The role of Internal Auditor in financial auditing is not to attest to the fairness of presentation of financial statements but focuses on the evaluation of the internal controls over financial reporting. Hence, to effectively perform such role, Internal Auditors should adopt an effective approach to evaluating the internal controls over financial reporting.
This seminar outlines a contextual approach to evaluate controls over financial accounting by viewing financial statements not through the medium of accounting or bookkeeping cycle but rather taking the perspective that the structure of an entity's financial position and changes therein are a function of its marketing, production, administrative, investment and financial plans, and activities.
This approach should give the Internal Auditor a real ability to decipher what happened to an entity from its financial statements and to derive what is going to happen to the entity as a result of its plans. This enables the Internal Auditor to direct its effort and resources towards those areas of the financial statements that are likely to contain misstatements as a consequence of the risks faced by the entity, and evaluate the adequacy and effectiveness of internal controls.
Topic 1 - Internal Audit's Role in conducting Financial Audits
Financial Reporting Process: Back to Basics
Topic 2 - Processes, Accounts and Financial Reporting Assertions/ Attestations
Topic 3 - Financial Audit Methodology
Virtual set-up/via ZoomSee route