit assertions and risk assessment fundamentals
• Audit planning and strategy
• Engagement acceptance and continuance procedures
• Understanding the client’s entity and environment
• Determining materiality and performance materiality
• Assessing inherent risks
• Designing appropriate audit procedures
• Executing the audit fieldwork
• Substantive procedures (Test of Details and Substantive Analytical Procedures)
• Audit reporting and forming an opinion
• Preparing the management letter
• Linking the Trial Balance (TB) to the Financial Statements (FS)
• Conducting a detailed financial statements review
• Understanding incomplete records and what they entail
• Difference between an Audit Engagement and an Independent Review (IR) engagement
• Information requirements for conducting an audit
• Bank statement analysis and procedures outside the bank statement
• Extracting and analyzing the trial balance