The international audit, assurance, and risk management process is considered one of the fundamental pillars for ensuring the integrity and reliability of financial statements in the contemporary business environment. This intensive training course aims to equip trainees with analytical review skills, risk assessment capabilities, and the application of International Standards on Auditing (ISAs), in addition to consolidating the principles of quality management, governance, and professional ethics. Furthermore, the course focuses primarily on maximizing participants’ readiness and their academic and practical qualification to successfully and proficiently pass the Association of Chartered Certified Accountants (ACCA) exams.
Course Objectives
- Understand the regulatory and legislative framework for international auditing and professional ethics.
- Apply international quality management standards (ISQM 1 & ISQM 2) and activate professional skepticism.
- Assess the risks of material misstatement and design updated audit responses and strategies.
- Master the gathering of audit evidence and test internal control systems across various business environments.
- Draft various audit reports (modified and unmodified) in accordance with international standards.
- Practice specialized assignments such as forensic auditing, due diligence reviews, and sustainability reporting.
- Solve simulated case studies that match the format of international ACCA certification exams.
Target Audience
- Financial reviewers and auditors seeking to enhance their skills in accordance with international standards.
- Candidates and applicants for the Association of Chartered Certified Accountants (ACCA) certification exams.
- Governance, risk, and compliance (GRC) managers, and internal control officers within organizations.
- Consultants and professionals in auditing, assurance, and financial consulting firms.
Course Syllabus
The course modules are comprehensively divided over 10 days as follows:
Day 1: The Regulatory Framework and Legislative Environment of International Auditing
- The legal and regulatory environment for international auditing practices according to IAASB standards.
- Anti-Money Laundering (AML) regulations and combating the financing of terrorism.
- The legal and professional liability of auditors towards clients and third parties.
- Corporate governance obligations and the auditor’s role in promoting transparency.
Day 2: Professional Ethics and Quality Management (ISQM 1 & ISQM 2)
- Principles of the Code of Ethics for professional conduct.
- Promoting the principle of Professional Skepticism and independence in the work environment.
- International standards on quality management (ISQM 1 & ISQM 2) and their applications in audit firms.
- Managing risks of ethical threats and methods of prevention and protection.
Day 3: Audit Planning & Risk Assessment
- Understanding the nature of the entity and its operational and regulatory environment.
- Assessing the Risks of Material Misstatement at the financial statement level.
- Determining Materiality and identifying acceptable risk levels.
- Formulating and developing the overall audit strategy and detailed audit plan.
Day 4: Internal Control Systems and Strategic Audit Responses
- Evaluating and designing internal control systems and Tests of Controls.
- Drafting strategic Audit Responses directed at identified risks.
- Testing control systems in digital environments and automated information systems.
- Preparing the Management Letter and communicating significant deficiencies.
Day 5: Audit Evidence & Substantive Testing
- Gathering audit evidence and determining its Sufficiency and Appropriateness.
- Executing Analytical Procedures during the fieldwork phase.
- External Confirmations procedures and physical inventory counts.
- Statistical and non-statistical Audit Sampling techniques in audit testing.
Day 6: Detailed Audit Procedures for Financial Statement Accounts
- Auditing non-current assets, current assets, and inventory.
- Auditing liabilities and financing, and verifying provisions and contingent liabilities.
- Auditing revenues, expenses, and transactions with Related Parties.
- Specific audit procedures for subsequent events and Going Concern.
Day 7: Concluding the Audit and Evaluating Gathered Evidence
- Reviewing and concluding fieldwork and evaluating the sufficiency of audit evidence.
- Evaluating the impact of uncorrected misstatements on the financial statements.
- Obtaining written Management Representations.
- Reviewing financial statements and ensuring disclosures comply with IFRS standards.
Day 8: Audit Reporting
- The structure and composition of the independent auditor’s report according to international standards (ISA 700).
- Drafting the Unmodified Opinion and Key Audit Matters (KAMs).
- Modifying the auditor’s opinion: Qualified opinion, adverse opinion, and disclaimer of opinion.
- Using Emphasis of Matter paragraphs and Other Matter paragraphs.
Day 9: Specialized Assignments and Related Services
- Forensic Audits procedures and investigating financial fraud cases.
- Due Diligence reviews and exploring acquisition transaction risks.
- Examining Prospective Financial Information.
- Sustainability & ESG Reporting.
Day 10: Comprehensive Review and ACCA Exam Simulation
- Comprehensive review of all international auditing and assurance standards covered in the course.
- Solving and analyzing case studies and past exam questions from ACCA tests.
- Methodology for drafting model professional answers and avoiding common mistakes.
Course Outcomes and Impact
This course enables trainees to build in-depth knowledge of international auditing standards, master risk assessment methodologies and modern quality management controls, along with drafting complex audit reports with high efficiency. This ensures the elevation of their professional and academic readiness to successfully pass the international ACCA exams.
Ultimately, this course represents the optimal professional investment to enhance advisory capabilities and qualify for professional international evaluation and auditing practices.
