Auditing and Risk Management

This interactive workshop will equip delegates with skills to develop core quality system auditing skills. Participants will learn how to: plan, conduct and report on internal audits providing meaningful feedback on the strengths, weaknesses and improvement opportunities in their organization. The delegates will also learn how ensure ongoing quality system compliance and effectiveness.

Broad Course Objective.

To internalize how to create and use progressive system and data centric audit tools and techniques for performing continuous auditing that will enable your organization to be in full compliance with the requirements, policy and procedures.


Learning outcomes

Delegates should be able to;

✓Plan and prepare for an internal quality audit

✓Develop a practical checklist to provide guidance during the audit

✓Use effective questioning techniques

✓Explain the basic concepts of auditing

✓Describe audit procedures

✓Describe audit reports

✓Use computers in auditing

✓Develop an internal audit report and present audit findings in a constructive manner

✓Determine the roles and responsibilities of an internal quality auditor

✓Aligning the Audit Function with the operation/business

✓Defining Data Mining/ Continuous Auditing

✓Maximizing the Use of Data

✓Data Analysis Methodologies: Logically Focusing the Audits on Critical Business Concerns

✓Defining a Continuous Audit Process for Maximum Effectiveness (including virtual audit techniques)

✓Focusing reporting on Outcomes Not Outputs

✓which data to mine to minimize audit resources and maximize audit outcomes by delivering business-focused recommendations that will bring about change


Who Should Attend?

  • Registrar/Accreditation body Auditors
  • Finance officers
  • Finance managers
  • Existing internal auditors who are looking to expand their skills


Learning Content

Nature, purpose and scope of the audit

✓Definition of auditing, auditor and audit

✓Differences between auditing and accounting

✓Nature and purpose of International Standards on Auditing [ISAs]

✓Objectives of an audit

✓Types and timing of audits, internal versus external audit, continuous versus interim audit

✓Users of audited financial statements and auditors report

✓ Advantages and disadvantages of auditing.


Client acceptance procedures

✓         Background information about the client

✓         Professional evaluation of ethics and competence of the firm

✓         Engagement letter


Planning for the audit

✓         Objectives of planning

✓         Planning for a new client

✓         Planning for an existing client

✓         Developing the overall audit plan


Internal control system

✓Definition and purpose of internal control system

✓Features of a sound internal control system

✓Advantages and disadvantages of internal control system

✓Internal controls in practice, sales, purchases and cash

✓Ascertaining, recording and evaluating an internal control system

✓Errors and frauds-Definition and types, Indicators of errors and frauds

✓Role of internal controls with respect to errors and frauds


Audit evidence

✓Nature and source of audit evidence

✓Types of audit evidence

✓Techniques of gathering audit evidence

✓Limitations in gathering audit evidence

✓Preparation of working papers

✓Types of audit tests: compliance and substantive tests


Audit of major financial statement items

✓Audit of sales

✓Audit of purchases

✓Audit of cash and bank balances


Auditor’s report

✓Purpose of auditor’s report

✓Contents and elements of auditor’s reports

✓Qualities of audit report

✓Types of audit reports-unqualified and qualified

✓Consequences of various audit reports


Auditor’s use of the computer

✓Benefits and drawbacks of computerized accounting system

✓Ways in which auditors can use computers in the audit

✓Audit approach, auditing around and auditing through the computer [CAATS]


Emerging issues in auditing

Audit Documentation

✓Preparing and retaining documentation

✓Assembly of the final audit file


Risk Management Overview

  • Key Risk Terminology
  • Risk Management Processes

Plan Risk Management

  • Risk Management Planning
  • Scalable Planning Methods
  • Risk Stakeholders
  • Stakeholder Risk Appetite and Project Objectives
  • Communicating Risk Information to Stakeholders
  • Requirements for Open Risk Communication
  • Risk Management Plan
  • Probability and Impact Scales
  • Review Risk Management Plan Components


Identify Risks

  • Identifying Risks
  • Risk Identification Tools and Techniques
  • Data Analysis Techniques
  • The Risk Register
  • Writing Risk Statements

Perform Qualitative Risk Analysis

  • Perform Qualitative Risk Analysis
  • Probability and Impact
  • Risk Probability and Impact Assessment Steps
  • Exercise: Ranking Risks Against Objectives

Monitor Risks

  • Monitoring Risks
  • Risk Monitoring Tools and Techniques
  • Risk Reporting
  • Exercise: Risk Monitoring

Risk Response

  • Developing risk response plans and actions
  • Risk response strategies
  • Examples of “actionable” risk responses
  • Project contingency

Way forward After the Training

Participants will develop a work plan through the help of facilitators that stipulates application of skills acquired in improving their organizations. ASPM will monitor implementation progress after the training.


Training Evaluation:

Participants will undertake a simple assessment before the training to gauge prior knowledge and skills and another assessment will be done after the training in-order to demonstrate knowledge gained through the training.

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