Internal Audit of Finance and Accounting Functions Training Course

Course Introduction

Internal Audit of Finance and Accounting Functions Training Course provides finance and audit professionals with a structured methodology for evaluating the governance, risk management, internal controls, accounting processes, financial reporting, and operational effectiveness of finance functions. The programme focuses on how internal auditors can provide meaningful assurance over financial activities while identifying weaknesses that may affect the accuracy, integrity, efficiency, compliance, and reliability of financial information.

Finance and accounting functions are exposed to a broad range of risks, including inaccurate accounting records, unauthorised transactions, weak reconciliations, inappropriate journal entries, financial misstatements, fraud, inadequate segregation of duties, poor master-data management, ineffective budgeting, and weaknesses in period-end reporting. This course equips participants with practical techniques for identifying these risks and developing audit procedures that provide appropriate coverage across the finance function.

Participants will examine the complete finance and accounting cycle, including general ledger management, accounts payable, accounts receivable, revenue, payroll, fixed assets, inventory, cash and treasury, budgeting, financial close, management reporting, and financial statement preparation. The programme explains how to understand process flows, identify key controls, perform walkthroughs, test transactions, assess reconciliations, analyse financial information, and determine whether controls operate effectively in practice.

A strong emphasis is placed on audit evidence, testing methodologies, data analytics, sampling, exception identification, and professional judgement. Participants will learn how to examine supporting documentation, investigate unusual transactions, assess control exceptions, identify potential financial leakage, and determine the significance of identified weaknesses. The course also demonstrates how analytical techniques can improve audit coverage by allowing auditors to examine large transaction populations and focus attention on unusual or higher-risk activity.

The programme addresses the relationship between finance and broader organisational governance, including risk management, compliance, fraud prevention, information technology, management oversight, and audit committee reporting. Participants will learn how to assess whether finance policies and procedures are appropriately designed, consistently implemented, and aligned with organisational requirements. Emerging risks associated with automated accounting, ERP systems, cloud finance platforms, artificial intelligence, cyber threats, digital payments, and third-party financial services are also considered.

By completing the course, participants will be able to plan and execute comprehensive finance and accounting audits, evaluate the effectiveness of financial controls, identify significant weaknesses, communicate findings clearly, and recommend practical improvements. The programme ultimately supports a more integrated approach to financial assurance in which internal audit contributes not only to control compliance but also to stronger financial governance, reliable reporting, operational efficiency, fraud risk reduction, and sustainable process improvement.

Duration

10 days

Who Should Attend

• Internal auditors responsible for auditing finance, accounting, financial reporting, and financial control processes.

• Finance managers and financial controllers seeking to strengthen internal control and audit capabilities.

• Accountants responsible for general ledger, reporting, reconciliations, and financial close processes.

• Chief audit executives and audit managers overseeing financial and accounting assurance engagements.

• Senior finance professionals responsible for governance, financial risk management, and control improvement.

• Risk and compliance professionals assessing financial, operational, regulatory, and control risks.

• Treasury and cash management professionals involved in financial control and assurance activities.

• Accounts payable and accounts receivable professionals seeking stronger understanding of audit requirements.

• Management accountants and budgeting professionals responsible for financial planning and performance monitoring.

• Fraud risk and forensic professionals reviewing financial transactions and potential irregularities.

• Public sector finance and accounting professionals responsible for accountability and financial stewardship.

• NGO and development-sector finance professionals managing financial reporting, controls, grants, and donor requirements.

• Internal control specialists responsible for evaluating financial processes and control effectiveness.

• Professionals preparing for broader responsibilities in internal audit, finance governance, accounting assurance, and risk management.

Course Objectives

• Develop a comprehensive understanding of how internal audit evaluates finance and accounting functions, including governance, risks, controls, processes, reporting, and financial information.

• Identify significant financial and accounting risks across general ledger, payables, receivables, revenue, payroll, treasury, assets, inventory, budgeting, and reporting processes.

• Design effective risk-based audit approaches for finance functions that align audit objectives, financial exposure, control significance, materiality, and organisational priorities.

• Evaluate the design and operating effectiveness of financial controls, including authorisation, segregation of duties, reconciliations, access controls, and supervisory reviews.

• Apply practical audit procedures to assess accounting records, journal entries, account balances, financial transactions, supporting documentation, and period-end reporting activities.

• Strengthen audit techniques for evaluating accounts payable, accounts receivable, revenue, payroll, fixed assets, inventory, cash management, and other significant accounting processes.

• Assess the reliability, completeness, accuracy, validity, timeliness, and classification of financial information used for internal and external reporting purposes.

• Apply sampling, analytical procedures, data analytics, exception testing, transaction testing, and other audit techniques to obtain sufficient and appropriate evidence.

• Identify indicators of fraud, financial leakage, management override, inappropriate transactions, control circumvention, duplicate payments, and other accounting irregularities.

• Evaluate the effectiveness of financial reconciliations, account-clearing processes, master data, financial close procedures, and controls over unusual or manual transactions.

• Develop clear audit findings and practical recommendations that address root causes, reduce financial and control risks, and improve finance process effectiveness.

• Incorporate emerging technology, automation, artificial intelligence, ERP environments, cybersecurity, digital payments, and continuous monitoring into modern finance audit practices.

Comprehensive Course Outline

Module 1: Foundations of Finance and Accounting Internal Auditing

• Purpose, scope, principles, and value of internal auditing within finance and accounting functions.

• Roles of internal audit, finance management, accounting teams, risk management, compliance, external audit, and governance bodies.

• Key financial and accounting risks affecting transaction processing, reporting integrity, compliance, stewardship, and operational performance.

• Independence, objectivity, professional scepticism, confidentiality, ethical conduct, and professional judgement in finance-focused audits.

Module 2: Finance Governance, Policies and Control Frameworks

• Finance governance structures, delegated authorities, financial policies, procedures, accountability arrangements, and management oversight mechanisms.

• Assessing whether finance policies adequately address transaction processing, approvals, reconciliations, reporting, expenditure, revenue, and financial stewardship.

• Evaluating the relationship between financial risks, control objectives, management responsibilities, risk appetite, and organisational governance.

• Reviewing finance control frameworks and identifying gaps between documented policies, expected controls, and actual operating practices.

Module 3: Finance Audit Risk Assessment and Engagement Planning

• Identifying inherent and residual risks across finance processes and prioritising areas according to financial significance and control exposure.

• Developing finance audit universes, engagement scopes, objectives, audit criteria, risk assessments, and appropriate audit coverage.

• Applying materiality, transaction volumes, historical findings, management concerns, fraud indicators, and financial performance information to audit planning.

• Designing risk-based audit programmes that connect financial risks and control objectives with specific testing procedures and evidence requirements.

Module 4: General Ledger and Chart of Accounts Auditing

• Auditing general ledger governance, chart of accounts structures, account classifications, posting controls, and financial master-data management.

• Evaluating journal entry processes, manual adjustments, recurring journals, unusual postings, suspense accounts, and management review controls.

• Testing ledger reconciliations, account balances, clearing accounts, ageing items, unsupported entries, and unresolved accounting differences.

• Assessing controls over general ledger access, posting authority, period restrictions, adjustments, corrections, and financial data integrity.

Module 5: Accounts Payable and Procure-to-Pay Auditing

• Auditing supplier onboarding, purchase requisitions, purchase orders, goods receipt, invoice processing, approvals, and payment activities.

• Evaluating three-way matching, invoice verification, supplier master data, duplicate payment controls, and segregation of duties.

• Identifying risks involving fictitious suppliers, duplicate invoices, unauthorised purchases, inflated charges, split transactions, and inappropriate payments.

• Applying data analytics and transaction testing to examine accounts payable populations, payment trends, exceptions, and unusual supplier activity.

Module 6: Accounts Receivable, Revenue and Collection Auditing

• Evaluating customer onboarding, billing, revenue recognition, receivables recording, credit management, collections, refunds, and account adjustments.

• Testing controls over invoices, credit notes, discounts, write-offs, customer balances, ageing reports, and revenue reconciliations.

• Identifying risks of revenue leakage, underbilling, fictitious sales, unauthorised adjustments, delayed collections, and inappropriate receivable write-offs.

• Applying analytical procedures to revenue and receivable populations to identify unusual trends, ageing movements, concentration risks, and collection weaknesses.

Module 7: Cash, Banking and Treasury Function Auditing

• Auditing bank account management, cash controls, bank reconciliations, payment authorisations, electronic banking, and treasury governance.

• Evaluating controls over bank mandates, payment approvals, user access, cash transfers, dormant accounts, and changes to banking information.

• Testing bank reconciliations, outstanding items, unusual cash movements, unidentified transactions, and long-standing reconciling differences.

• Assessing liquidity monitoring, cash forecasting, investment controls, borrowing activities, and compliance with approved treasury policies.

Module 8: Payroll and Employee-Related Accounting Auditing

• Evaluating payroll processes from employee onboarding and master-data creation through salary processing, deductions, allowances, and termination payments.

• Testing controls over payroll changes, overtime, bonuses, benefits, bank account amendments, employee status, and payroll reconciliations.

• Identifying risks involving ghost employees, duplicate payments, unauthorised salary changes, fictitious allowances, and inappropriate termination payments.

• Applying analytical procedures to payroll populations to identify unusual employee records, duplicate bank accounts, abnormal payments, and unexplained trends.

Module 9: Fixed Assets, Inventory and Capital Accounting Auditing

• Auditing asset acquisition, recognition, classification, capitalisation, depreciation, impairment, transfer, disposal, and asset register maintenance.

• Evaluating physical verification, asset tagging, ownership documentation, reconciliation, safeguarding, and controls over asset movements.

• Assessing inventory accounting, stock valuation, stock adjustments, write-offs, obsolescence, losses, physical counts, and inventory reconciliations.

• Reviewing capital expenditure controls and identifying risks involving inappropriate capitalisation, unsupported assets, premature write-offs, and asset misappropriation.

Module 10: Financial Close, Reconciliations and Management Reporting

• Auditing month-end and year-end financial close processes, account reconciliations, accruals, provisions, adjustments, and closing controls.

• Evaluating reconciliation quality, ageing of reconciling items, independent review, escalation, account ownership, and resolution of outstanding differences.

• Assessing management reporting processes and determining whether financial reports are accurate, complete, timely, consistent, and decision-useful.

• Testing controls over period-end adjustments, estimates, manual journals, financial analysis, consolidation inputs, and reporting deadlines.

Module 11: Financial Statement and Accounting Information Assurance

• Evaluating risks affecting the accuracy, completeness, existence, rights, obligations, valuation, classification, and presentation of financial information.

• Reviewing accounting policies, estimates, provisions, accruals, impairment assessments, unusual transactions, and significant management judgements.

• Assessing financial reporting controls that support internal management reports, statutory reporting, regulatory submissions, and external financial statements.

• Coordinating internal audit assurance with external audit activities while maintaining appropriate independence, role clarity, and accountability.

Module 12: Budgetary Control, Forecasting and Financial Performance Auditing

• Auditing budgeting processes, budget approvals, financial allocations, expenditure monitoring, forecasting, and management variance analysis.

• Evaluating controls over budget transfers, commitments, spending limits, approvals, supplementary allocations, and unauthorised expenditure.

• Analysing budget-to-actual variances to identify unexplained trends, inefficient spending, financial pressures, and potential control weaknesses.

• Assessing whether management receives reliable and timely financial information for forecasting, resource allocation, performance monitoring, and corrective action.

Module 13: Fraud Risk and Financial Irregularity Auditing

• Integrating fraud risk assessment into finance audits and identifying opportunities for fraud arising from weak controls, collusion, override, and poor supervision.

• Examining financial fraud indicators across journals, payments, suppliers, payroll, revenue, expenses, assets, and accounting adjustments.

• Applying targeted audit procedures to investigate unusual transactions, unexplained exceptions, suspicious relationships, and potential financial misconduct.

• Maintaining appropriate evidence documentation, confidentiality, escalation, professional judgement, and coordination when potentially fraudulent activity is identified.

Module 14: Technology, Data Analytics and Emerging Finance Audit Risks

• Auditing ERP systems, automated accounting processes, cloud finance applications, interfaces, workflow controls, and technology-dependent financial processes.

• Applying data analytics to identify duplicate transactions, unusual journals, abnormal payment patterns, master-data anomalies, and other financial exceptions.

• Assessing emerging risks involving artificial intelligence, automation, digital payments, fintech platforms, cybersecurity threats, and third-party financial technology.

• Developing continuous auditing and continuous controls monitoring approaches for finance processes with high transaction volumes or rapidly changing risk profiles.

Module 15: Finance Audit Findings, Reporting and Recommendations

• Developing well-supported findings that connect observed conditions with criteria, root causes, consequences, financial exposure, and risk significance.

• Assessing the severity of finance and accounting control weaknesses according to potential financial, operational, compliance, reporting, and governance consequences.

• Writing practical recommendations that address underlying causes and establish clear responsibilities, corrective actions, timelines, and expected control improvements.

• Preparing concise finance audit reports and communicating significant findings effectively to management, audit committees, and other governance stakeholders.

Module 16: Advanced Finance Assurance, Follow-Up and Continuous Improvement

• Designing integrated finance assurance strategies that align internal audit coverage with financial risks, organisational priorities, control maturity, and emerging threats.

• Establishing effective follow-up processes for validating corrective actions, assessing residual risk, and determining whether control weaknesses have been sustainably resolved.

• Measuring finance audit performance through risk coverage, engagement quality, recommendation implementation, assurance outcomes, and stakeholder value.

• Building a forward-looking finance audit capability through continuous improvement, advanced analytics, automation, professional development, and adaptive risk-based auditing.

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.