THE BAHAMAS INSTITUTEOF FINANCIAL SERVICES

Audit comprises a fundamental component of the recurrent and strategic activities of nearly all professional occupations. While a small group of jobs focus exclusively on internal and external audit task the majority focus will utilize the principles and practices of risk assessment, internal control, systems evaluation and forensic accountability in their professional lives. This course aims to provide an introduction to the principles and practices of auditing. It will also critically examine contemporary audit issues and challenges.

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What you will learn?
On successful completion of the course, participants will be able to:

•    Understand the audit process including the theory, philosophy and practice
•    Articulate knowledge of fundamental audit concepts
•    Apply critical thinking skills when solving auditing problems
•    Interpret the legal framework under which company audits are conducted
•    Understand the auditor’s professional code of conduct
•    Apply professional ethics in the performance of audit duties

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Module I - Auditing - An Introduction

•    Definition, origin, evolution and general overview of auditing
•    Audit principles, scope and objectives
•    Definition and prevention of fraud
•    Audit the concept of “true and fair” view
•    Advantages and limitations of auditing
 
Module II - Audit Principles, Types of Fraud

•    Basic principles of Audit
•    Audit types
•    Types or errors, fraud and related risk
•    Accounting concepts relevant to auditing

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Module III
•    Purpose for the audit plan and sources of information
•    Plan development and objectives
•    Audit programme - advantages and disadvantages
•    Audit working papers
 
Module IV
•    Test checking - What is the object?
•    Advantages & disadvantages of test checking
•    Test checking vs routing checking
•    Audit sampling 
•    Audit evidence
•    Auditor documentation and reporting
 
Module V
•    Introduction, definition and object of internal control
•    Forms of internal control
•    Internal audit
 
 
Module VI - Vouching

•    Definition, objective and importance of vouching
•    Test checking and the audit process
•    Income and expenditure audit
 
Module VII - Verification & Valuation of Assets & Liabilities
•    Definition, scope and objective of verification
•    Verification techniques
•    Verification and valuation of assets
•    Verification of liabilities and stock
•    Difference between vouching and verification
•    Verification and valuation of goods on consignments

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Course Assessment

Participants in the course will be assessed by a mid-term exam and a three-hour examination. The passing mark for the examination is 70%. 

 

​Duration: 10 Weeks

Days: Mondays

Time: 6:30 p.m. - 9:30 p.m.

Learning Platform: Zoom

Fee: $795 (members) and $795 (non-members)
+ Registration $50.00

Payment Plans are available