The aim of the course is to equip you with the necessary information required in understanding auditing practice and how audit investigation is conducted.

Nature and purpose of an audit: Nature and objectives of an audit, users of audited statements, types and classification of audits and inherent limitations of an audit.

Legal and professional framework: Appointment, qualification, remuneration, rights and duties of auditors, professional code of conduct for auditors, international standards of auditing. 

Audit Planning: Pre conditions to audit, engagement letter, Understanding audit environment and overview of the audit process. 

Audit risk assessment: Components of audit risk, types of audit risks, Adoption of risk based audit, risk evaluation and mechanism to minimize the risk associated with client’s audit. 

Audit documentation: Purpose, sources and storage of audit documents, automated working papers, quality control policies and peer review. 

Internal control systems and Internal Audit Function: Objectives of internal control system, component and features of internal control system, indicator of weakness in ICS, Evaluation of ICS and communication. 

Internal Audit Function: Scope and objectives of internal audit, Criteria of using internal audit work, Areas of support on external auditors’ work and Design of risk based internal audit plan. 

Overview of Forensic Accounting: Errors, Frauds and Irregularities. 

Audit Evidence: Financial statement assertions and audit evidence, audit sampling, Analytical procedures, work of expert and use of management representations.

Auditing in a computerized system: Types of controls, planning the audit in computerized accounting systems, Audit Approaches, Audit software and test data and Cloud documentation and loss of audit trail.