Basics of Audit and Assurance

Course Description: Embark on a comprehensive journey into the realm of Audit and Assurance with our foundational course. Designed for both beginners and professionals seeking a refresher, this course provides a solid understanding of auditing principles and assurance practices. As the backbone of financial integrity and regulatory compliance, auditing is a critical function for businesses and organizations.

Requirements: No prior knowledge of audit and assurance is required. Basic understanding of accounting principles is recommended but not mandatory.

What You’ll Learn:

1. Audit Fundamentals:
   • Introduction to Audit
   • Types of Audits and Their Significance
2. Assurance Frameworks:
   • Understanding Assurance
   • Overview of Assurance Frameworks
3. Audit Planning and Execution:
   • Pre-audit Planning
   • Executing the Audit Process
4. Risk Assessment and Internal Controls:
   • Risk Identification and Evaluation
   • Internal Controls and Their Importance
5. Audit Reporting and Professional Ethics:
   • Creating Audit Reports
   • Professional Ethics in Auditing

Who the Course is For:

• Entry-level professionals aspiring to enter the audit and assurance field.
• Accounting professionals looking to enhance their knowledge of auditing practices.
• Business owners and managers seeking a better understanding of the audit process for compliance and risk management.

Module Summaries:

Module 1: Audit Fundamentals

• Sub-Module 1: Introduction to Audit
  • Historical development of auditing
  • Key concepts and objectives of auditing
• Sub-Module 2: Types of Audits and Their Significance
  • Financial audits
  • Operational audits

Module 2: Assurance Frameworks

• Sub-Module 1: Understanding Assurance
  • Distinction between audit and assurance
  • Importance of assurance in business
• Sub-Module 2: Overview of Assurance Frameworks
  • Common assurance frameworks
  • Framework selection based on business needs

Module 3: Audit Planning and Execution

• Sub-Module 1: Pre-audit Planning
  • Importance of planning
  • Risk assessment and materiality considerations
• Sub-Module 2: Executing the Audit Process
  • Gathering evidence
  • Dealing with unexpected findings during the audit

Module 4: Risk Assessment and Internal Controls

• Sub-Module 1: Risk Identification and Evaluation
  • Identifying and assessing business risks
  • Developing risk mitigation strategies
• Sub-Module 2: Internal Controls and Their Importance
  • Role of internal controls in audit
  • Evaluating the effectiveness of internal controls

Module 5: Audit Reporting and Professional Ethics

• Sub-Module 1: Creating Audit Reports
  • Components of a comprehensive audit report
  • Communicating findings effectively
• Sub-Module 2: Professional Ethics in Auditing
  • Code of ethics for auditors
  • Handling ethical dilemmas in the auditing profession

Enroll now to lay the foundation for a successful journey into the dynamic field of Audit and Assurance!