Course Introduction
Accounting Policies and Financial Reporting Controls Audit Training Course provides a comprehensive and practical framework for auditing the policies, procedures, judgments, and internal controls that support reliable financial reporting. The course equips participants with techniques for evaluating whether accounting policies are appropriately established, consistently applied, adequately documented, and effectively translated into financial reporting processes and controls.
The program examines how accounting policies influence recognition, measurement, classification, presentation, and disclosure across financial statement accounts. Participants learn how to assess policy documentation, identify areas requiring significant judgment, evaluate consistency of application, and determine whether financial reporting controls are capable of preventing or detecting material errors and inappropriate accounting treatments.
Particular attention is given to the relationship between accounting policies and financial reporting risk. Participants explore controls over estimates, journal entries, account classifications, financial statement preparation, disclosure processes, changes in accounting policies, accounting judgments, and unusual transactions. Practical audit approaches are provided for evaluating both control design and operating effectiveness.
The course also addresses policy governance and the processes organizations use to establish, approve, communicate, update, and monitor accounting policies. Participants learn how to review policy manuals, accounting memoranda, management approvals, technical accounting assessments, control matrices, reporting checklists, and evidence of management review while identifying gaps that could result in inconsistent or inappropriate financial reporting.
A strong emphasis is placed on professional skepticism, audit evidence, analytical procedures, and control testing. Participants learn how to compare accounting policies with actual accounting practices, investigate exceptions, test key controls, review significant judgments, and assess whether financial reporting outputs are consistent with underlying accounting records and supporting documentation.
Through practical case studies, policy-review exercises, control-testing scenarios, financial reporting examples, and audit working-paper applications, Accounting Policies and Financial Reporting Controls Audit Training Course helps participants strengthen their ability to identify policy-related risks and control deficiencies. The program supports consistent accounting, stronger governance, improved audit readiness, and more reliable financial reporting.
Duration
5 days
Who Should Attend
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External auditors responsible for auditing accounting policies and financial reporting controls.
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Internal auditors evaluating financial reporting processes and accounting control frameworks.
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Audit managers and supervisors responsible for financial reporting control audits.
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Finance managers responsible for accounting policies and reporting governance.
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Financial controllers overseeing accounting practices and financial reporting controls.
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Chief accountants responsible for implementing accounting policies across accounting functions.
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Financial reporting specialists preparing financial statements and related disclosures.
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Technical accounting professionals evaluating complex accounting treatments and policy matters.
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Risk and compliance professionals assessing financial reporting and accounting control risks.
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Group accountants responsible for consistent accounting policies across multiple entities.
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Accounting policy managers responsible for developing and maintaining policy documentation.
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Audit committee and governance professionals overseeing financial reporting reliability.
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Finance transformation professionals reviewing accounting processes, controls, and reporting systems.
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Professionals involved in control testing, financial statement preparation, and accounting policy compliance.
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Accounting and audit professionals seeking practical skills in policy auditing, financial controls, evidence evaluation, and reporting assurance.
Course Objectives
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Develop a comprehensive understanding of accounting policy governance and its relationship with financial reporting controls and audit risk.
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Evaluate whether accounting policies are appropriately documented, approved, communicated, consistently applied, and periodically reviewed.
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Identify financial reporting risks arising from inappropriate accounting policies, inconsistent application, management judgment, and inadequate controls.
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Design effective audit procedures for testing accounting policy implementation and the controls supporting financial statement preparation.
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Assess the design and operating effectiveness of controls over recognition, measurement, classification, presentation, and financial reporting disclosures.
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Compare documented accounting policies with actual accounting practices and identify inconsistencies, exceptions, and potential misstatements.
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Evaluate controls over accounting estimates, significant judgments, unusual transactions, policy changes, and complex financial reporting decisions.
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Apply analytical procedures and audit evidence techniques to determine whether financial reporting outcomes are consistent with approved accounting policies.
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Strengthen audit documentation by linking policy requirements, control objectives, identified risks, testing procedures, evidence, exceptions, and conclusions.
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Improve the ability to communicate accounting policy weaknesses, financial reporting control deficiencies, and remediation priorities to management and those charged with governance.
Comprehensive Course Outline
Module 1: Accounting Policies and Financial Reporting Audit Fundamentals
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Understanding the purpose, structure, governance, and financial reporting significance of accounting policies.
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Identifying key audit assertions and risks associated with policy selection, application, interpretation, and financial reporting controls.
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Understanding the relationship between accounting policies, accounting records, financial statements, disclosures, and internal controls.
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Establishing a risk-based audit approach for evaluating accounting policy compliance and financial reporting control effectiveness.
Module 2: Accounting Policy Governance and Documentation
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Evaluating processes for developing, approving, documenting, communicating, and periodically updating accounting policies.
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Reviewing accounting policy manuals, technical memoranda, management approvals, interpretations, and supporting documentation.
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Assessing responsibilities of finance management, technical accounting teams, controllers, and governance bodies in policy oversight.
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Identifying weaknesses in policy governance that may lead to inconsistent accounting practices or inappropriate financial reporting.
Module 3: Financial Reporting Control Frameworks
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Understanding key control objectives over financial statement preparation, account reconciliation, journal entries, and reporting processes.
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Evaluating segregation of duties, management review, authorization, access controls, and other financial reporting safeguards.
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Testing controls that support the completeness, accuracy, classification, valuation, and presentation of financial information.
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Assessing whether control activities are appropriately designed to prevent or detect material financial reporting errors.
Module 4: Auditing Policy Application and Accounting Consistency
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Comparing documented accounting policies with actual accounting treatments recorded within the general ledger and reporting systems.
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Testing consistent application of accounting policies across periods, business units, subsidiaries, and significant transaction classes.
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Investigating exceptions, accounting inconsistencies, manual overrides, and transactions requiring specialized technical assessment.
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Evaluating the financial reporting impact of inappropriate, inconsistent, or unsupported accounting policy application.
Module 5: Accounting Estimates, Judgments, and Policy-Related Risks
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Evaluating controls over accounting estimates, assumptions, judgments, provisions, valuations, and other complex reporting areas.
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Reviewing management's processes for identifying significant judgments and documenting the basis for accounting conclusions.
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Testing supporting evidence, historical outcomes, assumptions, calculations, and management review procedures for significant estimates.
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Identifying risks of bias, inconsistent assumptions, inappropriate estimates, and management override within financial reporting processes.
Module 6: Journal Entries, Adjustments, and Financial Reporting Controls
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Auditing manual journals, recurring entries, closing adjustments, reclassifications, and other financial reporting entries.
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Evaluating journal-entry authorization, supporting documentation, system access, review controls, and unusual posting patterns.
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Identifying inappropriate entries that may circumvent established accounting policies or financial reporting controls.
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Testing whether significant adjustments are accurately recorded, appropriately classified, properly approved, and consistent with approved policies.
Module 7: Financial Statement Presentation and Disclosure Controls
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Evaluating controls over financial statement preparation, account mapping, classification, presentation, and disclosure compilation.
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Reviewing disclosure checklists, supporting schedules, management review processes, and technical accounting documentation.
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Testing the consistency of financial statement disclosures with underlying accounting records, policies, and supporting evidence.
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Identifying disclosure omissions, classification errors, inconsistent descriptions, and control deficiencies affecting reporting quality.
Module 8: Changes in Accounting Policies and Complex Transactions
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Auditing processes for identifying, assessing, approving, implementing, and documenting changes in accounting policies.
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Evaluating accounting treatments for new, unusual, significant, or complex transactions requiring specialized technical analysis.
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Reviewing implementation controls to determine whether policy changes are consistently reflected in accounting systems and financial statements.
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Assessing communication, training, system changes, and monitoring procedures associated with significant accounting policy developments.
Module 9: Data Analytics, Fraud Risks, and Control Testing
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Applying data analytics to identify inconsistent accounting treatments, unusual journal entries, unexpected classifications, and reporting anomalies.
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Identifying fraud risks involving management override, policy manipulation, earnings management, inappropriate adjustments, and disclosure omissions.
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Evaluating the sufficiency, relevance, reliability, and appropriateness of evidence obtained during accounting policy and control testing.
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Preparing audit working papers that clearly document control objectives, testing results, exceptions, management responses, and audit conclusions.
Module 10: Audit Completion, Reporting, and Practical Case Studies
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Performing final reviews of accounting policy compliance, financial reporting controls, unresolved exceptions, and significant reporting judgments.
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Assessing control deficiencies according to their nature, potential financial reporting impact, recurrence, and significance.
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Communicating policy weaknesses, control deficiencies, audit findings, root causes, and recommended corrective actions to management and governance.
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Applying practical case studies involving inconsistent policies, unsupported accounting treatments, reporting controls, journal risks, and disclosure deficiencies.
Training Approach
This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.
Tailor-Made Course
This course can also be tailor-made to meet organization requirement. For further inquiries, please contact us on: Email: training@upskilldevelopment.com Tel: +254 721 331 808
Training Venue
The training will be held at our Upskill Training Centre. We also offer training for a group (at a discount of 10% to 50%) at requested location all over the world. The Onsite course fee covers the course tuition, training materials, two break refreshments, buffet lunch, airport transfers, Upskill gift package, and guided tour.
Visa application, travel expenses, dinners, accommodation, insurance, and other personal expenses are catered by the participant
Certification
Participants will be issued with Upskill certificate upon completion of this course.
Airport Pickup and Accommodation
Airport pickup and accommodation is arranged upon request. For booking contact our Training Coordinator through Email: training@upskilldevelopment.com, +254 721 331 808
Terms of Payment:
Unless otherwise agreed between the two parties’ payment of the course fee should be done 3 working days before commencement of the training so as to enable us to prepare better.
