Course Introduction
IFRS-Based Financial Statement Auditing Training Course provides a practical and comprehensive understanding of how financial statements prepared under International Financial Reporting Standards can be effectively audited. Participants will explore the relationship between IFRS requirements, financial statement assertions, audit risks, evidence, internal controls, analytical procedures, and professional audit judgment.
The course examines key IFRS-based accounting areas from an auditor’s perspective, focusing on how accounting policies, estimates, recognition criteria, measurement principles, presentation requirements, and disclosures affect audit planning and execution. Participants will learn how to identify areas where IFRS application may create significant risks of material misstatement.
Participants will develop practical skills for auditing major financial statement components, including revenue, leases, financial instruments, inventories, property and equipment, intangible assets, impairment, provisions, employee benefits, and income taxes. Emphasis is placed on connecting relevant IFRS requirements with appropriate audit assertions, procedures, and evidence.
The program also explores audit risk assessment, materiality, internal controls, substantive testing, analytical procedures, sampling, confirmations, management estimates, related-party transactions, and subsequent events. Participants will learn how to evaluate whether financial statement information is appropriately recognized, measured, classified, presented, and disclosed under applicable IFRS requirements.
Emerging developments are integrated throughout the course, including technology-enabled auditing, audit data analytics, artificial intelligence, cybersecurity risks, sustainability-related reporting, climate-related financial considerations, digital financial reporting, and evolving expectations for audit quality. These developments are examined in the context of their implications for IFRS-based financial statement audits.
Through practical case studies and audit scenarios, participants will strengthen their ability to identify IFRS-related misstatements, evaluate audit evidence, challenge unsupported accounting treatments, document conclusions, and communicate significant findings. The course is designed to enhance both technical IFRS knowledge and practical audit application across diverse organizational environments.
Duration
5 days
Who Should Attend
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External auditors responsible for auditing financial statements prepared in accordance with IFRS requirements.
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Internal auditors seeking to strengthen their understanding of IFRS-based financial reporting and audit procedures.
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Audit managers and supervisors responsible for reviewing IFRS audit work and significant accounting judgments.
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Financial accountants preparing IFRS financial statements and responding to audit requirements and queries.
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Finance managers responsible for IFRS reporting, accounting policies, financial controls, and audit coordination.
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Financial controllers overseeing IFRS compliance, reporting processes, reconciliations, and financial statement preparation.
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Chief financial officers and senior finance executives seeking stronger oversight of IFRS financial reporting and audit risks.
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Accounting professionals transitioning into financial reporting, external audit, assurance, or financial control positions.
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Risk and compliance professionals evaluating financial reporting risks and control environments under IFRS frameworks.
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Audit committee members seeking a stronger understanding of IFRS accounting issues and their implications for financial statement audits.
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Corporate governance professionals involved in financial reporting oversight, audit quality, and accountability.
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Financial reporting specialists responsible for complex IFRS accounting treatments, estimates, judgments, and disclosures.
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Consultants and advisory professionals supporting organizations with IFRS implementation, reporting, audit readiness, or accounting issues.
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Public sector and private sector finance professionals involved in financial statement preparation, review, or assurance activities.
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Professionals seeking practical knowledge of IFRS requirements and their application within modern financial statement audit engagements.
Course Objectives
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Develop a comprehensive understanding of auditing principles and procedures applicable to financial statements prepared under IFRS requirements.
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Enable participants to identify IFRS-related risks of material misstatement arising from recognition, measurement, presentation, classification, and disclosure.
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Strengthen the ability to connect individual IFRS requirements with relevant financial statement assertions, audit objectives, procedures, and evidence.
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Develop practical skills for auditing complex accounting estimates, judgments, assumptions, valuations, provisions, impairments, and other IFRS-sensitive balances.
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Improve participants’ ability to assess whether financial statement transactions and balances are appropriately recognized and measured under applicable IFRS requirements.
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Strengthen competence in evaluating IFRS presentation and disclosure requirements, including completeness, accuracy, consistency, transparency, and supporting documentation.
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Enable participants to design effective risk-based audit procedures for significant IFRS areas, including revenue, leases, financial instruments, and impairment.
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Develop the ability to identify accounting inconsistencies, unusual transactions, unsupported judgments, disclosure gaps, and potential IFRS-related misstatements.
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Introduce the impact of audit analytics, artificial intelligence, automation, digital reporting, cybersecurity, and emerging technologies on IFRS-based audit engagements.
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Enhance participants’ ability to document audit findings, evaluate proposed adjustments, communicate significant IFRS issues, and support well-founded audit conclusions.
Comprehensive Course Outline
Module 1: IFRS Framework and Fundamentals of Financial Statement Auditing
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Understanding the conceptual foundations of IFRS and their significance for financial statement recognition, measurement, presentation, and disclosure.
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Connecting IFRS financial reporting objectives with audit assertions, audit objectives, materiality, professional judgment, and audit risk assessment.
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Reviewing the structure and key principles of IFRS requirements and evaluating their relevance to different financial statement components.
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Understanding auditor responsibilities when assessing IFRS compliance, accounting policies, management judgments, estimates, and financial statement disclosures.
Module 2: IFRS-Based Audit Planning, Materiality, and Risk Assessment
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Developing risk-based audit strategies for organizations preparing financial statements in accordance with IFRS requirements.
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Assessing inherent, control, and detection risks associated with complex IFRS accounting treatments and significant financial reporting judgments.
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Applying materiality and performance materiality when evaluating IFRS misstatements, disclosures, estimates, and financial statement presentation.
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Designing audit responses that address significant IFRS risks while considering business circumstances, controls, transactions, and financial reporting complexity.
Module 3: Auditing Revenue, Receivables, and Contract-Related Balances
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Auditing revenue recognition under IFRS requirements, including performance obligations, transaction prices, contract modifications, and variable consideration.
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Evaluating accounts receivable, expected credit losses, recoverability assessments, aging analysis, and related IFRS financial reporting requirements.
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Applying substantive procedures and analytical techniques to identify unusual revenue patterns, cutoff issues, premature recognition, and unsupported transactions.
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Assessing contract assets, contract liabilities, revenue disclosures, significant judgments, and evidence supporting management’s accounting conclusions.
Module 4: Auditing Non-Current Assets and Impairment
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Auditing property, plant and equipment, including capitalization, depreciation, useful lives, component accounting, disposals, and related disclosures.
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Examining intangible assets, development costs, recognition criteria, amortization, useful lives, and impairment indicators under applicable IFRS requirements.
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Evaluating impairment testing, cash-generating units, recoverable amounts, valuation assumptions, forecasts, discount rates, and management judgments.
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Reviewing investment property and other non-current assets for appropriate classification, measurement, presentation, and supporting financial statement disclosures.
Module 5: Auditing Leases, Financial Instruments, and Investments
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Auditing IFRS-based lease accounting, including right-of-use assets, lease liabilities, discount rates, modifications, and lease-related disclosures.
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Evaluating classification, recognition, measurement, impairment, and disclosure requirements applicable to financial assets and financial liabilities.
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Auditing investment portfolios, fair value measurements, expected credit losses, and classification decisions involving significant management judgment.
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Assessing complex financial instruments, valuation methodologies, supporting models, assumptions, and evidence used to substantiate reported amounts.
Module 6: Auditing Liabilities, Provisions, Equity, and Employee Benefits
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Auditing provisions, contingent liabilities, legal exposures, restructuring obligations, and management estimates under applicable IFRS requirements.
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Examining employee benefits, pension obligations, termination benefits, share-based payments, and related accounting estimates and disclosures.
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Reviewing borrowings, trade payables, financing arrangements, covenant requirements, and classification between current and non-current liabilities.
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Auditing equity transactions, share capital, reserves, dividends, treasury shares, and related presentation and disclosure requirements.
Module 7: Auditing Taxation, Consolidation, and Complex Reporting Areas
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Auditing current and deferred tax balances, temporary differences, tax reconciliations, uncertain tax positions, and related IFRS disclosures.
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Evaluating business combinations, goodwill, acquisition accounting, purchase price allocation, and impairment considerations affecting consolidated financial statements.
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Auditing subsidiaries, associates, joint ventures, non-controlling interests, consolidation adjustments, and group reporting processes.
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Reviewing foreign currency transactions, translation procedures, hyperinflation considerations, and related financial statement presentation requirements.
Module 8: IFRS Estimates, Disclosures, Related Parties, and Subsequent Events
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Evaluating significant accounting estimates, assumptions, valuation techniques, sensitivity analysis, and management bias within IFRS financial reporting.
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Assessing related-party transactions, balances, disclosures, management relationships, and risks associated with incomplete or inaccurate reporting.
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Auditing events after the reporting period and determining whether adjustments or disclosures are required under applicable IFRS requirements.
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Reviewing financial statement notes for completeness, consistency, transparency, cross-referencing, and compliance with relevant IFRS disclosure requirements.
Module 9: Audit Evidence, Analytics, Technology, and Emerging Issues
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Applying audit data analytics to large IFRS transaction populations to identify anomalies, unusual relationships, trends, and potential misstatements.
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Exploring artificial intelligence, automation, machine learning, and digital audit tools and their implications for IFRS-based audit procedures.
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Assessing cybersecurity, cloud accounting, digital financial records, automated controls, and technology-related risks affecting financial reporting reliability.
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Examining sustainability-related financial information, climate-related risks, digital reporting developments, and emerging assurance considerations for auditors.
Module 10: IFRS Audit Completion, Reporting, and Integrated Case Studies
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Performing final audit procedures covering going concern, subsequent events, misstatements, financial statement presentation, disclosures, and overall audit conclusions.
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Evaluating identified IFRS departures and determining their potential impact on financial statements, disclosures, audit adjustments, and audit reporting.
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Communicating significant IFRS accounting and auditing matters to management, those charged with governance, and relevant engagement stakeholders.
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Applying end-to-end IFRS audit techniques through practical case studies covering planning, testing, analysis, documentation, findings, adjustments, and reporting.
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.
