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 Reviewing financial statements, documentation and evaluation of internal control systems (F2086) QR Code

Reviewing financial statements, documentation and evaluation of internal control systems


The audit profession went through a series of tremendous and continuous developments that accompanied the complexity and diversity of activities. With the size of the institutions and the huge human, material and financial means used, day by day, this led to the complexity of the internal control systems. Hence the change and development of the auditor's role in the organizations especially with the large number of operations performed, Deviations, even manipulations sometimes.

The overall objective of the training course:

  • Enhancing the skills of the participants in the field of auditing and financial auditing.
  • Practical application of the latest scientific and practical methods in the field of auditing and financial control.
  • Diagnosis, study and discussion of practical problems of internal audit and control.

Course Content:
the first Unit:
Development of internal control systems according to the latest international developments:

  • Financial control.
  • Managerial & performance control.
  • Internal Audit Department.
  • COSO internal control according to the concept of the Kozo Commission.
  • Sarbanes-Oxley Act The American Oxley Act and Sarbanes Reforms.
  • Audit Committees.
  • International Auditing Standards.
  • Governance.
  • Strategic Auditing.
  • Risk Auditing.
  • Derivatives Auditing.
  • Electronic Information System Audit Control in electronic operating systems.

Module 2:
Using the Sampling Approach in Evaluating Internal Control Systems:

  • Requirements for sampling in accordance with the requirements of ISA 530.
  • Concepts and terms used in the sampling method.
  • Checking Examinations.
  • Elements of the review sample.
  • Specify the sample size.
  • Determining methods of selection of sample items.
  • Random selection method.
  • Evaluation of sample results.

Module 3:
The use of statistical methods in auditing the risks of internal control systems:

  • Risk audit in accordance with the requirements of ISA 400.
  • Using the regression method to predict financial failure (project continuity).
  • The Altman Z-Score model.
  • Comport Z-Score.
  • Kida model.
  • Sherrod model.
  • Use the financial link method to measure fraud and financial fraud in the financial statements.
  • Use the MANGO Assessment to verify the integrity of financial management.

Module Four:
Audited Financial Statements:

  • Examination of future financial information in accordance with IFRS 810 - Objective to test future financial information.
  • Information needed by the auditor to obtain future evidence.
  • Evaluation of presentation and disclosure of future financial information.
  • Report on the testing of future financial information.
  • Revision of accounting estimates - in accordance with International Standard of Review No. 540.
  • Nature of accounting estimates.
  • Examine and test the context used by management.
  • Use an independent estimate.
  • Examination of subsequent events.
  • Evaluate the results of the review procedures.

Fifth Unit:
Use of analytical procedures in the audit of financial statements:

  • Nature and purpose of analytical procedures.
  • Analytical procedures in planning the audit process.
  • Analytical procedures are essential.
  • Analytical procedures at the overall overview at the end of the review.
  • Extent of reliance on analytical procedures.
  • Check unusual items.

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