Financial Auditing Using IFRS

Financial auditing methodology is constantly changing, as are the rules and regulations that underpin the preparation of financial statements.  An increasing number of companies across the globe now prepare their financial statements under international Financial Reporting Standards (IFRS), an accounting approach which auditors increasingly need to be aware of.

CONTENTS:

*IFRS Financial Statements:

· Accounting rules and regulations – IFRS and GAAP

· Fundamental concepts of accounting and how they can be abused

*Fundamentals of Financial Auditing

· The role of international standards on Auditing

· The financial audit process end to end- planning, doing, completion and reporting

*Planning an audit of IFRS accounts- the risk based approach

· The audit risk model and how it applies in practice

· Understanding the entity and its environment

· Calculating and using materiality and performance materiality

· Approaches to audit sampling

*Auditing the IFRS Balance sheet –assets

· Key assertions and sources of evidences

· Common problem area- PPE, intangibles, receivables, inventory, cut- off

· How to spot fraud when auditing assets

*Auditing the IFRS Income Statement

· Key audit assertions- the risk to directional testing

· Sources of evidence- transaction tests and tests of control

*Auditing the IFRS balance sheet- liabilities

· Key assertions and sources of evidence

· Common problem areas – payables, provisions, cut-off 

· How to spot fraud when auditing liabilities

For Whom:

All Internal Auditors desirous of updating themselves about current trends, new tools, techniques and strategies for the modern Internal Auditors.

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.