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The Audit of Derivative Products (DERIV)


This ane and one-half day course is designed for all auditors, will provide a working definition of "financial instruments."


It identifies the well known financial instruments (bills, notes, bonds etc) and not-so-well known financial instruments such as financial derivatives (futures, forwards, options, swaps, etc).  It provides illustrations of derivatives and how they are specifically used by various financial service organizations.


The course will carefully explore how the auditor approaches the audit of derivatives.


Emphasis is placed on authorization controls over the derivatives as well as documentation of derivative product activities.


Particular attention is given to proper accounting (trading, fair value hedging, cash flow hedging) as well as required financial statement disclosures for financial instruments and related derivative products. 


Attendees will become familiar with the ever-increasing use of derivative products.


A sound audit approach for providing derivative audit coverage can be immediately implemented as a result of the course.


All auditors whose companies are currently using or considering the use of derivatives should attend this valuable course. Additionally, for companies that “do not” use derivatives, the course will force attendees to ask “why not?”



Category: Banking - Auditing