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Financial Audit Practice Exam

Financial Audit

The systematic way of verification, examination and evaluation of financial statements of an enterprise is knows as financial audit, this helps the organization to make sure that financial records are fair and correct. 

Who should give this exam?

Finance Executive

Financial Service Consultant

Business Accountant

Audit Assistant

Financial Audit Manager

Financial Services Manager

Financial Manager

Financial Advisor


Senior Accountant

Financial Professionals

Finance Degree holders

CA Assistant

Skills Required



Analytical Thinking

Business Intelligence

Financial Modelling

Financial Reporting

Cash Flow Management


Financial Management

Problem Solving

Financial Planning


Risk Analysis

Career Prospects 

Audit Executive

Finance Manager

Senior Auditor

Financial Auditor

Audit Manager

Internal Auditor

Manager – Internal Audit

Table of Content

Accounting and Auditing

  • Introduction to Auditing
  • Key accounting terms
  • Understand accounting rules
  • Distinguish between auditing and accounting.
  • Journal entries

Financial Accounting Standards

  • GAAP
  • Financial auditing process

Financial Statements

  • Characteristics of key financial statements
  • Trail Balance
  • Balance Sheet
  • Income statement
  • Financial Ratios

Business Processes and Accounting

  • Management-level reporting
  • Consolidated financial statement-level reporting
  • Financial Analysis
  • Revenue process activities
  • Procurement process activities
  • Fixed asset process activities
  • Revenue, liability, and inventory-related ratios
  • Risk Assessment

Auditors Professional Conduct

  • Need for the auditor
  • Code of professional conduct
  • Principles and legal rules
  • The legal liability of an auditor
  • Audit evidence
  • Stages of a modern audit
  • Planning the audit

Review of Accounting Systems and Internal controls

  • Primary objectives of effective internal control
  • Auditor’s responsibilities
  • Internal control framework
  • Evaluating, reporting and testing
  • Auditors Reports

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