Financial auditing is key for an organization and its earnings, as it boosts its productivity. Conducting financial internal audits on a regular basis allows the organization to identify some aspects of the business units that have to be addressed. The results of the internal audit will also determine whether the company's financial statements are accurate, complete, and compliant with the established regulations, which is critical for the organization to avoid fines if publicly traded.The Securities and Exchange Commission filed 760 total enforcement actions in fiscal year 2022, a 9 percent increase over the prior year, totaling 6.439 billion dollars in fines. Is your organization prepared to pay fines?In this course, participants will learn how key business processes relate to financial statements, as well as the impact of technology on financial auditing. The course will walk participants through an analysis of an organization's financial statements using scenarios, where participants will calculate key ratios and analyze trends over time. By engaging in discussions on both historic and current fraud cases, participants will learn how to recognize key “red flags” in financial statement reporting.*Updated in 2022 with modern applications and robust activities!
DESIGNED FOR
This course is intended for internal auditors and audit managers who want to understand and expand their knowledge related to financial reporting.
BENEFITS
By exploring concepts that go beyond basic financial auditing, this course enables participants to have additional understanding of the approaches used in financial auditing.
HIGHLIGHTS
Date(s) and Time: Aug 21, 23, 28, 30 from 12:00 PM - 3:30 PM ET
- Understand key accounting terms, accounting rules, equations, and basic principles.
- Demonstrate how journal entries are used for accounting purposes.
- Discuss the Financial Accounting Standards Board’s GAAP hierarchy according to FASB Statement No. 162.
- Review the characteristics of key financial statements.
- Calculate key ratios from a company’s financial statements.
- 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.
- Practice using a risk assessment template to analyze risks, and design, and test controls.
- Identify the basic elements of accounting fraud.
- Discuss how Enterprise Resource Planning (ERP) supports and automates business processes.
- Identify audit techniques to use in performing an application review of a financial audit.
COURSE LEVEL
Basic
PREREQUISITES
None
ADVANCE PREPARATION
None