Course Introduction
Audit Committee and Financial Oversight Training Course provides a practical and comprehensive framework for understanding the responsibilities, oversight activities, and governance practices associated with effective audit committee performance. The course focuses on how audit committees can provide informed oversight of financial reporting, internal controls, risk management, internal audit, external audit, compliance, and significant financial matters.
The course examines the relationship between the audit committee, board of directors, executive management, finance function, internal audit, external auditors, risk management, compliance, and other assurance providers. Participants learn how responsibilities should be coordinated while maintaining appropriate independence, accountability, challenge, escalation, and communication across the organization's governance and assurance structures.
Participants will develop practical skills for reviewing financial statements, significant accounting judgments, estimates, unusual transactions, financial reporting risks, audit adjustments, control deficiencies, and important disclosures. The course emphasizes the audit committee's oversight role rather than management's responsibility for preparing financial information or operating internal controls.
A major component of the course focuses on internal and external audit oversight. Participants learn how to evaluate audit plans, understand significant audit risks, review key findings, monitor management responses, assess auditor independence considerations, and follow up on outstanding audit issues. The course also addresses effective questioning techniques that help audit committee members obtain meaningful information without assuming management or auditor responsibilities.
The course also examines financial risk and control oversight, including fraud risk, going concern considerations, financial close processes, regulatory compliance, related-party transactions, cybersecurity-related financial risks, and weaknesses in financial reporting controls. Participants learn how to interpret financial and audit information, identify matters requiring deeper investigation, and determine when issues should be escalated to the board.
Through practical scenarios, case studies, committee discussions, and oversight exercises, Audit Committee and Financial Oversight Training Course develops the knowledge and questioning skills required for effective financial governance. The course emphasizes informed challenge, evidence-based oversight, clear documentation, appropriate escalation, and constructive engagement with management and assurance providers.
Duration
5 days
Who Should Attend
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Audit committee members responsible for financial reporting and assurance oversight.
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Board members with responsibilities for financial governance and organizational oversight.
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Non-executive directors seeking stronger understanding of audit committee responsibilities.
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Chief audit executives working with audit committees and governance bodies.
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Chief financial officers and finance executives supporting audit committee reporting.
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Internal audit managers responsible for presenting audit plans, findings, and risk information.
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External audit partners and managers engaging with audit committees.
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Risk and compliance executives supporting governance and assurance activities.
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Financial controllers responsible for financial reporting and control information presented to committees.
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Company secretaries and governance professionals supporting board and committee processes.
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Internal control specialists involved in financial reporting control oversight.
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Finance and audit professionals preparing committee reports and financial oversight materials.
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Compliance professionals reporting significant regulatory and control matters to governance bodies.
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Governance, risk, and assurance professionals seeking stronger understanding of audit committee oversight.
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Senior finance and audit professionals preparing for expanded board, committee, or governance responsibilities.
Course Objectives
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Develop a comprehensive understanding of audit committee responsibilities and how effective oversight supports financial reporting quality, internal control, risk management, and organizational governance.
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Understand the respective responsibilities of the board, audit committee, management, internal audit, external audit, finance, risk, and compliance functions.
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Develop practical skills for reviewing financial statements, significant accounting judgments, estimates, unusual transactions, audit adjustments, and important financial disclosures.
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Learn how to assess financial reporting risks and identify matters that may require additional investigation, management challenge, specialist input, or escalation to the wider board.
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Strengthen the ability to oversee internal audit through effective review of audit plans, risk assessments, resources, findings, independence considerations, and follow-up activities.
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Develop practical approaches for overseeing external audit activities, including audit scope, significant risks, audit findings, communications, independence considerations, and completion matters.
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Improve understanding of internal controls and how audit committees can monitor significant deficiencies, control failures, remediation progress, and financial reporting risks.
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Strengthen oversight of fraud risk, related-party transactions, going concern matters, financial irregularities, compliance issues, and other significant financial governance concerns.
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Develop effective questioning, challenge, communication, and escalation techniques for obtaining clear information from management and assurance providers without assuming operational responsibilities.
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Build a structured approach to audit committee reporting, meeting preparation, issue tracking, decision documentation, and continuous improvement of financial oversight effectiveness.
Comprehensive Course Outline
Module 1: Audit Committee and Financial Oversight Fundamentals
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Purpose, role, responsibilities, authority, and governance expectations of an effective audit committee within an organizational oversight structure.
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Relationship between audit committees, boards, management, finance, internal audit, external audit, risk management, and compliance functions.
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Distinguishing oversight responsibilities from management responsibilities for financial reporting, controls, risk management, and business operations.
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Key principles of independence, professional challenge, accountability, transparency, confidentiality, and evidence-based committee decision-making.
Module 2: Financial Reporting Oversight and Financial Statement Review
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Understanding the audit committee's role in overseeing financial statements, accounting policies, significant judgments, estimates, and disclosures.
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Reviewing financial performance information and identifying unusual trends, significant movements, unexpected balances, and matters requiring additional explanation.
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Understanding audit adjustments, unadjusted differences, financial reporting deficiencies, and their potential implications for financial statement reliability.
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Developing practical approaches for questioning management about significant accounting matters, reporting judgments, and financial statement preparation.
Module 3: Financial Controls and Control Environment Oversight
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Understanding key components of an effective financial control environment and the audit committee's role in monitoring significant control risks.
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Reviewing internal control deficiencies, control testing results, remediation plans, recurring weaknesses, and management responses.
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Assessing controls over financial close, reconciliations, journal entries, revenue, expenditure, payroll, cash, assets, and financial reporting.
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Monitoring whether significant control weaknesses are addressed through timely, sustainable, and appropriately evidenced corrective actions.
Module 4: Internal Audit Oversight
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Understanding internal audit's mandate, independence, authority, risk-based planning process, resources, and reporting relationship with the audit committee.
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Reviewing internal audit plans, audit universe coverage, risk assessments, planned engagements, emerging risks, and changes in audit priorities.
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Evaluating significant internal audit findings, management responses, corrective actions, overdue recommendations, and recurring control weaknesses.
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Assessing internal audit performance, quality assurance information, stakeholder communication, and opportunities to strengthen assurance coverage.
Module 5: External Audit Oversight
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Understanding external audit objectives, responsibilities, audit strategy, significant risks, materiality, and key areas of audit focus.
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Reviewing external auditor communications regarding audit findings, control deficiencies, accounting matters, significant judgments, and completion issues.
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Understanding auditor independence considerations, non-audit services, professional relationships, and other matters relevant to audit committee oversight.
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Monitoring external audit progress, resolving significant issues, reviewing final communications, and understanding matters arising at audit completion.
Module 6: Financial Risk, Fraud, and Irregularity Oversight
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Understanding financial fraud risks, management override risks, unusual transactions, control circumvention, and financial reporting manipulation risks.
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Reviewing mechanisms for identifying, reporting, investigating, and escalating suspected financial irregularities and control breaches.
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Assessing risks associated with related-party transactions, conflicts of interest, complex arrangements, estimates, valuations, and unusual financial activity.
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Monitoring whether management has appropriate processes for fraud prevention, detection, investigation, remediation, and lessons learned.
Module 7: Going Concern, Liquidity, and Significant Financial Matters
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Understanding audit committee oversight of going concern assessments, liquidity risks, financing arrangements, cash flow forecasts, and financial resilience.
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Reviewing significant debt obligations, financing risks, covenant matters, refinancing requirements, and potential liquidity pressures.
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Evaluating management assumptions and supporting evidence underlying significant financial forecasts and scenario assessments.
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Understanding when financial uncertainties, significant events, or emerging risks require enhanced committee monitoring or board-level escalation.
Module 8: Compliance, Risk Management, and Emerging Financial Risks
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Understanding the audit committee's interaction with compliance, enterprise risk management, regulatory oversight, and other assurance functions.
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Monitoring significant financial compliance risks, regulatory findings, policy breaches, and management remediation activities.
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Considering emerging risks affecting financial reporting and oversight, including technology dependencies, data quality, cyber-related financial risks, and system changes.
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Coordinating assurance information across internal audit, external audit, risk, compliance, finance, and other oversight functions to identify significant gaps or overlaps.
Module 9: Audit Committee Meetings, Reporting, and Effective Challenge
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Preparing effective audit committee agendas, meeting materials, dashboards, audit reports, financial information, and decision-support documentation.
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Developing effective questioning techniques for challenging management and auditors while maintaining constructive, objective, and appropriately focused oversight.
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Escalating significant unresolved issues, recurring weaknesses, delayed remediation, financial reporting concerns, and control failures to appropriate governance levels.
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Maintaining clear records of committee discussions, decisions, recommendations, action owners, deadlines, and follow-up requirements.
Module 10: Audit Committee Effectiveness and Practical Case Studies
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Evaluating audit committee effectiveness through oversight responsibilities, meeting quality, information received, challenge provided, and follow-up performance.
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Developing annual oversight priorities that align audit committee activities with financial reporting, risk, internal control, audit, and governance requirements.
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Applying practical case studies involving financial reporting concerns, control deficiencies, audit findings, fraud risks, going concern issues, and management disagreements.
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Integrating financial reporting, internal audit, external audit, risk, control, compliance, and governance information into a coherent audit committee oversight approach.
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.
