Analytical and Auditing Skills Course

Why select this training course?

Internal control systems are inspected to ensure they are suitably robust and functioning correctly. An incredible audit system assists companies in achieving their goals and objectives by assessing overall performance and productivity by examining business records. Additionally, audits mitigate risk and safeguard against fraud, giving investors and shareholders information about a company’s financial statements and operational performance.

Why are analytical skills essential for managers?

Analytical skills are essential for managers, leaders, business owners, and virtually every individual because they involve critical thinking, which is crucial to making excellent decisions and conceiving progressive action plans.

What is the purpose of auditing?

An audit serves the purpose of helping an organization ensure that the details in its financial report correspond with the organization’s actual financial reality.

Rcademy brings together a well-compiled list of topics under The Analytical and Auditing Skills Training Course that is deeply explored and taught in detail. This course is essential for every professional engaged in financial dealings and auditing.

Who should attend?

The Analytical and Auditing Skills Training Course by Rcademy is most applicable to the following set of people:

• Finance specialists: responsible for the organization’s financial management and accounting
• Engineers: who carry out designs and construction projects requiring capital and procurement
• Managers and specialists: in design and production
• Process and product designers: supporting the activities of managers and specialists
• Business analysts: who forecast the projection of the business through data collection
• Personnel in sales and marketing: making day-to-day sales of products and services
• Specialists in auditing and quality assurance: to implement internal control into the organizational structure
• IT specialists: responsible for the effective internal and external communication of the organization, including financial communication and channel
• Compliance officers and risk officers: who maintain a safe zone for the organization from both a legal and financial standpoint

What are the course objectives?

The Analytical and Auditing Skills Training Course by Rcademy aims to help participants achieve the following objectives at the end of the training:

• Learn how to collect data that are relevant to carrying out an audit
• Familiarise with the process of data collection and also objectively cleansing data collected
• Recognize how data analysis may help in improved decision making
• Understand how to effectively select appropriate analytical techniques and methods
• Understand the effective use of each analytical data technique
• Conduct an efficient audit process with the available or collected organizational data
• Create concise reports that include graphs and charts from the analysis
• Deliver accurate reportage and implementation of data analysis results and audit findings
• Familiarise with the updated and relevant model of carrying out analytical auditing
• Create a network of engaging and interactive professionals within and beyond organizations
• Create better and innovative means for carrying out professional auditing

How will this course be presented?

This training course utilizes multiple delivery models to ensure that the learning outcomes are fully met using effective methods. The course is tailored to suit the needs and demands of several individuals and organizations that will be part of this course. Rcademy makes use of a variety of options that ensure the smooth delivery of the courses.

Experts and professionals are engaged in the course’s design and delivery, providing valuable experience on each course’s content. In addition, the different modules in the course cover a vast area of discussion among professionals that fosters development and continuous self-improvement.

Rcademy emphasizes a practical form of learning for each course content, fully reflected throughout the course content. Case studies and scenarios are fully implemented in delivering the course. The course is also constantly optimized to include current practices, following trends and participant feedback.

What are the topics covered in this course?

Module 1: Introduction to Analytical Auditing 

• Overview of auditing procedure
  – Steps in the analytical process
  – Steps in the auditing process
• Data analysis
  – Collection
  – Sorting
  – Categorising
  – Cleansing
  – Evaluation
  – Presentation

Module 2: Analytical Skills 

• Fundamentals of analytical skills
  – Needs
  – Purpose
  – Function
• Steps in the analytical process
  – Data collection
  – Data organization
  – Data evaluation
  – Information gaps
• Analytical skills requirement
  – Effective communication
  – Creativity
  – Research
  – Critical thinking
  – Proficiency in Excel, SPSS etc.

Module 3: Auditing Skills 

• Overview of auditing
• Responsibilities of auditor
• Effective auditing
  – Attributes of auditor
• Developing audit documentation
  – Planning and preparation
• Conducting an audit
  – Questioning
  – Interview
  – Data collection
  – Data analysis
  – Objective evidence
  – Findings
• Auditing independence

Module 4: Qualitative Analysis 

• Introducing qualitative analysis to auditing
• Continuous variables
  – Independent variables
  – Dependent variables
• Discrete variables
• Mean
• Standard deviation
• Normal distribution
• Correlation and regression
• Patterns
• Presentation of analysis
  – Tables
  – Charts
  – Graphs

Module 5: Data Integrity 

• Data cleansing
  – Duplicates
  – Outliers
  – Incomplete data
• Control chart
• Pareto analysis
• Indices

Module 6: Reporting    

• Concluding auditing process
  – Double-checking
  – Grey areas
  – Reconciliation
• Identifying areas of improvement
• Development and documentation
  – Audit findings
  – Audit conclusion
• Reporting Template
  – Graphs
  – Charts
• Report presentation
• Wrap up and follow up

Module 7: Fraud Risk and Financial Statement Audit 

• Expectation gap
  – Auditor
  – Financial statement users
• Identifying fraud
  – Response
• Cybersecurity fraud risks
• Engagement team
• Management override
• Fraud communications

Module 8: Compilations and Reviews of Audits  

• Basis of financial statements
• Compilation engagement
• Framework for compilation
• Requirements for audit review
• Review results
• Litigation

Module 9: Audit Documentation 

• Requirements for documentation
• Documenting audit programs
• Work paper format
  – Organisation style
• Documenting quality audits

Module 10: Audit Risk 

• Identifying and evaluating audit risk
• Risk assessment of quality audit
• Audit risk formula
• Risk assessment process
• Risk assessment documentation