Auditing Essentials Curriculum Outline
Introduction to Auditing
Overview/DescriptionThe audit function has become very important over the years. Various stakeholders are applying greater pressure on companies to increase transparency and strengthen corporate governance initiatives. Auditing is used as a tool to evaluate the quality of an organizations output, including the people, systems, and procedures, as well as financial statements. Today’s auditors are multifaceted individuals who have a broad experience and understanding of how different business components operate and interact with one another. This course helps you understand what auditing entails. It includes a description of the objectives and benefits of auditing to various parties, as well as the different types of audits that can be conducted by internal or external auditors. It describes the four phases of the general process for auditing, which are planning, gathering evidence, evaluating evidence, and issuing a report. And it outlines some general auditing standards to indicate whats required from the auditors in terms of skills and attitudes, as well as in terms of standards to meet at different stages of the auditing process.
Target AudienceManagers, departmental leaders, prospective auditors, and all individuals interested in or involved in the auditing function in their organization, and those looking for an introduction to the audit function
Expected Duration (hours)1.0
Lesson Objectives Introduction to Auditing
Identify how different stakeholders can benefit from auditing Determine the type of audit that must be carried out in a given scenario Identify statements or actions made by an auditor that indicate he or she has the right qualities when conducting an audit Match stages of the auditing process to examples Describe how auditing standards are met in a given scenario Course Number:
fin_06_a01_bs_enus Back to ListAuditing for Internal Control and Risk Assessment
Overview/DescriptionStrong corporate governance is a feature shared by some of the worlds most highly reputable and successful companies. It is a set of processes, behaviors, and rules used to ensure that company employees act in the best interest of the companys stakeholders. An important aspect of good corporate governance is the companys ability to establish strong internal controls and risk management processes to meet stated objectives. Internal and external auditors provide opinions on the ability of these systems to manage various risks inherent in the companys business. In this course, you will learn how to assess internal control and risk management processes as part of an audit. Youll learn what internal control is and examine its components: the internal control environment, identifying and assessing sources of risk, internal control procedures, information and communication, and monitoring. The course also outlines how to select which internal control procedures to review in an audit and what actions to take based on the outcomes of this review, as well as how to assess internal control in an organization that uses the enterprise risk management (ERM) framework.
Target AudienceManagers, departmental leaders, prospective auditors, and all individuals interested in or involved in the auditing function in their organization, and those looking for an introduction to the auditing function
Expected Duration (hours)1.0
Lesson Objectives Auditing for Internal Control and Risk Assessment
Identify what internal control aims to achieve Follow steps to assess internal control processes as part of creating an overall audit plan in a given scenario Match components of internal control to examples Determine whether a given internal control procedure requires further testing Identify the general principles to follow when auditing an organization that uses the ERM framework Sequence examples of the phases to take to review the ERM framework Course Number:
fin_06_a02_bs_enus Back to ListAuditing the Revenue Cycle
Overview/DescriptionModern corporations often operate in a global context and are required to collect volumes of information to be used for future decisions or to be included as part of the organizations financial statements. The systems and processes used to capture, manipulate, and communicate this information must be dependable, accurate, and safe. Auditors are required to provide reasonable assurance that the information flow within these systems and processes is not fictitious, but represents true economic transactions, is as complete and accurate as possible, is accounted for at the correct periods, and is properly classified and recorded in the financial statements. This course examines the audit function related to the revenue cycle, specifically the auditing of sales data flow through the systems and processes that capture and record it. First, it looks at the objectives of the revenue transaction cycle audit. Then it describes the revenue cycle and how to perform control tests and substantive tests to assess how well the stated objectives are being met. The course ends with presenting the auditors findings and recommendations to the audit committee and management.
Target AudienceManagers, departmental leaders, prospective auditors, and all individuals interested in or involved in the auditing function in their organization, and those looking for an introduction to the audit function
Expected Duration (hours)1.0
Lesson Objectives Auditing the Revenue Cycle
Sequence examples of the steps of the sales process Match transactions of the sales cycle to audit objectives Determine how internal controls related to the sales transaction cycle should be examined in a given scenario Recognize the appropriate testing strategy to use in a given scenario Describe how the audit of the revenue cycle is reported Course Number:
fin_06_a03_bs_enus Back to ListAuditing for Cash and Inventories
Overview/DescriptionManagers, investors, and various other stakeholders use a companys detailed financial information to plan various budgets, investment profiles, and risk measures, among other things. When auditing a company, the auditors job is to ensure that all the financial information is reasonably accurate as well as provide feedback on areas that seem to have weak internal controls. Auditors are particularly concerned with the cash and inventory accounts, as these can easily be manipulated through fraudulent activities and prone to material misstatements. Cash is especially at high risk because it can be easily transferred. This course describes what auditors have to consider when auditing cash and inventories. It presents the methodology for auditing cash, which consists of listing the audit objectives for cash transactions and performing a series of tests on internal controls and on recording transactions to ensure these objectives are met. The course also describes how the risks related to inventories are identified. And it outlines the different types of tests that can be performed to determine whether the reporting of physical flow of inventories and their related costs is correct.
Target AudienceManagers, departmental leaders, prospective auditors, and all individuals interested in or involved in the auditing function in their organization, and those looking for an introduction to the audit function
Expected Duration (hours)1.0
Lesson Objectives Auditing for Cash and Inventories
Identify the responsibilities of the auditor in auditing cash Describe auditors considerations when auditing inventories Recognize appropriate objectives for auditing cash transactions Identify appropriate tests to perform to audit the recording of cash inflows and outflows Describe analytical procedures that can be used to identify any misstatements that may affect costs of goods reported Identify the types of tests to perform when auditing the physical flows of inventories Course Number:
fin_06_a04_bs_enus Back to ListUsing Audits to Help Prevent Business Fraud
Overview/DescriptionBusiness fraud is a potential issue for any company. This Business Impact stresses the need for employers to protect themselves by using audits to detect fraudaulent activities.
Expected Duration (hours)0.1
Lesson Objectives Using Audits to Help Prevent Business Fraud
Course Number:_pc_bi_fabi002
Back to ListEstablishing the Role of the Audit Department
Overview/DescriptionThe role of the internal audit department has broadened to include increased legal compliance. This challenge focuses on the requirements of the Sarbanes-Oxley Act of 2002.
Expected Duration (hours)0.2
Lesson Objectives Establishing the Role of the Audit Department
Course Number:_pc_ch_fach001
Back to List
Auditing Essentials
In the global marketplace, businesses and clients use auditing to make sure they produce efficient, reliable and quality financial
statements. In order to do this, these professionals need to be comfortable with the concepts and approaches that are involved in
executing a proper audit as well as the basic terminology. Using CBT Directs Online Audit Training professionals will be able to
obtain an understanding of how auditing is conducted, recorded and followed up on.
In our online course the learner will learn the basic and deeper functions involved in both external and internal forms of
auditing and the way they enhance business processes and make for a smoother state of affairs. Professionals will be better able
to apply the strategy and techniques necessary for external auditing and writing up an optimal audit report. They will also be
able to examine internal influences and assess the possible risks involved with auditing and apply the techniques learned to create
a more confident financial situation within their company or firm.
Benefits of CBT Direct’s Online Audit Training
CBT Direct boasts the most beneficial online training on the market. With CBT Direct’s online training, you have the flexibility
to study on your schedule, and with the speed and reliability of the internet, CBT Direct’s audit training course is accessible
anywhere you have an internet connection. Convenience finally costs less with CBT Direct - the most affordable online training
solution today.
The unique design of CBT Direct’s audit course emphasizes learner initiative, self-management and experiential learning. CBT
Direct’s online course design begins with the definition of user-focused performance objectives and then proceeds to the
selection and implementation of instructional strategies and learning activities appropriate for those objectives. This effective
instruction model for CBT Direct’s audit training course ensures the greatest level of comprehension and retention.
Who Benefits from CBT Direct’s Online Audit Training?
Business professionals who perform internal or external auditing and other individuals, managers, professionals, or government
officials who would like to gain knowledge of the processes and financial statements involved in auditing for job related reasons.
What Professionals Will Learn from CBT Direct’s Online Audit Training
Professionals will learn auditing fundamentals including selecting an auditee and working out the most suitable form of an audit
when given a scenario involving a particular corporation or client. They will also review when it is proper to perform an audit that
was not previously scheduled. Our online training will review scenarios of the auditing cycle and assist the learner in recognizing
which areas are appropriate for an audit. This course will cover the need for accurate audit reporting and financial statements.
Learners will evaluate formulas and business elements that can be used during a risk assessment to rate the amount of possible risk.
There will be an overview of corrective post-audit actions involved in a follow-up and the opportunity to connect audit evaluation
methods and characteristics using examples.
CBT Directs Online Audit Training will assess the phases and benefits that come with administering an internal audit. There will
be examples and scenarios to ensure that the learner fully understands how to prepare for an internal audit and use key strategies to
direct and increase the potential success of the opening conference. Professionals will learn how to create audit reports and identify
the factors that need to be considered beforehand. Furthermore, our online training will explain the three factors that need to be
considered before performing an audit that is based on quality control and its effectiveness. It will explicate the benefits and
types if internal audit controls available and the helpful use of flowcharting. This includes the efficient practices of human
resources and the structure of organization within a company. Click here to see a detailed curriculum outline.
Our courses will give details on the duties of external auditors in both the professional and legal context. It will also evaluate
the ethics that need to be observed when dealing with corporate fraud. Learners will review the communication skills and conduct that
are necessary for an external audit and the issues that could possibly damage the autonomy of the external auditor. They will be
shown the usefulness of computers in facilitating an audit and the internal controls that are related to computers. CBT Direct’s
Online Audit Training will also go over auditing financial statements and balance sheets using examples. It will also show the
professional how to choose particular entries found on financial statements that need to be further reviewed.
CBT Directs Online Audit Training will help to prepare business professionals to handle the planning and enactment of specific
audits in order to achieve the most favorable outcome and increase a company's potential and profitability. They will be able to
grasp the vital particulars involved in external auditing and the most accurate procedures for internal auditing. This includes
being able to prepare precise audit reports and reviewing financial statements. This training will allow the professional to feel
confident that their actions are ethically and financially sound. They will know that by applying their newly acquired understanding
of the importance of auditing they have the skills to play a major role in the future success of their company or firm.
Auditing Essentials
