Financial Statement Review and Internal Controls

Financial statement review and internal controls is a core competency for finance, audit, and compliance professionals — and this course gives delegates a structured, practical framework for doing both with confidence.

The course covers financial statement analysis in depth, including analytical review procedures, revenue recognition issues, asset valuation, and the evaluation of liabilities and off-balance-sheet items across IFRS and GAAP frameworks.

Internal controls are addressed through the COSO Integrated Framework, covering all five components alongside control documentation, testing techniques, sampling, and fraud prevention.

The course brings both disciplines together in the final stage, applying a risk-based approach to combine financial review findings with internal control assessments and produce structured audit recommendations.

A full case study closes the course, giving delegates a complete applied review of a company's financial statements and control systems.

This financial statement review and internal controls course is designed to give delegates a working command of both financial analysis and internal control evaluation — and the ability to integrate findings into risk-based audit conclusions and actionable recommendations.

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

• Analyse financial statements — Apply trend, variance, and ratio analysis to evaluate financial performance and identify inconsistencies or unusual transactions.
• Apply reporting frameworks — Work across IFRS and GAAP to understand key financial disclosures and reporting differences.
• Evaluate revenue, assets, and liabilities — Assess revenue recognition, expense classification, asset impairment, contingencies, and off-balance-sheet items with structured review techniques.
• Apply the COSO Framework — Use the COSO Internal Control Integrated Framework to evaluate control environment, risk assessment, control activities, information and communication, and monitoring.
• Document and test internal controls — Prepare control documentation, apply testing techniques and sampling methods, and evaluate control adequacy and effectiveness.
• Identify control weaknesses — Assess the financial impact of control deficiencies and apply findings to fraud prevention strategies.
• Integrate review and control findings — Combine financial statement analysis with internal control assessments using a risk-based audit approach.
• Report and recommend — Produce internal audit reports with structured recommendations and develop action plans for control improvement.

The Financial Statement Review and Internal Controls Course is ideal for professionals responsible for financial oversight, internal auditing, compliance evaluation, or decision-making based on financial information.

This Financial Statement Review Course will greatly benefit:

• Internal auditors and external auditors involved in assurance activities
• Financial controllers and accounting managers
• Finance officers and budget analysts
• Risk management and compliance officers
• Corporate governance professionals and senior administrators
• Public sector financial executives
• Business owners and decision-makers seeking deeper financial insight

This financial statement review and internal controls course is delivered through structured technical instruction, applied analytical exercises, and a comprehensive case study — giving delegates both the frameworks and the hands-on practice to apply financial review and internal control evaluation in their own organisations.

Delivery methods include:

• Instructor-Led Sessions — Expert facilitators guide delegates through financial statement analysis, IFRS and GAAP frameworks, COSO components, and risk-based audit methodology in a structured sequence.
• Analytical Review Exercises — Delegates apply trend, variance, and ratio analysis techniques to financial data, identifying inconsistencies, classification issues, and valuation concerns in structured exercises.
• Control Documentation and Testing Workshops — Practical sessions cover internal control flowcharts, testing techniques, sampling methods, and the identification of control weaknesses and their financial impact.
• Integration and Reporting Sessions — Delegates work through how to combine financial review findings with control assessments and structure audit reports with actionable recommendations.
• Full Case Study — The course closes with a comprehensive applied review of a company's financial statements and control systems, consolidating all five days of learning into a single practical output.

• AZTech Certificate of Completion for delegates who attend and complete the training course