Assurance

Day One

• What is assurance?
• Examples of assurance engagements, including statutory audit
• Why is assurance important and why can it never be absolute?
• Obtaining and accepting an assurance engagement
• Agreeing terms of an engagement
• Engagement planning
• Understanding the entity
• Professional scepticism
• Analytical procedures
• The concept of materiality
• Continuous risk assessment

Day Two

• Audit evidence and testing
• The purpose and content of the audit report and types of auditors’ opinion
• What is internal control?
• Components of internal control
• Obtaining information about controls
• Description of the revenue system and consideration of the key risks to the business within the system
• Ordering
• Despatch and invoicing
• Controls over recording of sales and payment
• Cash collection
• Identification of weaknesses in the system

Day Three

• Key risks and controls within the ordering system
• Goods inwards and recording of invoices
• Payment
• Identification of potential weaknesses in the purchasing system
• Calculating wages & salaries and controls over the payroll system

• Recording of wages, salaries and deductions
• Payment of wages and salaries
• Potential weaknesses in the payroll system
• What is internal audit and what does it do?
• What is the purpose of assurance documentation?
• Documentation form and content
• Safe custody and retention of documentation
• Ownership of, and right of, access to documentation

Day Four

• The nature of assurance and audit evidence
• Computer assisted audit techniques
• Analytical procedures
• Selecting items to test
• Drawing conclusions from sampling
• Management representations as assurance evidence
• Occasions when management representations are required
• Form and content of a management representation letter
• Understanding of substantive procedures for different types of key financial statement figures

Day Five

• Professional ethics
• The IFAC Code and the ICAEW Code
• APB ethical standards
• Integrity, objectivity and independence: examination of threats to and safeguards of these
• Resolving ethical conflicts
• The importance of confidentiality
• Disclosure of confidential information
• The week will conclude with an examination and a summary covering all of the learning from the week

Available Packages:

Duration:

Materials:

Support:

Dates & Location:

Delegates:

Style:

Learning Methods:

Find out more with our handy Package Comparison table

5 days

Folder, workbook, handouts, pen and certificate of attendance

To suit you

Up to 12

Righttrack programmes are energetic, exciting and highly participative, which create an impact and motivate participants to learn and embrace change

We utilise a blend of learning methods: practice sessions, group workshops, scenario-driven learning, assignments, self managed learning, shared group learning, accelerated learning and structured group learning