By the end of this session you should be able to:

  • identify the requirements for external audit and the basic processes undertaken
  • explain the meaning of fair presentation
  • distinguish between external and internal audit
  • explain the purpose and basic procedures of internal audit; the need for financial controls and the purpose of audit checks and audit trails
  • explain the role of internal audit in non-financial monitoring and control activities
  • illustrate the added value internal audit provides to both the board and management of the corporation
  • explain the nature of errors
  • explain the nature of fraud
  • describe the different methods of fraud prevention and detection 

and answer questions relating to these areas.