What is an audit?

What is an audit?

• What is an audit?
• How is an audit carried out?
• What are the limitations of the audit process?

The course gives an overview of the various steps of an audit (planning, execution, reporting) and treats fundamental audit concepts (audit risk formula, materiality, etc.)

• The course gives an overview of the various steps of an audit (planning, execution, reporting) and treats fundamental audit concepts (audit risk formula, materiality, etc.)

• Step 1: Introduction day

• In class: Presentation of fundamental audit concepts and discussing audit planning, execution and documentation. (Theoretical background)

• Step 2: Weekend block / part 1

• In class: Present a case study

• Together we plan an audit and allocate the audit tasks to the groups

Step 3: Weekend block / part 2

• Step 3: Weekend block / part 2

• In groups: Go through case study material and prepare presentations. (15 to 20 minutes)
• In class: Presentation
• In class: Conclusion, findings, errors, basis for reporting etc.

• Step 4: Wrap-up afternoon

• In class: Audit and fraud, audit deficiencies
• Questions and answers

Potential future auditors

• Potential future auditors
• Potential future controllers, CFO‘s

• The course is a good opportunity to gain a first insight of the daily work of an auditor as the extended case study is directly derived from real life situations.