Introduction to Auditing

Overview/Description
 Have you noticed that auditing is becoming an increasingly important business function? First and foremost, auditing is a way in which clients and businesses in a global marketplace are able to ensure quality, consistency, efficiency and reliable financial reports. This course will familiarize you with the basic terminologies, concepts, and approaches to performing a quality audit. You will develop your knowledge of what audits are, how they are conducted, how they are recorded, and how they are followed up. In addition, you will examine the basics of both internal and external audits and how they foster effective business processes.

Target Audience
 This series of courses is designed for business professionals who perform internal or external audit duties, and individuals interested in understanding auditing, its complexities, and processes. It is also useful for managers, government officials, and employees who may require a general knowledge of internal and external auditing for their job.

Expected Duration
3.0 hours

Lesson Objectives:

External and Internal Auditing

  • recognize the benefits of understanding the respective roles of internal and external auditors and how each can contribute to continuous improvement, in a given business.
  • match the goals of an external audit to examples of each.
  • identify the goals of an internal audit, in a given scenario.
  • identify audit strategies that ensure continuous improvement.
  • apply the appropriate audit-related actions to ensure that continuous improvement occurs, for a business scenario.

    • Auditing Basics

  • recognize the benefits of understanding the fundamentals of auditing.
  • match the method of auditee selection to the situation that prompts it.
  • match the audit type to the focus of each.
  • apply a process to initiate the most appropriate audit type for a client or company, in a given scenario.
  • identify examples of appropriate occasions for performing an unscheduled audit.

    • The Auditing Cycle

  • recognize the benefits of understanding the auditing cycle.
  • recognize criteria for selecting appropriate areas to audit.
  • choose appropriate areas to audit, in a given scenario.
  • assess a given audit report to verify its completeness.
  • sequence examples of the steps in the corrective action process.

    • Course Number: FIN0231