The Audit Sampling training course offers a thorough understanding of the audit planning process and the execution of audit sampling to achieve specific audit objectives.
This Energy training course is designed to equip participants with essential skills such as conducting organizational risk assessments, creating a detailed audit plan, calculating materiality, and selecting appropriate audit samples for substantive testing of both the balance sheet and income statement. With these skills, participants will be able to carry out a thorough audit and gather adequate evidence to form an audit opinion.
By the end of the Audit Sampling training course, participants will have developed the following competencies:
- Conducting an organizational risk assessment.
- Using audit planning to define the scope of audit sampling.
- Calculating materiality.
- Applying audit samples as part of substantive procedures.
This Audit Sampling training course is designed to help participants achieve the following objectives:
- Gain a clear understanding of the scope of the audit planning process.
- Learn techniques for conducting organizational risk assessments.
- Recognize how audit planning influences audit sampling.
- Understand the connection between materiality and audit sampling.
- Master techniques for selecting audit samples for the balance sheet and income statement.
The Audit Sampling training course is delivered as a hierarchy of related but separate modules and proceeds in a systematic interactive manner using lectures, lessons learned, practical examples, video materials, case studies, shared participant experiences and practice sessions and assessments. Participants will partake in group activities as well as individual exercises.
This Energy Audit Sampling training course is designed for those that have a practical knowledge of audit procedures, who have been involved in their organisation’s audit process or who wish to broaden their professional technical skills.
It would suit the following:
- External auditors who wish to develop their technical skills and compliance
- Internal auditors who wish to understand their role in the audit process
- Accountants who wish to understand the scope of the audit and their role
- Financial executives who wish to gain a better understanding of the regulatory audit environment
- Any other professional involved in the preparation for the audit process or the conducting of audit procedures
Day One: Audit Pre-Engagement Planning
- Overview of audit process
- How pre-engagement planning impact substantive testing
- Engagement evaluation
- Engagement letter
- Discussions with those charged with governance
- Types and volumes of transactions
- Preliminary analytical review
- Review of prior year management report
- Understanding the entity and its environment
Day Two: Audit Planning at Engagement Level
- Planning and risk assessment
- Risk assessment at assertion level
- Inherent risk assessment
- Accounting records
- Journal entries environment
- Commitments and contingencies
- Concept of materiality
- Materiality calculation
- Principles of substantive testing
Day Three: Audit Sampling: Assets
- Applicable audit assertions
- Applicable international standards on auditing (ISA’s)
- Property, plant and equipment
- Intangible assets
- Group companies
- Investments
- Inventories
- Trade receivables
- Cash and equivalents
Day Four: Audit Sampling: Capital and Liabilities
- Applicable audit assertions
- Capital and reserves
- Financial liabilities
- Related parties
- Trade payables
- Provisions and Accruals
- Other (i.e. group identified needs)
Day Five: Audit Sampling: Income Statement
- Applicable audit assertions
- Revenue
- Contracts
- Cost of sales
- Other income
- Employee costs
- Operational expenses
- Finance costs
- Common mistakes
- Best practices