In Essential Auditing Skills, Leita Hart-Fanta guides you through every step of conducting an audit. You'll learn the entire process - assessing risk, refining the audit objective, choosing methodologies, and documenting your work. The auditor's responsibilities for fraud, useful interviewing tips, and the elements of a finding are covered using case studies; frequent references to audit standards; and stories of audit failures and successes. The topics covered in this course apply to all auditors and audit types - whether auditing commercial entities, not-for-profits, or governments.
Upon successful completion of this course, participants will be able to:
- Contrast the objective and scope of an audit project.
- List the questions that auditors seek to answer.
- Differentiate between standard-setting bodies.
- Identify the different types of audits.
- Identify and arrange the steps in conducting an audit.
- Identify the steps of an audit with the phases of an audit.
- Cite common flaws in the conduct of an audit.
- Identify common deliverables on an audit.
- Identify the requirements for gaining an understanding of an audit subject.
- Identify how to assess the weakness in a given criteria.
- Distinguish between the two main steps to doing a risk assessment.
- Distinguish between the types of inherent risk.
- Classify controls into the categories of the COSO model of controls.
- Distinguish between a control's design and its implementation.
- Distinguish among inherent risk, control risk, and detection risk.
- Define terms used in risk assessment for a financial audit.
- Distinguish between inherent risk, control risk, and detection risk in a performance audit.
- Identify the two basic steps of conducting a risk assessment for a compliance audit.
- Distinguish between a workable objective and a vague objective.
- Identify weak and vague audit methodologies.
- Classify evidence into one of three types.
- Differentiate between 'sufficient' evidence and 'appropriate' evidence.
- Identify and order the steps of conducting an interview.
- Distinguish between the elements of a working paper.
- Identify the standards for working paper documentation.
- Distinguish between the elements of a finding.
- Identify whether a finding follows the simple rules of logical organization of a finding.
- Identify the questions that you should consider at the end of your engagements.
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