Training Course on Auditing and Assurance for External Auditors

Course Outline

Module 1: The Regulatory Framework and Audit Fundamentals

ü  Overview of the audit profession and its role

ü  International Standards on Auditing (ISAs) and relevant national standards (e.g., PCAOB, GAAS)

ü  Types of audit engagements and assurance services

ü  The concept of reasonable assurance and materiality

ü  Practical Session: Identifying the key elements of an audit engagement letter.

Module 2: Audit Planning and Risk Assessment

ü  Client acceptance and continuance procedures

ü  Understanding the entity and its environment, including its internal controls

ü  Identifying and assessing risks of material misstatement (RMM)

ü  Developing an overall audit strategy and audit plan

ü  Practical Session: Performing a preliminary risk assessment for a given company scenario.

Module 3: Understanding and Testing Internal Controls

ü  Components of internal control (COSO Framework)

ü  Documenting internal controls (flowcharts, narratives)

ü  Evaluating control design and testing operating effectiveness

ü  Impact of internal control weaknesses on audit strategy

ü  Practical Session: Designing a test of control for a specific business process (e.g., revenue cycle).

Module 4: Audit Evidence and Documentation

ü  Nature, sufficiency, and appropriateness of audit evidence

ü  Audit procedures: inspection, observation, inquiry, confirmation, recalculation, re-performance, analytical procedures

ü  Working paper documentation requirements

ü  Electronic audit working papers

ü  Practical Session: Preparing audit working papers for a set of transactions, demonstrating proper documentation.

Module 5: Auditing Specific Accounts and Cycles

ü  Auditing the Revenue and Receivables Cycle

ü  Auditing the Purchases and Payables Cycle

ü  Auditing the Inventory and Production Cycle

ü  Auditing Cash, Investments, and Debt

ü  Practical Session: Designing substantive audit procedures for accounts receivable or inventory.

Module 6: Audit Sampling Techniques

ü  Statistical vs. Non-Statistical Sampling

ü  Attribute Sampling for Tests of Controls

ü  Variable Sampling for Substantive Procedures

ü  Determining Sample Size and Evaluating Results

ü  Practical Session: Applying monetary unit sampling (MUS) to select a sample for accounts receivable confirmation.

Module 7: Audit Completion and Reporting

ü  Reviewing subsequent events and going concern assessment

ü  Obtaining management representation letters

ü  Evaluating audit findings and misstatements

ü  Types of audit opinions (unmodified, modified) and report content

ü  Practical Session: Drafting an audit opinion based on a given set of audit findings and client responses.

Module 8: Professional Ethics, Independence, and Quality Control

ü  Fundamental principles of professional ethics (Integrity, Objectivity, Professional Competence)

ü  Independence requirements for auditors

ü  Threats to independence and safeguards

ü  Firm-level quality control (ISQC 1 / ISA 220) and engagement quality review

ü  Practical Session: Analyzing ethical dilemmas faced by auditors and determining appropriate courses of action.

Module 9: Special Audit Engagements and Assurance Services

ü  Audits of single financial statements or specific elements

ü  Engagements to review financial statements

ü  Agreed-Upon Procedures engagements

ü  Assurance engagements on non-financial information (e.g., ESG reporting)

ü  Practical Session: Discussing the differences in scope and reporting for an audit versus a review engagement.

Module 10: Current Developments and Future of Auditing

ü  Impact of technology on auditing (AI, Blockchain, Data Analytics)

ü  Continuous Auditing and Monitoring

ü  Evolving regulatory landscape and new accounting standards

ü  Challenges and opportunities for the auditing profession

ü  Practical Session: Discussing how data analytics could be applied to improve audit efficiency for a specific test.

About Our Trainers

Our trainers are highly experienced auditing professionals with extensive backgrounds in public accounting firms, including Big Four firms, and leadership roles in internal audit functions. They are Certified Public Accountants (CPAs) or hold equivalent professional audit qualifications (e.g., ACCA, CA) and have practical, hands-on experience leading and managing complex audit engagements across various industries. Their deep knowledge of auditing standards, regulatory requirements, and practical challenges faced by auditors ensures that participants receive relevant, up-to-date, and actionable insights.

Quality Statement

We are committed to delivering high-quality training programs that provide tangible value to our participants and their organizations. Our courses are meticulously designed, continuously updated with the latest auditing standards, regulatory changes, and industry best practices, and delivered by expert trainers. We strive to create an interactive and supportive learning environment that fosters knowledge acquisition, skill development, and professional growth.

Admission Criteria

ü  Participants should be reasonably proficient in English. 

ü  Applicants must live up to Phoenix Center for Policy, Research and Training admission criteria.

Terms and Conditions

1. Discounts: Organizations sponsoring Four Participants will have the 5th attend Free
2. What is catered for by the Course Fees: Fees cater for all requirements for the training – Learning materials, Lunches, Teas, Snacks and Certification. All participants will additionally cater for their travel and accommodation expenses, visa application, insurance, and other personal expenses.
3. Certificate Awarded: Participants are awarded Certificates of Participation at the end of the training.
4. The program content shown here is for guidance purposes only. Our continuous course improvement process may lead to changes in topics and course structure.
5. Approval of Course: Our Programs are NITA Approved. Participating organizations can therefore claim reimbursement on fees paid in accordance with NITA Rules.

Booking for Training

Simply send an email to the Training Officer on training@phoenixtrainingcenter.com and we will send you a registration form. We advise you to book early to avoid missing a seat to this training.

Or call us on +254720272325 / +254737296202

Payment Options

We provide 3 payment options, choose one for your convenience, and kindly make payments at least 5 days before the Training start date to reserve your seat:

1. Groups of 5 People and Above – Cheque Payments to: Phoenix Center for Policy, Research and Training Limited should be paid in advance, 5 days to the training.
2. Invoice: We can send a bill directly to you or your company.
3. Deposit directly into Bank Account (Account details provided upon request)

Cancellation Policy

1. Payment for all courses includes a registration fee, which is non-refundable, and equals 15% of the total sum of the course fee.
2. Participants may cancel attendance 14 days or more prior to the training commencement date.
3. No refunds will be made 14 days or less before the training commencement date. However, participants who are unable to attend may opt to attend a similar training course at a later date or send a substitute participant provided the participation criteria have been met.

Tailor Made Courses

This training course can also be customized for your institution upon request for a minimum of 5 participants. You can have it conducted at our Training Centre or at a convenient location.

For further inquiries, please contact us on Tel: +254720272325 / +254737296202 or Email training@phoenixtrainingcenter.com

Accommodation and Airport Transfer

Accommodation and Airport Transfer is arranged upon request and at extra cost. For reservations contact the Training Officer on Email: training@phoenixtrainingcenter.com or on Tel: +254720272325 / +254737296202