Auditing Financial Instruments

Financial instruments are present in almost every set of financial statements — yet they are often not given the level of attention they require during an audit. Even seemingly straightforward balances such as cash, receivables, and payables fall within the scope of financial instruments and must be assessed in line with financial reporting framework requirements.

In addition, IFRS introduces complex recognition, measurement, and disclosure requirements, including areas that involve significant judgment, such as expected credit losses and accounting estimates. Without a clear understanding of these requirements, auditors risk performing incomplete procedures or failing to identify material misstatements.

This course provides you with a practical and structured approach to auditing financial instruments. You will learn how to apply key auditing principles, evaluate compliance with IFRS requirements, and address high-risk areas such as estimates and expected credit losses. The course also highlights common working paper deficiencies and demonstrates how to document your audit work clearly and effectively.

By the end of this course, you will be able to:

• Apply key principles when auditing financial instruments
• Understand and verify financial reporting framework requirements
• Assess expected credit losses and related estimates
• Identify and address common audit risks in financial instruments
• Improve the quality and clarity of audit working paper documentation

This training is ideal for auditors, audit trainees, and assurance professionals who want to strengthen their understanding of financial instruments and improve audit quality in this often-overlooked area.

Upon completion, you will receive a verifiable LEAF Bronze CPD Certificate, recognising your professional development and technical competence.