Certificate in Financial Audit

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Financial Audit

About Financial Audit
A financial audit is an objective examination and evaluation of the financial statements of an organization to make sure that the financial records are a fair and accurate representation of the transactions they claim to represent.

Financial auditing has these main objectives:
•   To evaluate whether the financial statements are materially correct, complete, and reported in accordance with generally accepted accounting principles (GAAP)
•   To assess the possibility of fraud in the organization
•   To gauge whether the organization will remain a viable business, also known as a going concern
•   To identify ways that a company can improve its business

Why is Financial Audit important?
There are many benefits that a business entity can avail by conducting a financial audit, which are
•   Maintains Consistency - By being compliant with the specified provisions, the Auditing process may take lesser time.
•   Determine Profit or Loss
•   Helps in Obtaining Loans - As the financial books have been reviewed and audited, they would project the right image of the business and thus allow banks and other financial institutions to give out loans and other financial help to the company.
•   Assists in Determining the Total Tax
•   Help in Fraud Detection
•   Assists in Preparing Future Plans
•   Provides Evidence
•   Increases Goodwill

Who should take the Financial Audit Exam?
•   Accounting or finance or audit professionals
•   Business owners or Entrepreneurs
•   Anyone who wants to assess their financial auditing skills
•   Accounting or finance or audit managers and senior executives
•   Audit consultants
•   Professionals working in outsourced companies responsible for financial audit
•   Anyone interested in auditing
•   Students

Financial Audit Certification Course Outline

1. Basic Accounting Principles and Framework
2. The Accounting Equation and Financial Statements
3. The Accounting Cycle and Accrual Accounting
4. Accounting Transactions and Books of Account
5. Cash Flow Analysis
6. Auditing

Certificate in Financial Audit FAQs

Why do we do Financial Audit?

The main aim of financial audit is to provide an objective independent examination of the financial statements, which also increases the credibility and value of the financial statements. Financial audit also helps to main the investor relations and their confidence over the management.

What is Financial Audit?

The systematic way of verification, examination and evaluation of financial statements of an enterprise is knows as financial audit, this helps the organisation to make sure that financial records are fair and correct.