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How to Review Financial Statements - for Internal Auditors (HRFS)16-18 Sep 2020 (Online)
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2020/09/16 to 2020/09/18
When: 16-18 September 2020
Registration starts at 8am
Where: Online - Zoom
South Africa
Presenter: Prozilog
Contact: Project Coordinator: CPD and Events
011 615 0355

Online registration is closed.
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Course Name:

How to Review Financial Statements – For Internal Auditors (HRFS)


6 X 4 hr Sessions

CPD Hours:



ex VAT

incl VAT



R 6 552.00

R 7 534.80



R 8 172.00

R 9 397.80

Welcome & Background:

Welcome to this 3-day, Annual Financial Statement Review for the Public Sector Internal Auditors course that is aimed at building the capacity and competencies of public sector Internal Auditors. This training course enables the target group to build the necessary knowledge, skills and values that will enable you to improve your own levels and standards of service excellence when conducting the review of financial statements.

Internal Audit is one of nine Public Financial Management (PFM) disciplines that the Capacity Building Chief Directorate in the National Treasury is responsible for in terms of building capacity. In its endeavours to build a capable and competent state, and to professionalise the Public Sector, this short course has been designed specifically to simulate the workplace and bring a practice-orientated approach to learning.



The learning programme is aimed to capacitate internal auditors to effectively perform reviews on financial statements (both annual and interim) of their respective organisations.

This course is designed to address the needs highlighted in South Africa’s National Development Plan – Vision 2030 with specific reference to the following main priorities of the Plan being:

  • Improving the quality of education, skills development and innovation; and
  • Building the capacity of the state to play a developmental, transformative role.

    The National Treasury Capacity Development Strategy’s (CDS) which is aligned to the NDP 2030, has been designed to address capacity and competency challenges and strives to achieve four key strategic objectives, being to:

  • Support the development of an enabling environment; Enhance organisational capacity;
  • Develop and empower a corps of competent and committed high-performance employees; and
  • Create an environment that enables and sustains mutually beneficial stakeholder relationships.



  • The purpose of this Annual Financial Statement Review for the Public Sector Internal Auditors course is to enable internal auditors in the Public Sector to
  • Understand how to effectively review the IFS and AFS;
  • Demonstrate practically how to review if an organisation’s IFS and AFS is compliant to the relevant accounting frame- works and guidelines;
  • Demonstrate practically how to review the IFS and AFS for any misstatements and/or omissions and to ensure that the IFS and AFS is fairly represented;
  • Demonstrate practically how to review the critical financial controls (CFC) which will assist Internal Audit in building to- wards reviewing the IFS and AFS;
  • Demonstrate practically how to strategically sample and test the figures in the IFS and AFS to ensure that the financial information presented is valid, accurate and complete; and
  • Demonstrate practically how to tie-up the audit file to the IFS
  • AFS for validity, accuracy and completeness.


Day 1 Session 1 –08:30 to 12:30

  • Introduction
  • Review of Accounting Principles
  • Update on GRAP Standards and Modified Cash Basis Accounting


    Day 1 Session 2 –13:00 – 17:00

  • Update on GRAP Standards Continued
  • Specimen Financial Statements
  • Typical Information Flow from Business Processes to Financial Statements
  • Treatment of VAT in the Public Sector


    Day 2 Session 1 –08:30 to 12:30

  • Important Role Players in Financial Statement Governance, Preparation and Review
  • Case Study.
  • Risks in Financial Statements – Practical Examples


    Day 2 Session 2 –13:00 – 17:00

  • Management Assertions in Financial Statements
  • Ratio Analysis as an Internal Audit Tool
  • Case Study
  • Common Recipes for Cooking the Books
  • Examples: Barings Bank, Enron, Societé General


    Day 3 Session 1 –08:30 to 12:30

  • Financial Statement Analysis
  • The Financial Auditing Process
  • Case Study

    Day 3 Session 2 –13:00 – 17:00

  • Review of Annual and Interim Financial Statements (AFS and IFS)
  • Case Study
  • Wrap-up


Who should attend?


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

Level 4

For advanced internal auditors: Auditors with excellent understanding of topics being presented, who are interested in exchanging knowledge with instructors and other participants

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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