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4 - AAU - Accounting and Financial Auditing

AAU 202 - Risk Based Financial Auditing and Internal Control

Code Start Date Duration Venue
AAU 202 09 October 2023 5 Days Istanbul Registration Form Link
AAU 202 04 December 2023 5 Days Istanbul Registration Form Link
Please contact us for fees


Course Description

More and more banks and financial institutions nowadays tend towards using risk based internal auditing to minimize the risk of audit opinion going wrong. In fact, the activities involved in managing risks are identified as playing a central and essential role in maintaining a sound system of internal control. In the process of risk based internal audit, every audit assignment presents a different challenge to an audit firm, with no two audit assignments being the same. In this course, participants will learn how to go on the correct track in this process, first setting out internal control outlines, and then auditing the whole performance of their organizations. 

Course Objectives

  • Learning how to achieve enterprise security 
  • Setting out the fundamental points of a risk-based approach to auditing
  • Focusing on the most significant and risky auditable areas
  • Identifying the key activities in conducting preliminary engagement activities
  • Developing an ability to detect risks ahead 

Who Should Attend?

  • Operational Risk Analysts
  • Compliance Officers
  • Risks Controllers
  • Financial Auditors
  • Public Sector Auditors

Course Details/Schedule

Day 1

  • Overview of available auditing approaches 
  • The difference between risk-based and traditional auditing
  • Benefits of risk based audit
  • Introduction to potential risks in the financial statement 
  • Preliminary engagement activities
  • The formula for audit risk model 
  • Definition of internal controls 
  • Whose responsibility is it? 

Day 2

  • Spreading over control culture and awareness 
  • Information required to formulate internal control process 
  • Preventive and detective controls
  • Activities included in internal control 
  • The steps of control activities 
  • Electronic information systems control 

Day 3

  • The importance of duties segregation 
  • Monitoring the bank’s internal control activities 
  • Evaluation of internal control systems 
  • Correcting deficiencies 
  • Risk recognition and assessment 
  • Risk assessment goals 
  • Materiality
  • Complexity of Process

Day 4

  • Business environment
  • Exposure to loss
  • Regulatory environment
  • Establishing annual plan 
  • Defining audit universe 
  • Lending operations

Day 5

  • Treasury management
  • Accounting and financial reporting
  • Deposit operations 
  • Branch operations 
  • Bank administration
  • Reporting 
  • Reporting to the audit committee
  • Reporting to senior management and the board