(Available also for Customised Training by Duration, Venue & Fee)
Course Contents
DAY ONE
Review and Appraisal of Operations
• Compliance with policies, plans and procedures
• Safeguard of assets
• Detection and prevention of frauds
• Economical and efficient use of resources
• Accomplishment of established objectives and goals for operation
• Internal auditing and the maintenance of a sound system of internal control
• Responsibility for the system of internal control – auditor or management
• Internal Audit Charter
• Understanding the nature and context of internal control.
DAY TWO
Internal Audit Systems
• Roles of Directors and Management
o Policy formulation
o Quality of accounts information and preparation
o Safeguarding the assets
o Frauds prevention and detection
• Manual System
• Computerised and Information Technology System
• Comparative costs of internal control systems
• Audit Procedures
o Regulatory requirements
o An understanding of the accounting systems
o Accounting system adequacy
o Integrity of financial statements
o Assessment of transaction complexity
o Capital structure
o Involvement of directors
o General effectiveness of the internal control system
• Design and Selection of Appropriate Audit Tests
• Compliance with International Standards.
DAY THREE
Auditing MSME Operations
• Peculiarities of Owner Management Entities
• Personnel Limitations
• Segregation of Accounting and Control Functions
• Interpreting and Applying Auditing Standards
• Components of Risks in Internal Control and Audit:
o Inherent risk
o Control risk
o Detection risk.
DAY FOUR
Operational Confidence
• Personnel Quality and Standards
• Management Quality and Standards
• Peculiarities of Transactions Processing
• Applicable and Adopted Accounting Standards
• Diligence with Appropriate Corrective Actions.
