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Auditing and Governance Risk and Compliance · AGRC-024
Financial Audit: Planning, Execution and Reporting
Financial audits provide assurance that financial statements are reliable and free from material misstatement. Whether performed by internal or external auditors, they…
- Duration5 days
- Next date16 - 20 Nov 2026
- Cities6 cities
- Fee from£2,850
Course overview
Why Attend
Financial audits provide assurance that financial statements are reliable and free from material misstatement. Whether performed by internal or external auditors, they require sound planning, risk assessment and evidence.
This LLMI course explains the financial audit process: understanding the entity, materiality, risk assessment, internal control evaluation, substantive procedures for key areas, sampling, analytical procedures, evaluating misstatements and reporting. Participants apply procedures to a case company.
The course strengthens practical audit skills for auditors and finance professionals.
Course Objectives
Plan financial audits using risk and materiality
Understand and test internal controls
Design substantive procedures for key account areas
Apply analytical procedures and sampling
Evaluate misstatements and audit evidence
Communicate audit findings and opinions
Target Audience
External and internal auditors
Audit managers and seniors
Finance controllers
Accountants preparing for audits
Public sector auditors
Audit committee members
Course Methodology
Audit methodology sessions
Case company exercises
Sampling and analytics
Working paper review
Group discussions
Course outline
-
1Day 1: Audit Planning
- Audit objectives and standards
- Understanding the entity
- Materiality
- Risk assessment
- Audit strategy
- Exercise: Materiality calculation
-
2Day 2: Internal Controls
- Control environment
- Control testing
- IT controls
- Deficiencies
- Reliance decisions
- Workshop: Control evaluation
-
3Day 3: Substantive Procedures
- Revenue and receivables
- Inventory
- Payables and expenses
- Fixed assets
- Cash
- Exercise: Audit programme
-
4Day 4: Analytics and Sampling
- Analytical procedures
- Audit sampling
- Data analytics
- Estimates
- Related parties
- Lab: Analytical review
-
5Day 5: Completion and Reporting
- Evaluating misstatements
- Subsequent events
- Going concern
- Audit reports
- Communication with management
- Capstone: Audit completion review
Dates and fees
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