Auditing Standards and Best Practices

What Will You Learn?

• Day 1: Introduction to Auditing Standards
• Overview of auditing standards and their importance in the audit process.
• The role of International Standards on Auditing (ISA) and Generally Accepted Auditing Standards (GAAS).
• The structure of the audit process: planning, fieldwork, and reporting.
• Group Discussion: Exploring the global landscape of auditing standards and regulatory frameworks.
• Day 2: Key Auditing Standards and Their Application
• Detailed examination of key ISA standards and their application in audits.
• Understanding GAAS and the relationship between international and national auditing standards.
• How to implement quality control and maintain audit independence.
• Workshop: Applying ISA standards to a sample audit scenario.
• Day 3: Ethical Principles in Auditing
• The importance of ethics in auditing: maintaining integrity, objectivity, and confidentiality.
• Understanding independence in the context of internal and external audits.
• Common ethical dilemmas in auditing and how to handle them.
• Case Study: Analyzing real-world examples of ethical challenges in auditing.
• Day 4: Best Practices in Auditing
• Identifying audit risks and how to manage them effectively.
• Best practices for planning, executing, and documenting audits.
• Using technology and data analytics to enhance audit quality and efficiency.
• Developing an audit strategy that aligns with industry best practices.
• Group Exercise: Design an audit plan incorporating best practices and risk management strategies.
• Day 5: Reporting and Communicating Audit Findings
• Structuring and writing an audit report in compliance with auditing standards.
• Ensuring the clarity and effectiveness of audit findings and recommendations.
• Communicating findings to senior management and other stakeholders.
• Final Project: Presenting an audit report to a panel based on a simulated audit scenario.