Training on Audit and Assurance Services

Module 1: Introduction to Audit and Assurance

• Overview of audit and assurance services
• Types of audits: internal, external, financial, operational, compliance
• Key principles and standards (IFRS, GAAS, ISA)
• Roles and responsibilities of auditors
• Case Study: Audit failure due to non-compliance with auditing standards
• Practical: Identifying audit types and applying standards to scenarios

Module 2: Audit Planning and Risk Assessment

• Audit planning process
• Understanding the entity and its environment
• Risk assessment and materiality
• Designing audit strategies and procedures
• Case Study: Ineffective audit planning leading to undetected financial misstatements
• Practical: Developing an audit plan and risk assessment matrix

Module 3: Internal Controls and Audit Evidence

• Evaluating internal controls
• Testing internal controls for effectiveness
• Gathering and evaluating audit evidence
• Analytical procedures and substantive testing
• Case Study: Control weaknesses resulting in financial fraud exposure
• Practical: Testing internal controls and evaluating audit evidence

Module 4: Fraud Detection and Assurance Services

• Understanding and identifying fraud
• Fraud risk factors and red flags
• Conducting fraud investigations
• Assurance services (reviews, compilations, agreed-upon procedures)
• Case Study: Corporate fraud uncovered during an assurance engagement
• Practical: Fraud detection exercise using financial data analysis

Module 5: Reporting and Communication

• Drafting audit reports
• Communicating findings and recommendations
• Addressing management and governance concerns
• Use of audit software and tools
• Case Study: Poor audit reporting leading to governance breakdown
• Practical: Preparing an audit report with findings and recommendations