Thursday June 01, 2023

Online course on ‘Financial Audit/Risk Based Audit’

By Our Correspondent
May 22, 2023

LAHORE:Performance Audit Wing (PAW) in Lahore conducted two courses a two-day ECOSAI Online Course on "Financial Audit/Risk Based Audit" and a two-day course on "Impact Audit." These courses aimed to enhance the analytical skills of 65 officers from different SAIs, including Afghanistan, Azerbaijan, Belarus, Palestine, Qatar, Turkish Republic of Northern Cyprus, Turkiye, and Pakistan. The ECOSAI Online Course focused on "Financial Audit/Risk Based Audit" and had 22 participants from eight SAIs. The course provided insights into the value addition of audits by evaluating the effectiveness of risk management in IT and organisational aspects, assessing project objectives, and identifying key risks early on.

The Financial Audit course aimed to ensure compliance of financial statements with relevant financial reporting and regulatory frameworks. Risk-based auditing allowed organisations to assess current risks and the effectiveness of existing control. This course aimed to enhance the professional and organisational capacity of SAIs in conducting financial and risk-based audits. The Impact Audit course aimed to measure and report on the positive and negative outcomes of initiatives while identifying areas for improvement. It provided valuable insights into the effectiveness of programmes, projects, or organisations on society, the environment, and the economy. Impact audits helped organisations improve performance and achieve their goals in a sustainable and responsible manner. Participants were provided with digital lecture materials. A training evaluation form was distributed to gather feedback from the officers, who expressed their increased knowledge and skill capacity in performance auditing. They appreciated PAW's efforts and pledged to implement their newfound knowledge in practical field work.