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Financial Auditing for Internal Auditors In the Public Sector (FAIA-PUB) 11-13 September 2019
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2019/09/11 to 2019/09/13
When: 11-13 September 2019
Registration starts at 8am
Where: Leadership Academy for Guardians of Governance
71 on 7th Avenue
Hanover Square, Block B
Edenvale, Gauteng  1609
South Africa
Contact: Project Coordinator: CPD and Events
011 615 0355

Online registration is closed.
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3 Days

CPD Hours:



ex VAT

incl VAT



R 7 268.70

R   8 359.00



R 8 811.30

R 10 133.00

Course Objective


Attendees to this course will be able to:

  • Understand financial statements in the public sector and be able to identify and examine the two accounting systems in place in the public sector
  • Identify and understand the various role players in Financial Statement Preparation and Review and understand their different roles and responsibilities
  • Identify and evaluate risks in the preparation and review of Public Sector Financial Statements and how these risks will affect the review procedures of internal audit
  • Identify relevant Ratio Analysis formulas to be used during AFS Review
  • Understand the financial auditing process from objective setting to test of controls
  • Identify Review Procedures for review of interim and annual financial statements

Course Content



  • Double entry bookkeeping
  • Accounting versus bookkeeping

Review of Accounting Principles

  • Debits and credits
  • GAAP/IFRS/GRAP/Modified Cash Basis
  • Value Added Tax (VAT)

Financial Statements

  • Appropriation Statement and notes
  • Statement of Financial Position an notes
  • Statement of Financial Performance and notes
  • Statement of Changes in Net Assets
  • Cash flow statements and notes
  • Notes for secondary financial information
  • Annual reports
  • Analysing financial statements

Important role players in Financial Statement

  • Management – all spheres of Government
  • Audit Committee
  • AGSA
  • Internal Audit

Risk in Financial Statements

  • Financial Statement Level
  • Assertion level
  • Financial reporting red flags
  •  Key financial risk factors

Common Recipes for Cooking the Books

  • Fraud scams within Enron, Bearing bank and Society Generale
  • Common manipulations
  • What went wrong?

Financial Statement Analysis including Ratio Analysis

  • Identify relevant Ratio Analysis formulas to be used during AFS Review
  • Perform ratio analysis on financial statements
  • Assess the results of ratio analysis and determine the effect on review procedures
  • Practical case study

Financial Auditing Process

  • Identifying Objectives
  • Risk Assessment
  • Identifying Controls
  • Testing Procedures
  • Substantive Testing
  • Tests of Controls

High level Review of IFS and AFS

  • Identify Review Procedures for review of interim and annual financial statements
  • Perform review procedures on sample financial statements
  • Conclude and report on the results of the review procedures performed
  • Practical case study

Continuous assessment of knowledge transfer through case studies, group discussions and practical examples


Who should attend?


Internal auditors who want to understand and expand their roles related to financial reporting. Internal auditors who need a “refresher” course on financial accounting concepts. Managers who want to expand their knowledge of financial reporting and controls.


Level 1

Entry or introductory level for those requiring a fundamental understanding of the subject.

Level 2

Internal auditors who are already practicing internal audit and have a basic understanding of the subject


Level 3

Supervisory/competent/senior internal auditors: those who already have a sound, practical grasp of the fundamentals of internal auditing and manage staff

A 10% discount applies if 2 or more participants from the same company attend this course.
Please be advised of the event terms and conditions.
Delegates are also requested to review the content and the levels of the courses presented before booking, to ensure they are attending the right course.

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