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PICPA, in its mission to continually provide quality service to the public and enhancing its members' practice needs, will provide training program to its members and associates specifically on the review of internal control and walkthrough procedures. As companies/clients grow and evolve in today's rapidly changing business environment, they continuously face new sets of risks and challenges. To help executives address these changes, external auditors must kept abreast of new trends on auditing standards and should no longer employ traditional audits. Audit teams need to be flexible and innovative in their approach by utilizing their resources to focus on the critical areas of the business (e.g. higher risk).
A risk-based audit approach is the latest "best practice" in the evolution of auditing, aimed at maximizing the impact of audit by focusing on the major strategic, regulatory, financial and operational risks that confront an organization. This approach targets high risk areas and helps the auditors achieve maximum value and efficiency in conducting audit which will give particular attention on the review of the internal control system and accounting procedures currently in place, thus, redound to the benefit of the its audit clients. It involves challenging existing structures and business processes to identify areas for improvement and propose value-adding changes to the organizations.
In preparation of the foregoing, the one (1) day training program "Review of Internal Control and Walkthrough Procedures" will equipped the participants the knowledge of using the test of control and walkthrough procedures for any audit assurance engagement.
