Course Outline

1. Fundamentals of Audit Procedures

• Understanding Audit Objectives: Financial statement assertions, risk assessment, and the auditor’s responsibility.
• Types of Audit Procedures: Discussion on inspection, observation, external confirmation, recalculation, reperformance, analytical procedures, and inquiry.
• Audit Documentation: Importance and requirements for documenting the procedures performed and the findings.

2. Planning and Designing Audit Procedures

• Audit Planning: Establishing the audit’s scope, timing, and direction based on risk assessment.
• Designing Effective Audit Procedures: Tailoring procedures to respond to assessed risks and achieve audit objectives efficiently.
• Case Study: Group activity on planning audit procedures for a given scenario.

3. Executing Audit Procedures

• Performing Audit Tests: Practical approaches for effectively executing designed audit procedures.
• Addressing Audit Findings: Evaluating evidence, identifying discrepancies, and dealing with audit findings.
• Workshop: Participants perform a series of audit procedures based on predefined case studies, documenting their findings and conclusions.

4. Reporting and Follow-Up

• Audit Reports: Drafting clear, concise, and informative audit reports that reflect the audit findings and conclusions.
• Communicating with Management and Those Charged with Governance: Best practices for discussing audit findings and recommendations.
• Follow-up on Audit Recommendations: Monitoring and verifying the implementation of audit recommendations.

5. Trends and Future Directions in Auditing

• Emerging Trends: Technology impacts on audit procedures, including data analytics and AI.
• Continuous Auditing and Monitoring: Discussion on the evolving nature of auditing in real-time environments.
• Q&A