Auditing and Assurance ServicesLondon Business Training & Consulting
Auditing and Assurance Services
Upon completion of this course, you will be able to understand:
- Assurance services, including auditing and the role of CPA firms and other organisations in performing audits of financial statements and other information.
- Audit reports, which are the final product of audits.
- The regulation and oversight of CPA firms through ethical standards and the legal responsibilities of auditors.
- Auditors’ and managements’ responsibilities, management assertions and audit objectives, and general evidence audit concepts.
- Various aspects of audit planning, including risk assessment, internal control, and auditors’ responsibility for detecting fraud.
- The integration of audit planning and audit evidence.
- The methodology for designing tests of controls and substantive tests of transactions audit procedures for sales, cash receipts, and the other classes of transactions in the sales and collection cycle.
- Non-statistical and statistical sampling methods for tests of controls and substantive tests of transactions.
- The methodology for designing audit procedures for the audit of accounts receivable and other balances in the sales and collection cycle.
- Audit sampling for tests of details of balances.
- The audit of the acquisition and payment cycle, including the audit of accounts payable and other liability accounts.
- The audit of the payroll and personnel cycle.
- The audit of the inventory and warehousing cycle, including physical observation tests and the relationship of the inventory and warehousing cycle to other cycles.
- The audit of the capital acquisition and repayment cycle.
- The audit of cash and investment balances.
- How to design and perform audit tests related to presentation and disclosure audit objectives.
- How to conduct a review for contingent liabilities and commitments.
- How to obtain and evaluate letters from the client’s attorneys.
- How to conduct a post-balance-sheet review for subsequent events.
- How to design and perform the final steps in the evidence-accumulation segment of the audit.
- How to integrate the audit evidence gathered and evaluate the overall audit results.
- How to communicate effectively with the audit committee and management.
- The auditor’s responsibilities when facts affecting the audit report are discovered after its issuance.
Suitability - Who should attend?
- Internal auditors and government auditors.
- Employees of certified public accounting (CPA) firms.
- Those interested in up-to-date coverage of globally recognised auditing concepts with practical examples of the implementation of those concepts in real-world settings.
- Those interested in the most important internationally recognised concepts of auditing to aid their audit decision making and evidence accumulation in today’s complex, global auditing environment.
Outcome / Qualification etc.
A Certificate of Attendance from London Business Training & Consulting is issued on course completion.
Training Course Content
The Auditing Profession
- The demand for auditing and other assurance services
- The CPA profession
- Audit reports
- Professional ethics
- Legal liability
The Audit Process
- Audit responsibilities and objectives
- Audit evidence
- Audit planning and materiality
- Assessing the risk of material misstatement
- Assessing and responding to fraud risks
- Internal control and COSO framework
- Assessing control risk and reporting on internal controls
- Overall audit strategy and audit programme
Application of the Audit Process to the Sales and Collection Cycle
- Tests of controls and substantive tests of transactions
- Audit sampling for tests of controls and substantive tests of tests of transactions
- Completing the tests in the sales and collection cycle: accounts receivable
- Audit sampling for tests of details of balances
Application of the Audit Process to other Cycles
- Audit of the acquisition and payment cycle: tests of controls, substantive tests of transactions, and accounts payable
- Completing the tests in the acquisition and payment cycle: verification of selected accounts
- Audit of the payroll and personnel cycle
- Audit of the inventory and warehousing cycle
- Audit of the capital acquisition and repayment cycle
- Audit of cash and financial instruments
Completing the Audit
- Perform additional tests for presentation and disclosure
- Review for contingent liabilities and commitments
- Review for subsequent events
- Final evidence accumulation
- Evaluate results
- Issue the audit report
- Communicate with the audit committee and management
- Subsequent discovery of facts
London Business Training & Consulting
London Business Training & Consulting (LBTC) is the UK’s premier business and management training and consulting service provider. We cater to both individual and organisational clients from all over the world. Our vision is to meet the business and management...
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