COURSE OVERVIEW:
Welcome to the Plan & Conduct Internal Financial Audits course. This program has been designed to equip you with the essential knowledge, analytical skills, and professional judgement required to undertake internal financial audits across any industry.
Internal financial audits form a cornerstone of organisational integrity, supporting transparency, accountability, and sound financial stewardship. This course begins by exploring the purpose and role of internal financial audits, emphasising the importance of financial integrity, ethical conduct, and auditor independence. It also examines how financial audit activities contribute to organisational governance by providing assurance that financial practices, controls, and reporting processes are accurate, compliant, and fit for purpose.
A solid understanding of financial compliance is critical to effective auditing. This section provides an overview of key financial regulations, reporting standards, internal policies, and governance frameworks that shape financial accountability. Learners examine the legal responsibilities relating to financial reporting and explore the operational, reputational, and regulatory consequences of misreporting or failing to meet compliance obligations.
Financial audits rely on a thorough understanding of financial management systems. This section introduces the structure and components of organisational financial systems, including core financial processes, internal controls, and the connections between financial systems and broader operational activities. It also explores indicators of financial risk and the importance of identifying warning signs during audit activities.
Defining audit objectives and scope is essential to ensuring that financial audit activities are targeted and effective. This section explains how to determine audit purpose, establish expected outcomes, define boundaries, identify key financial processes, and clarify the criteria that will guide assessment. It highlights how clear scoping supports transparency and consistency throughout the audit.
Developing a comprehensive financial audit plan supports coherent and coordinated audit delivery. This section outlines how to schedule audit tasks, determine resource needs, identify relevant documents and data sources, establish communication protocols, and set timeframes and milestones. Learners explore planning approaches that support efficiency, clarity, and alignment with organisational priorities.
Financial audit methodologies shape the way evidence is gathered and assessed. This section discusses risk-based, compliance-based, and analytical approaches, along with sampling strategies and types of financial evidence. Learners examine how to maintain objectivity, ensure consistency, and select appropriate methods to verify financial information across diverse environments.
Reviewing financial documentation forms an essential part of evidence collection. This section covers the examination of internal control frameworks, financial policies, budgeting and forecasting documentation, accounts payable and receivable records, procurement documentation, ledgers, reconciliations, and bank statements. It highlights how documentation review provides insight into financial governance and control effectiveness.
Process reviews help auditors understand how financial activities are carried out in practice. This section examines workflow mapping, authorisation points, risk identification, segregation of duties, and financial oversight mechanisms. Learners explore how to assess whether financial controls are designed appropriately and functioning as intended in operational settings.
Interviewing personnel contributes valuable context to financial audits. This section outlines how to engage finance and operational staff, use questioning techniques to identify process weaknesses, confirm responsibilities, and validate financial knowledge. It also emphasises the importance of objective and accurate information recording during interviews.
Evaluating internal financial controls is essential to determining organisational financial health. This section explores how to assess control design and effectiveness, check authorisations and delegations, review monitoring mechanisms, and identify inconsistencies or control breakdowns. Learners develop the ability to determine whether controls adequately prevent financial errors, fraud, and irregularities.
Testing financial transactions and processes provides deeper verification of financial accuracy. This section explains how to select samples, reperform calculations, check reconciliations, and validate transaction completeness and correctness. It also covers methods for confirming compliance with financial policies, regulations, and internal control requirements.
Identifying financial risks, errors, and irregularities allows organisations to address issues before they escalate. This section examines how to distinguish systemic issues from isolated events, identify fraud indicators, analyse anomalies, determine root causes, and evaluate the associated financial and operational risks.
Analysing financial audit evidence supports strong and defensible conclusions. This section explores how to validate evidence reliability, apply analytical procedures, compare results against financial requirements, and determine areas of conformance or improvement. It reinforces systematic, criteria-based evaluation as essential to credible audit outcomes.
Preparing audit findings requires clarity, impartiality, and accuracy. This section details how to structure findings, link them to evidence and control requirements, prioritise based on financial risk, and document assumptions and rationale to support sound decision-making.
Developing recommendations helps strengthen financial governance and reduce risk. This section discusses how to suggest corrective and preventive actions, address root causes, reinforce internal controls, and ensure that recommendations align with organisational capabilities and strategic objectives.
Effective reporting ensures that audit results are communicated clearly and used to support organisational improvement. This section outlines how to structure financial audit reports, use templates and standard formats, present complex information in an accessible manner, and safeguard the confidentiality of financial data.
Corrective action and follow-up processes ensure that audit findings translate into meaningful change. This section examines how to assign responsibility, monitor progress, verify the effectiveness of actions taken, and integrate improvements into financial systems and governance frameworks.
Finally, the course concludes with guidance on enhancing the internal financial audit program itself. This section explores how to evaluate audit program performance, strengthen tools and templates, develop auditor capability, and support a culture of strong financial governance throughout the organisation.
By the end of this course, you will be equipped with the expertise, analytical techniques, and professional frameworks required to plan and conduct internal financial audits that support integrity, strengthen financial controls, and enhance governance across any industry.
Each section is complemented with examples to illustrate the concepts and techniques discussed.
LEARNING OUTCOMES:
By the end of this course, you will be able to understand the following topics:
1. Introduction to Internal Financial Audits
- Purpose and role of internal financial audits
- Importance of financial integrity and accountability
- Auditor independence, ethics and objectivity
- Relationship between financial audits and organisational governance
2. Foundations of Financial Compliance and Regulation
- Applicable financial regulations and reporting standards
- Internal financial policies and governance frameworks
- Legal responsibilities for financial reporting
- Consequences of non-compliance and misreporting
3. Financial Management Systems Overview
- Components of organisational financial systems
- Key financial processes and controls
- Links between financial systems and business operations
- Risk indicators within financial environments
4. Establishing Financial Audit Objectives and Scope
- Determining audit purpose and expected outcomes
- Defining scope boundaries and focus areas
- Identifying financial processes and stakeholders involved
- Clarifying required criteria for assessment
5. Developing the Financial Audit Plan
- Scheduling audit activities and allocating resources
- Identifying necessary documents, data and tools
- Preparing communication and notification requirements
- Establishing timelines and milestones
6. Financial Audit Methodologies and Approaches
- Risk-based, compliance-based and analytical methods
- Determining sampling and testing methods
- Identifying types of financial evidence
- Ensuring objectivity and consistency of audit procedures
7. Reviewing Financial Policies, Procedures and Records
- Internal control frameworks and financial governance
- Budgeting and forecasting documentation
- Accounts payable, receivable and procurement records
- Bank statements, ledgers and reconciliations
8. Conducting Organisational Financial Process Reviews
- Mapping financial workflows and authorisation points
- Identifying financial risks, errors and irregularities
- Reviewing segregation of duties
- Assessing the adequacy of financial oversight
9. Interviewing Personnel for Financial Validation
- Engaging finance and operational staff
- Questioning techniques to uncover process weaknesses
- Confirming responsibilities and knowledge
- Recording information accurately and objectively
10. Evaluating Internal Financial Controls
- Assessing design and effectiveness of financial controls
- Checking authorisations, approvals and delegations
- Reviewing monitoring and oversight mechanisms
- Identifying control failures or inconsistencies
11. Testing Financial Transactions and Processes
- Selecting samples for financial testing
- Reperforming calculations and reconciliations
- Verifying accuracy and completeness of transactions
- Checking compliance with financial policies and regulations
12. Identifying Financial Risks, Errors and Irregularities
- Differentiating between systemic and isolated issues
- Identifying fraud indicators, anomalies and inconsistencies
- Determining root causes of financial issues
- Evaluating risk exposure and potential impacts
13. Analysing Financial Audit Evidence
- Validating reliability and sufficiency of evidence
- Applying analytical procedures and trend analysis
- Comparing evidence against financial requirements
- Determining conformance, non-conformance and improvement areas
14. Preparing Financial Audit Findings
- Structuring findings clearly and objectively
- Linking findings to evidence and control requirements
- Prioritising based on financial risk and impact
- Documenting assumptions and rationale
15. Developing Financial Improvement Recommendations
- Suggesting corrective and preventive actions
- Addressing root causes of financial issues
- Strengthening internal controls and processes
- Aligning recommendations with organisational capabilities
16. Preparing and Presenting the Financial Audit Report
- Structuring the report for clarity and decision-making
- Using templates and financial reporting formats
- Communicating complex information effectively
- Ensuring confidentiality and sensitivity of financial data
17. Corrective Action and Follow-Up Processes
- Assigning responsibilities for corrective measures
- Monitoring progress and implementation
- Verifying the effectiveness of completed actions
- Integrating improvements into financial systems
18. Enhancing the Internal Financial Audit Program
- Evaluating overall audit program effectiveness
- Improving audit tools, checklists and templates
- Building auditor capability through ongoing development
- Strengthening organisational financial governance maturity
COURSE DURATION:
The typical duration of this course is approximately 2-3 hours to complete. Your enrolment is Valid for 12 Months. Start anytime and study at your own pace.
COURSE REQUIREMENTS:
You must have access to a computer or any mobile device with Adobe Acrobat Reader (free PDF Viewer) installed, to complete this course.
COURSE DELIVERY:
Purchase and download course content.
ASSESSMENT:
A simple 10-question true or false quiz with Unlimited Submission Attempts.
CERTIFICATION:
Upon course completion, you will receive a customised digital “Certificate of Completion”.