Internal Audit Training, IT Audit Training Courses, Information Security Training - CPE Interactive

Continuing Professional Education for Audit, Assurance, & Info Security

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Course Description

One of the frequent criticisms we hear of the IT audit profession from the Chief Audit Executive, CFO, and other senior management, is a lack of attention to business and financial aspects of the enterprise. All agree the IT audit community provides the necessary opportunities for skills training in the technical aspects of the audit universe. However, most systems development or enhancement projects have to do with the financial operations of the enterprise. Many IT Auditors have indicated they want an appreciation and understanding of the financial processes, but they don’t want to “train to be a financial auditor”.

This course is designed to provide you with an understanding of financial accounting and auditing with a scope relevant to the IT auditor’s previous training and jobs responsibilities.

We will:

  • Define accounting terminology
  • Describe various financial statements and understand the underlying processes
  • Describe the accounting cycle and the closing activities
  • Discuss each the major processing (revenue, purchasing, inventory, etc.) cycles, defining activities within each, and key issues the IT auditor should be aware
  • Understand the audit issues and and their affect on the financial statements
  • Identify opportunities for integrated audit procedures and procedures where IT audit can take the lead
  • Identify internal control objectives and accounting principles that should be considered in a systems development project
  • Perform exercises to support the educational objectives

Learning Objectives:

  • Obtain an appreciation for financial accounting and audit processes
  • Develop a heightened awareness for financial control objectives
  • Develop a greater ability to respond to financial auditand control issues as a part of a systems development team, or project audit team
  • Expand your ability to provide more insightful computer audit assist techniques
  • Enable you to contribute to the overall internal audit effort
  • Learn key financial definitions and concepts

Course Outline

Demystifying the Lingo

  • Accounting Definitions
  • Accounting Practices
    • Objective
    • Consistency
    • Comparability
    • Standard set of rules
  • Generally Accepted Accounting Principles (GAAP)
    • Business Entity Concept
    • Cost Concept
    • Objectivity Concept
    • Unit of Measure Concept
    • Going Concern Concept
  • PCAOB AS5 Financial Reporting
  • Auditing Standards

Accounting Basics

  • Transaction
  • Income Statement
  • Statement of Owners Equity
  • Balance Sheet
  • Chart of Accounts
  • Normal Balances of Accounts
  • Double-Entry Accounting System
  • Accounting Process
    • Manual Process
      • Transactions
      • Subsidiary Ledgers
      • Closing Process
    • Automated Process
      • Differences and similarities between Manual and Automated Processes
      • Reliance on system integrity
      • Testing the automated processes

Processing Cycles

  • Identifying the processing cycles
    • Revenue/Collection Cycle
    • Purchase/Expenditure Cycle
    • Inventory Cycle*
    • Production Cycle*
    • Fixed Assets Cycle*
    • Cash/Investment Cycle*
  • For each cycle listed above:
    • Identify General Ledger Accounts affecting cycle
    • Walkthrough typical processing
    • Identify key controls
    • Discuss common control irregularities and their impact on the organization
    • Identify common audit procedures generally performed
    • Perform group exercises relevant to each cycle

*3 day on-site seminars only

Additional Information

Who Should Attend

IT audit professionals seeking to obtain a better understanding of the financial accounting and audit process

Learning Level



Group-Live & Group Internet-Based



Advanced Preparation


Recommended Prerequisites

No prior financial accounting or audit knowledge required

Session Duration

Online: Two 3 hour sessions

On Site: 1 day

CPE Credits: 8