Audit Planning and Monitoring: Best Practice

This Audit Planning and Monitoring course is designed to equip participants with the knowledge and skills required to effectively plan, execute, and monitor audit engagements.

After completing this training, participants will be able to:

• Understand the business: external environment, framework of authorities, overall control environment, accounting and internal control systems;
• Assess material risks: to ensure that the audit concentrates on important issues
• Design audit procedures: based on risk areas and assurance on controls
• Perform audit procedures

CONTENT

Audit Objectives and Scope

• Definition and objectives of auditing
• Audit Scope
• Types of audits (financial, operational, compliance, etc.)
• Role and responsibilities of auditors
• Professional standards and ethics in auditing

• Audit Planning

• Purpose and importance of audit planning
• Understanding the auditee's business and environment
• Risk assessment and risk-based auditing
• Materiality and audit scope determination
• Audit program development
• Developing an overall audit strategy
• Audit Findings and Recommendations 

Audit Execution/Management Action Plan

• Fieldwork procedures and techniques
• Interviewing techniques for auditors
• Documenting audit findings
• Testing internal controls
• Substantive testing

Audit Documentation and Working Papers

• Importance of audit documentation
• Content and structure of working papers
• Retention and confidentiality of audit documentation
• Documenting audit procedures and finding

Quality Assurance and Monitoring

• Quality control standards for audit firms
• Financial monitoring
• Development of Annual Budgets 
• Resource Allocation
• Internal quality assurance processes
• Peer review and external quality assessment
• Continuous improvement in auditing practices

Fraud and Audit

• Understanding fraud risks
• Fraud detection and prevention
• Auditor's responsibilities related to fraud
• Fraud red flags and warning signs

FOR WHOM:

All Internal Auditors in the Public and Private Sectors.

TRAINING METHODOLOGY

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.