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Financial Auditing in Governmental Bodies
Objectives

Outlines


Accounting and Auditing Review

Define key accounting terms and understand accounting rules, equations, and basic principles.

 Understand what journal entries are and demonstrate how they are used for accounting purposes.

 Understand GAAP hierarchy and identify the rules, rule makers, and rule breakers.

 Understand the financial auditing process and recall The IIA Practice Advisories associated with financial auditing.

 Identify the basic COSO principles of internal control, including key controls and their characteristics.

 Identify finance-related management assertions and learn how to utilize them in the audit process.

Financial Statements – An Overview

Identify financial statements.

 Identify the purpose and use of a financial balance sheet.

 Identify the purpose and use of income statements.

 Understand how to properly review a balance sheet and income statement.

Business Processes and Accounting

Identify the difference between management and financial auditing.

 Recall how vertical and horizontal analysis can be used in audits.

 Understand revenue process activities and recall the types of revenue-related accounts and associated rules.

 Understand the procurement process, including activities, types of accounts, and process rules.

 Understand fixed assets, including fixed asset process activities, types of accounts, and process rules.

 Identify types of revenue- and liability-related ratios.

 Recall where to find useful FASB references.

Recipes for Cooking the Books

 Identify the basic elements of an accounting scandal (fraud).

 Identify the five most common financial "games."

 Understand the use of analytical procedures in fraud detection.

Technology and Accounting

Understand the risks associated with end user computing.

 Understand how spreadsheets are used within business, what the characteristics of spreadsheets are, and spreadsheet risks to be aware of.

 Identify what Enterprise Resource Planning (ERP) is and how it is used within a business.

 Identify application controls and how to integrate an application review into a financial audit.

Who Should Attend

For internal auditors and managers who want to understand and expand their roles related to financial reporting, as well those who simply need a “refresher” course on financial accounting concepts, this course is the ideal way to get up to speed. Beyond a basic accounting class, this course will enable participants to approach financial auditing with renewed confidence.

Duration

5 Days

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