The Advanced Professional Certificate in Strategic Audit aims to provide the learner with in-depth knowledge and skills in Strategic audit Processes and techniques.
The learner will be able to inculcate a strategic vision into the audit process and analyze the financial statements to appraise it for the strategic financial and budgetary goals. The learner will be able to understand the foundation of the product portfolio. The learner will be exposed to the ideas and techniques by which the learner will be able to categorize products into one or separate portfolios and thus manage them efficiently. The learner will also be able to make investment and divestment decisions to make the product portfolio more effective for organizational profitability.
Understanding Audit Strategy And Process:
- Explain the concept of audit strategy and its importance in the audit process.
- Demonstrate the steps involved in establishing an effective audit strategy.
- Apply various audit approaches to business scenarios to determine the most appropriate approach.
- Describe the audit process, including the different stages of an audit and the roles of auditors and clients.
- Identify the different documents required in auditing and explain their significance in the audit process.
- Evaluate the importance of monitoring audit practices for effective compliance and the consequences of non-compliance.
Contemporary Audit Processes and Procedures:
- Explain the concept of a strategic audit and its importance in evaluating an organization’s overall performance and effectiveness.
- Trace the evolution of strategic audit techniques and describe how they have adapted to changing business environments and industry trends.
- Identify key laws and regulations governing the auditing profession, including the Sarbanes-Oxley Act, and explain their impact on audit processes and procedures.
- Analyze the reporting requirements for suspected or unidentified noncompliance with laws and regulations, and describe the role of auditors in identifying and addressing such issues.
- Define the Generally Accepted Auditing Standards (GAAS) concept and explain how they provide a framework for audit procedures and practices.
- Discuss the importance of avoiding conflicts of interest in auditing, including strategies for identifying and managing potential conflicts, and describe the legal and ethical implications of such conflicts.
Risks and Current Development in Auditing:
- Define the concept of audit risk and explain its importance in the financial statement audit process.
- Identify and discuss the different types of audit risk that auditors should consider when conducting an audit.
- Analyze the duties and responsibilities of auditors, including their ethical and legal obligations to stakeholders.
- Examine the relationship between accounting and auditing and explain how they work together to ensure financial statement accuracy and reliability.
- Describe the concept and phases of financial statement audit, including planning, testing, and reporting.
- Evaluate the principles of financial statement audit, discuss how they guide auditors in carrying out their work, identify different technologies used during an audit, and explain their impact on audit effectiveness and efficiency.
