Kenya: Project Financial Compliance & Internal Auditing

The Africa School of Project Management (ASPM) was established in the year 2000 in Kenya as a membership based professional management organisation. The school was formed to address capacity building needs among development partners, donor organizations, Government agencies, International and private sector firms in Africa.

The school has been pivotal in capacity building in South Sudan, South Africa, Botswana, Eritrea, Ethiopia, Kenya, Uganda, Congo, Somalia, Liberia,The Gambia, Tanzania, Pakistan, Burundi and Rwanda. The school has trained over 12,000 staffs who are involved in different projects and also conducted surveys, evaluations and research in different projects and businesses in Africa.

Course Outline

This interactive workshop will equip delegates with skills to develop core quality system auditing skills. Participants will learn how to: plan, conduct and report on internal audits providing meaningful feedback on the strengths, weaknesses and improvement opportunities in their organization. The delegates will also learn how ensure ongoing quality system compliance and effectiveness.

Broad Course Objective.

To internalize how to create and use progressive system and data centric audit tools and techniques for performing continuous auditing that will enable your organization to be in full compliance with the requirements, policy and procedures.

Learning outcomes

Delegates should be able to;

• Plan and prepare for an internal quality audit
• Develop a practical checklist to provide guidance during the audit
• Use effective questioning techniques
• Explain the basic concepts of auditing
• Describe audit procedures
• Describe audit reports
• Use computers in auditing
• Develop an internal audit report and present audit findings in a constructive manner
• Determine the roles and responsibilities of an internal quality auditor
• Aligning the Audit Function with the operation/business
• Defining Data Mining/ Continuous Auditing
• Maximizing the Use of Data
• Data Analysis Methodologies: Logically Focusing the Audits on Critical Business Concerns
• Defining a Continuous Audit Process for Maximum Effectiveness (including virtual audit
• techniques)
• Focusing Reporting on Outcomes Not Outputs

Who Should Attend

· Registrar/Accreditation body Auditors

· Finance officers

· Finance managers

· Existing internal auditors who are looking to expand their skills

Learning Content

Nature,purpose and scope of the audit

• Definition of auditing, auditor and audit
• Differences between auditing and accounting
• Nature and purpose of International Standards on Auditing [ISAs]
• Objectives of an audit
• Types and timing of audits, internal versus external audit, continuous versus interim audit
• Users of audited financial statements and auditors report
• Advantages and disadvantages of auditing.

Client acceptance procedures

• Background information about the client
• Professional evaluation of ethics and competence of the firm
• Engagement letter

Planning for the audit

• Objectives of planning
• Planning for a new client
• Planning for an existing client
• Developing the overall audit plan
• Limitations of planning

Internal control system

• Definition and purpose of internal control system
• Features of a sound internal control system
• Advantages and disadvantages of internal control system
• Internal controls in practice, sales, purchases and cash
• Ascertaining, recording and evaluating an internal control system
• Errors and frauds-Definition and types, Indicators of errors and frauds
• Role of internal controls with respect to errors and frauds

Audit evidence

• Nature and source of audit evidence
• Types of audit evidence
• Techniques of gathering audit evidence
• Limitations in gathering audit evidence
• Preparation of working papers
• Types of audit tests: compliance and substantive tests

Audit of major financial statement items

• Audit of sales
• Audit of purchases
• Audit of cash and bank balances

Auditor’s report

• Purpose of auditor’s report
• Contents and elements of auditor’s reports
• Qualities of audit report
• Types of audit reports-unqualified and qualified
• Consequences of various audit reports

Auditor’s use of the computer

• Benefits and drawbacks of computerized accounting system
• Ways in which auditors can use computers in the audit
• Audit approach, auditing around and auditing through the computer [CAATS]

Fraud Prevention, Detection and Deterrence

• Anti-Fraud Policies
• Types of Fraud
• Psychology of Fraud
• Fraud Prevention
• Fraud Detection
• Fraud Deterrence
• Whistle Blowing

Computerized Forensic Audit

• Benford Analysis
• V-LOOK UP

Emerging issues in auditing

• Audit Documentation
• Preparing and retaining documentation
• Assembly of the final audit file
• Confidentiality.

Kindly, drop us mail at info@aspm.co.ke or apply through the online form..http://www.aspm.co.ke/index.php/online-application