AUDITEE AUDIT ENHANCING skills Training

This training aims at imparting skills to those charged with oversight responsibilities and support within an entity to narrow the audit expectation gap by structuring audit engagements that would result in more value being realized by the Audited entity.

The value that audit promises has eluded many entities with several research indicating that the majority of owners and managers of enterprises which undertake regular annual audit perceiving it as a routine activity that adds little value except enable the fulfillment of a statutory requirement.

This is because traditional audits which many organizations frequently engage in majorly focuses on addressing statutory or regulatory compliance and internal control issues which are transaction-al in nature.

Issues of a compliance nature rapidly become of less concern to an organization with a prudent management that has existed beyond three to five years as it would have significantly de risked these issues by implementing previous audit recommendations and therefore continuous engagement of audit in this areas ceases to confer significant value.

That said, audit still remains the most important service to help an organization in this rapidly changing business environment where technology advancement and business management innovations are quickly making once effective management styles and strategies obsolete and in dire need to be replaced or adjusted to ensure an entity’s viability.

Many organizations have stagnated, some are collapsing and many have closed doors due to failure to timely identify what is not working and should be eliminated and what needs to be adjusted and how?.

Such issues can be effectively addressed in a well-structured audit engagement.

This approach however requires greater client/auditee input in determining audit areas and suggesting audit methodology preferential in the Audit process and an effective follow-through program.

Those charged with oversight responsibilities in governance such as members of the board and those who offer oversight support at managerial level such as Accountants, CFO, finance managers and departmental heads should therefore possess skills to design and execute an extensive pre-engagement self-risk profiling exercise to produce an audit process document.

Key in this document would be instructions to an auditor to execute the audit in a preferred way with an extended examination of an entity’s affairs beyond the statutory compliancy and internal control aspects to include strategic issue that are both financial and non-financial in nature.

The quality of communications of audit expectation and preferred treatments of audit areas by audited entities compounded by mistrust by members interacting with auditors has been the major frustration to auditor’s effort to deliver the expected value.

This approach will ensure that the auditor adds value by effectively applying his intellectual mind to fulfill the expectation gap by addressing more going concern issues hindering progress from a strategic perspective thereby providing an entity with a better opportunity to remove bottlenecks, avert risk and accelerate progress towards its long term goals.

This training is acutely IMPORTANT FOR An Accountant, CFO, Finance manager, heads of departments/unit leaders, decision-maker and those aspiring to hold these position.

And this is why?

As you are aware; technology is rapidly transforming the accountancy profession with increasing automation or computerization of many low valued routine tasks that feature significantly on the job description of those employed to discharge accountancy employment service such as book keeping, account reconciliation, preparation of financial statement and performance reports and preparation and filing of tax returns;.

Professional accountants in a work place can continue to add more value to an entity by discharging strategic responsibilities to the organization such as preparing it to engage in an audit that adds more value and enhance the entity’s growth.

The Auditee audit enhancing skill training will empower professional accountants to remain an asset by discharging a valued strategic service in the organization as he lets go of the routine tasks that can be done by computer programs.

This training is targeted for a board and its Directors, accountants, CFO, Finance managers, heads of departments and entrepreneurs

This training can be offered in-house; tailored to be flexible enough to minimize disruption to normal activity.