Financial Review and Internal Auditing

Overview:

Introduction:

This training program provides a comprehensive overview of financial review processes and internal auditing techniques. Through it, participants will gain practical knowledge of how to conduct financial assessments, identify risks, and ensure compliance with internal and external regulations. It focuses on developing skills in auditing, risk management, and reporting, essential for maintaining financial transparency and accountability in an organization.

Program Objectives:

By the end of this program, participants will be able to:

• Understand the fundamentals of financial review and internal audit processes.

• Conduct comprehensive financial audits that ensure compliance with regulations.

• Identify financial risks and develop strategies to mitigate them.

• Implement internal controls to safeguard an organization's financial health.

• Develop detailed financial audit reports for stakeholders.

Target Audience:

• Financial Auditors.

• Internal Auditors.

• Accountants and Finance Managers.

• Risk Management Professionals.

• Compliance Officers.

Program Outline:

Unit 1:

Fundamentals of Financial Review:

• Overview of financial statements and financial review processes.

• Key financial metrics and performance indicators.

• The role of financial reviews in decision-making and governance.

• Techniques for analyzing financial data and identifying trends.

• Common issues identified in financial reviews and their implications.

Unit 2:

Internal Auditing Frameworks and Standards

• Understanding the principles and standards of internal auditing.

• Key frameworks (e.g., COSO, IIA Standards) and their application.

• The internal auditor's role in ensuring regulatory compliance.

• Planning and executing an internal audit: steps and best practices.

Unit 3:

Risk Assessment and Control Measures:

• Identifying financial risks within an organization.

• Assessing the impact of operational, compliance, and financial risks.

• Developing internal controls to mitigate identified risks.

• Monitoring and evaluating the effectiveness of risk controls.

• Integrating risk management into the audit process.

Unit 4:

Audit Procedures and Techniques:

• Essential audit techniques: sampling, testing, and documentation.

• Investigating discrepancies and irregularities in financial data.

• The role of technology in modern audit processes (data analytics, audit software).

• Conducting interviews and walkthroughs during audits.

• Reporting audit findings and making recommendations for improvement.

Unit 5:

Reporting and Continuous Improvement in Auditing:

• Writing effective audit reports for stakeholders.

• Structuring audit findings and making actionable recommendations.

• Monitoring follow-up actions and improvements post-audit.

• Continuous auditing and its role in ensuring long-term financial integrity.

• Strategies for improving internal audit processes over time.