TARGET AUDIENCE

Practicing internal and external auditors, fresh graduates who are interested in audit and accountants who wish to understand how an audit works in practice.

It is focused on audit of financial statements.

1.) Introduction

• Basic meaning of an external audit
• Audit approaches
• Audit documentation and sample work papers
• Audit assertions
• Audit risk: inherent, control & detection risks
• A practical perspective to Risk of material misstatements (RoMMs): Assertion and FS levels
• Pre-conditions of an audit
• Overview of an ISA compliant audit

2.) Audit Planning

(all learnings involve practical creation of work papers in excel)

• List of key audit planning activities
• Engagement risk assessment
• Letter of Engagement
• Audit Request (Prepared-by Client (PBC))
• Understanding the entity
• Trial balance mapping
• Determining materiality
• Identifying material accounts and inherent risk assessment
• Audit procedures and responses to identified risks of material misstatements (RoMMs)
• Risk assessment and audit procedures for:
• Property, plant & equipment
• Cash and cash equivalents
• Trade receivable (excludes expected credit loss)
• Trade payable
• Revenue
• Cost of sales
• Administrative expenses

3) Execution of planned procedures

(all learnings involve practical creation of work papers in excel)

• Substantive testing
• Test of Details (ToD)
• Substantive Analytical Procedures (SAP)
• Substantive tests for:
• Property, plant & equipment
• Cash and cash equivalents
• Trade receivable (excludes expected credit loss)
• Trade payable
• Revenue
• Cost of sales
• Administrative expenses
• Evaluating misstatements

4.) Reporting

(all learnings involve practical creation of work papers in excel)

• List of key reporting activities
• Financial statements review activities
• Management letter
• Management representation letter
• Audit report

TRAINING DATES: November to December every year

DURATION: 1 month

TIME:

Saturdays (10am to 2.30pm including a 30-minute break from 12.30pm to 1pm)

Sundays (1pm to 4pm – including a 15-minute break from 2.45pm - 3pm)

PRICE:

Physical attendance: N30,000 (installment payment is allowed)

Virtual attendance: N15,000 (installment payment is allowed)