Objective of the course

Application of Financial Attest Audit Manual in Railway Accounts

Role of IA&AS officers in the application of FAAM
Requirements in IAAS officers to play this role
How to play this role ? (Processes)
Application of FAAM in Railways
• Presumption
• Knowledge of basics of FAAM
• Basic knowledge of Statistical Sampling
• Basic knowledge of principles of Accounts
Requirements for application of FAAM
• Understanding the entity
• Understanding Audit environment
• Risk Assessment at what levels
• How to assess risk.
• Materiality determination
• Confidence level
• Sample selection
• Determining Resource Requirement
• Audit assertions
• Audit procedures
• Testing of risk assessment on selected sample
• Revising Sample selection
• Revision of resource requirement in Audit
• Audit opinion
Flow of training
• Practical exercise on application of FAAM particularly on Understanding of the
entity
• Present nature of sampling in railway audit
• Determination of sampling techniques
• Role of IAAS officers (LEADERSHIP STYLE)
• Illustration of leadership style and its impact
• Sharing results of sample selection consistent with FAAM in a pilot study in NWR
• Illustration of role of Financial Audit in Output of Compliance Audit
• Illustration of role of Compliance audit in financial audit
Potential Take Away Points
• No leadership role possible without knowledge
• Compliance audit and financial audit are integrated.
• FAAM application is better than traditional audit .