Financial statements that look clean on the surface can still be hiding an error, a control gap, or a risk that only shows up once it's already caused damage. This Training Course, delivered by the Arab British Fellowship Training Academy, gives accounting and internal audit professionals a structured, practical way to catch those issues early, grounded in the latest global standards and industry best practices.

Participants work through the full audit lifecycle: building the foundations of internal auditing, preparing and executing audit plans, collecting accounting evidence, assessing risk, and analyzing financial reports for accuracy. Special attention goes to internal control systems and how auditing strengthens them within financial institutions specifically.

By the end, participants can apply everything they've learned directly to their daily work, operating at a high level of efficiency while sticking to professional and ethical auditing standards.

Who Should Attend?

• Accountants and internal auditors looking to sharpen their professional skills.
• Financial management staff in companies and institutions.
• Students and graduates aiming to work in auditing and financial review.
• Professionals seeking deeper knowledge of internal audit standards.

Key Outcomes:

• Build a deep, working understanding of internal auditing fundamentals.
• Develop financial analysis skills and learn to evaluate accounting practices.
• Apply international internal auditing standards within real business environments.
• Prepare and implement comprehensive, effective audit plans.
• Assess and audit accounting and control systems in financial institutions.

Module 1: Why Internal Audit Matters for Financial Risk

• How accounting and auditing differ, and where they overlap
• The importance of internal auditing in managing financial risk
• The internal auditor's core role in ensuring compliance with standards

Module 2: Internal Audit Foundations and Organizational Scope

• Core concepts of internal auditing and defining its scope
• The organizational structure of the internal audit department
• The difference between internal and external auditing

Module 3: International Standards and Local Comparison

• International internal auditing standards
• Why applying standards consistently protects integrity and transparency
• Comparing local and international auditing standards

Module 4: Running the Audit Process Start to Finish

• Planning the audit and setting clear objectives
• Implementing the audit: collecting and analyzing evidence
• Monitoring results and reporting on outcomes

Module 5: Collecting and Analyzing Evidence

• Methods for collecting accounting evidence
• Analyzing financial data during the audit process
• Using technology to collect and analyze evidence efficiently

Module 6: Assessing and Mitigating Risk

• Identifying and analyzing workplace risks
• Assessing financial and accounting risks
• Techniques for mitigating risk during the audit process

Module 7: Reading and Auditing Financial Reports

• Reading and analyzing financial reports accurately
• Auditing financial statements to confirm accuracy
• Spotting errors and manipulation in financial reports

Module 8: Internal Control Systems and Their Types

• The concept and objectives of internal control
• Types of internal control and how to implement them
• How internal control improves the auditing process

Module 9: Evaluating Financial and Administrative Control Systems

• Assessing financial control systems within institutions
• How internal control systems affect financial performance
• Developing effective internal monitoring mechanisms

Module 10: Building a Comprehensive Audit Plan

• Preparing an integrated, comprehensive audit plan
• Setting priorities and objectives within the plan
• Guiding the team through plan implementation

Module 11: Auditing Financial and Accounting Operations

• Auditing financial transactions and confirming accuracy
• Analyzing accounting records to identify errors
• Verifying correct application of accounting policies

Module 12: Evaluating Institutional Financial Performance

• Methods for evaluating an institution's financial performance
• Analyzing financial indicators and their effect on the audit
• Using performance evaluation standards to flag risk

Module 13: Auditing Across Different Work Environments

• Adapting to varied and diverse work environments
• Auditing organizations operating across multiple countries or markets
• How organizational culture shapes the audit process

Module 14: Legal Compliance and Regulatory Audits

• Auditing compliance with local and international law
• Internal auditing's role in ensuring regulatory compliance
• The importance of auditing tax reports and legal reviews

Module 15: Evaluating and Auditing Accounting Systems

• Analyzing and designing accounting systems
• Auditing electronic and digital systems
• Verifying the accuracy of automated accounting processes

Module 16: Sector-Specific Auditing — Financial Institutions and SMEs

• Auditing banks and financial companies, including sector-specific risk analysis and tools
• Auditing challenges unique to small organizations
• Building effective audit plans that fit medium-sized enterprises and limited resources

Module 17: Reporting, Follow-Up and Continuous Evaluation

• Writing and documenting internal audit reports properly
• Presenting recommendations to senior management clearly
• Following up on findings, managing recommendations and reviewing overall audit performance