Course description
Financial Auditing for Internal Auditors- Exploring Current Trends in Internal Auditing & Finance
In this Financial Auditing for Internal Auditors course, offered by the Institute of Internal Auditors, the field's leading authority, participants will learn how key business functions interact with accounting processes, particularly in risk management, as well as how technology impacts financial auditing.
This IIA course is designed for internal auditors and managers looking to increase their knowledge about financial reporting or simply needing a refresher in financial accounting. The module- based approach of this course promotes practical application through case study evaluation and discussion. Participants will gain experience calculating key ratios and analyzing trends over time as well as performing risk assessments and how to identify possible instances of fraud.
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Who should attend?
This is an intermediate level Institute of Internal Auditors course with no prerequisites.
Training content
The outline for this course is as follows:
Accounting and Auditing Review
- Define key accounting terms.
- Understand accounting rules, equations, and basic principles.
- Demonstrate how journal entries are used for accounting purposes.
- Discuss the Financial Accounting Standards Board’s (FASB’s) GAAP hierarchy according to FASB Statement No. 162.
- Perform a risk assessment using the financial auditing process.
- Evaluate controls in the audit process by using finance-related management assertions.
- Review an IIA Practice Guide about formulating and expressing internal audit opinions.
Financial Statements — An Overview
- Review the characteristics of key financial statements.
- Recognize the flow of information from source documents to financial statements.
- Identify the components of a financial balance sheet.
- Distinguish where in an income statement financial accounts should appear.
- Calculate key ratios from a company’s financial statements.
Business Processes and Accounting
- Differentiate between management-level reporting and consolidated financial statement-level reporting.
- Analyze data using horizontal and vertical analysis.
- Describe revenue process activities and associated rules.
- Describe procurement process activities and associated rules.
- Describe fixed asset process activities and associated rules.
- Recall key revenue, liability, and inventory-related ratios.
- Practice using a risk assessment template to analyze risks, and design and test controls.
Recipes for Cooking the Books
- Identify the basic elements of an accounting scandal (fraud).
- Identify the five most common financial “games.”
- Calculate financial indices to use in analyzing data.
Technology and Accounting
- Discuss the risks and control breakdowns of User-developed Applications (UDAs) and best practices for controls over UDAs.
- Describe how to minimize risk and limit exposure in using spreadsheets.
- Discuss how Enterprise Resource Planning (ERP) supports and automates business processes.
- Identify audit techniques to use in performing an application review of a financial aud
Costs
In order to ensure that you receive pricing best suited to your situation, please refer to IIA's website as well as to find out more about IIA's on-site training opportunities.
Certification / Credits
Certified Internal Auditors (CIAs) completing this course are eligible to receive 16 Continuing Professional Education (CPE) hours.
The Institute of Internal Auditors- Training from the Auditing Industry's Leading Authority
The Institute of Internal Auditors (IIA) is the global voice and leading educator for the internal auditing profession, providing innovative internal audit training as well as engaging, facilitated learning opportunities for its members and customers. IIA auditing courses help you add value...