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Internal Audit Essentials

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Internal Audit Essentials

Internal Audit Essentials course covers everything you need to know as a newcomer to Internal Audit regarding the most effective audit practices or those who need to know about the most up to date practices in the profession.

Are you new to internal audit?

Are you trying to figure out the differences between an internal audit and other types of inspections?

Do you want to learn the basics of Internal Audit?

Do you want to identify the skills needed to become an effective auditor?

If you answered yes to any of these questions, this course is for you. It is time to figure out what you’re in for and what entails this rewarding career choice you’ve made.  This course will teach you the basics and foundations of internal audit and introduce you to the skills necessary to be an effective internal auditor.

There has probably never been a more important or challenging time for Internal Audit. The ever-increasing pace of change has required the function to change significantly to become a business partner and process challenger.

Internal audit should be seen as vibrant and challenging, adding real value to the organization and being recognized as a catalyst for change and a business enabler.

This course will benefit all employees who wish to acquire the best audit practices and be able to apply them efficiently.

Changes in the regulatory and corporate governance environment have significantly increased the expectations that many stakeholders place on the internal audit function.

‘Essentials of Internal Audit’ guides internal auditors through the required standards for performing the internal audit.

It covers up-to-date tips and tools to accomplish the audit in an efficient, flexible, and results-based manner to support the organization’s strategic objectives, improve its sustainability and leverage its ability to face future challenges.

You might be interested in other Auditing programs as a next step.

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  • View Schedule
  • COURSE TYPE Practitioner
  • COURSE NUMBER
  • DURATION 5 days
  • COURSE ACCREDITED BY Local Certificate

YOU WILL LEARN HOW TO

By the end of the course, participants will be able to:

Define internal audit, its scope, and function within the company

List the internal audit standards constituting the framework of the internal audit activity

Distinguish the types of internal audit assignments related to operational, compliance or internal financial audit

Describe the internal audit fieldwork guidelines and apply techniques for risk identification, controls identification and controls testing

Select the appropriate internal audit test tools and list the advantages and disadvantages of each

Identify best sampling techniques in an internal audit assignment regarding sample size or sample selection

Recognize fraud and express internal auditor’s responsibility for fraud detection

IMPORTANT COURSE INFORMATION

Participants who fully attend this course and complete the test on the last day will receive a Strategic Axis Professional Certificate (SAPC). SAPC certificates are regionally recognized and can be quite valuable when applying for more senior roles within the organization or outside.

COURSE OUTLINE

Modules:

Module 1: The Profession Of Internal Auditing (IA)

Definitions and trends

Internal audit role and responsibilities

Why IA is not ‘The Checker.’

Is IA the police, an assurance provider or a consultant?

Why the modern IA role does not focus on weaknesses – but rather opportunities for improvement

Frequently asked questions about the IA role

Misconceptions about the role

What it means to be an internal auditor

Explaining the role to others

Corporate governance and the IA role

The roles IA is not permitted to undertake

The Audit Committee and the audit relationship

Module 2: Internal Audit Standards

The Professional Standards

The Mission Statement

Core principles

Code of ethics

Standards

Professional guidance

Internal Audit role and responsibilities

Key elements – Integrity – Objectivity – Competence – Strategic alignment

The 3 E’s

Assurance and insight

Promoting positive change

Definition and characteristics of fraud

Internal auditor’s role in a fraud case

Module 3: Risk and Internal Audit

Definition of risk

Types of risk in an organization

Functions of management: planning, organizing, implementing and controlling

Internal audit as a function of corporate governance

The scope of internal auditing: the internal audit charter

Reviewing the effectiveness of the risk management process adopted

Determining which risks should be concentrated on in the audit

Discussing risk ownership and identifying gaps

Module 4: Types of Internal Auditing

Performance auditing

Operational auditing

Financial auditing: accounting cycles audited by the internal audit function

Compliance auditing

20 questions directors should ask about the internal audit function

Module 5: Preparing For an Audit

Control framework

Audit planning

Completing the assignment

The audit file

Audit assignment checklist

Guest auditors

Steps in preparing for an audit

How to deal with experts in the field

The need for confidence

Module 6: Meeting With The Audit Customer To Discuss The Audit

Paper with a step-by-step guide will be provided

New IIA guidance on delivering Internal audit assignments

The pre-meeting

Preparation and confidence

The need to treat your customers with respect

Techniques to put management at ease

IIA guidance on influencing skills

Securing management input

Functional and audit objectives

Developing terms of reference for the assignment

Determining sources of information

Module 7: Understanding Controls

Business process analysis techniques

Process objectives and risk

The need to understand the business objectives

Developing a programme to reflect these objectives

Assessing the business objectives

Determining process components

The link between goals and risk

The relationship between risks and controls

Process and business system controls

The connection between inputs and outputs

Trigger events

Types of control

Preventative, corrective and detective controls

Getting to the causes of control failure

The opportunity cost of poor internal control

Questions to ask

How to gather and evaluate information

Documenting controls

Module 8: Fieldwork Guidelines

  • Information gathered by internal auditors
    • 4 qualities of information
    • Sources and nature of information
    • Assessing the degree of persuasiveness
  • Types of engagement procedures
    • 15 internal audit test tools
    • Observation
    • Interviewing: a disliked technique
      • Interviewing skills: how to run a successful interview
      • Roleplay: internal auditor in action
    • Examining records
      • Verification and confirmations
      • Vouching and tracing
      • Re-performing
  • Internal audit working papers
    • Best practices for managing working papers
    • Retention policies
  • Communicating fieldwork results and recommendations
    • Legal considerations for communicating results
    • Four attributes of observation or guidance
    • Disseminating results and exit meetings

Module 9: Completing The Audit File

The audit file structure

The peer review notes

Ensure all areas are covered

Ensuring all working papers and checklists are completed

Identification of key review points

How to write value-added review notes

Tips for electronic working papers

Sampling results

Module 10: Drafting The Audit Report

The need for reports with impact

What management expects

Who reports are for and the implications

The report as your shop window

The common problems with audit reports

Avoiding the pitfalls

Keeping the report as simple as possible

Knowing what to write

Being sure of the facts

How to assess a report

The executive summary – Dos and don’ts

Words and phrases to avoid

The psychological dilemma with reports

Why audit reports are taken as a criticism of management

The main report – Best practice ideas

Presenting results

How to get 95% of your recommendations actioned

  • In The Classroom

  • Live, Online

  • Private Team Training

  • Indiviual Private Session

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