Why Do We Need Audits in The Modern Financial System?

During the series of courses on Audit and Assurance, you develop knowledge and learn skills used by auditors to carry out an audit engagement. The theory will be accompanied by practical cases and real-time examples for a deeper understanding of the subject.

The role of the auditors/consultants has transformed during the past years, however, the core principles behind performing assurance engagements remained the same.

Assurance engagement is carried out to enhance the degree of confidence of intended users, such as shareholders, investors, regulators, etc., in the financial information. Potential investors are highly interested in the accuracy of the financial statements, or shareholders want to be sure of the effectiveness of internal controls for safeguarding their investment and the company’s assets.
We will dive specifically into the concept of external audits of financial statements. Nowadays listed companies are under tight control and at least annually pass external audits, where auditors express an independent opinion that the financial statements present fairly in all material respects, the financial position, and results of the entity. The credibility of financial reports underpins various transactions that may be entered into for trading and investment purposes.

During the course, you discover what assurance engagement is and the levels of assurance given by consultants, what the objectives of the audit are, and the benefits and limitations of the work performed by auditors. Also, the course assists in understanding who needs audits and why, and what role plays regulators and professional bodies in the whole process.

The course is perfect for specialists with financial and nonfinancial backgrounds to update their existing knowledge and skills, as well as look at the audit process from different angles.

Course Key Concepts: Assurance, external audit, IAS, regulators, reasonable assurance, limited assurance, confidence level.