AUDIT

Internal control system (AOIB):
You will be taught about the purpose of the internal control system. The purpose is twofold:

• As a basic requirement for the organization to manage its processes.
• As a tool for the external auditor in support of the Financial Audit. In other words, to what extent can the accountant utilize the internal control system (AOIB).

You will also gain knowledge about the elements of an adequate AOIB.

Furthermore, you will learn to recognize the required control aspects of the various processes and cycles, allowing you to effectively manage the challenges that may occur, and the control aspects to take into consideration for the effective audit of the financial statements.

Moreover, you will learn how to divide primary processes into sub-processes and activities, leading to an understanding of the internal control system, especially the key controls.

Topics: Relevant terminology concerning the internal control system for a good understanding of the audit approach.

Assurance engagement:
The trainees will be part of our engagement teams. This could involve participation in audit preparations and examining cash balances, purchase invoices, personnel costs, accounts receivable, and inventory.

Activities:

• Assist in audit preparation; and
• Execute components of an audit program related to less complex financial statement items.

Audit (theory):
The trainees will learn the basic skills new staff need to hit the ground running and efficiently complete assigned tasks, including what new auditors are expected to know and do, including the nature, timing, and extent of common audit procedures. Focus on why certain procedures are performed and perform typical procedures.

Topics:

• The foundation for auditing
• Acceptance and continuation of audit engagement
• The Audit process
• Risk analysis and materiality
• Preparation of the audit program
• Work program for balances and transactions
• Financial analysis and testing of the ICFR (Internal Control over Financial Reporting)
• Completion of the audit
• The audit report
• Auditor's report and management letter
• Review engagement
• Compilation engagements

Financial reporting (theory):
This training delves into financial reporting to stakeholders. The trainees will gain insight into guidelines for financial reporting, understand value concepts and estimation elements, and will be enabled to interpret and assess financial statements in an adequate manner.

Topics:

• Relevant laws and regulations related to external reporting (IFRS and Dutch GAAP)
• Balance Sheet
• Income Statement
• Statement of Cash Flows using both the Direct and Indirect Method
• Changes in Accounting Policies and Estimates in the Financial Statements
• Adjusting Journal Entries in a Closed Fiscal Year
• Fixed Assets in the Financial Statements
• Leases in the Financial Statements
• Work-in-Progress Projects for Third Parties in the Financial Statements

Assurance engagement:
During the second year of the training program, the trainee will be empowered to perform more complex parts of audit and other assurance engagements.

Audit (theory):
You will be prepared for a greater level of responsibility on financial statement audits, reflect on your experiences for lessons learned, and take basic knowledge to the next level. Real-life case studies will be used to learn how to perform high-quality audit procedures for common audit areas.

Financial reporting (advanced) IFRS (theory):
In this training, trainees delve into financial reporting. They gain insight into guidelines for financial reporting, understand value concepts and estimation elements, and are enabled to interpret and assess financial statements appropriately.

In the second year, the focus shifts to slightly more complex financial statements and components (e.g., consolidated financial statements of financial institutions).

Topics:

• Participation (Equity Investments)
• Consolidation
• Hyperinflation
• Investments
• Financial Instruments