Introduction

Today’s chief audit executives, their deputies, and internal audit managers need to work closely with business leaders, boards, audit committees, peers and their own audit teams. Now more than ever, leadership, stakeholder relations and influencing skills are becoming as important as managing a team, planning and delivering insightful internal audit assurance and consulting engagements. This course focuses on the various challenges and opportunities internal audit leaders face and shows how to audit leaders can make a contribution at a strategic level, clearly adding value and also enhancing productivity in the audit process.

This clear, practical and interactive course will help participants improve their awareness and skills and help them become a better internal audit leader who delivers impactful and insightful internal audit work that can make a strategic difference to their organization.

Course Objectives

• Understand the role and function of an Internal Audit Department.
• Evaluate the effectiveness of the existing internal audit function
• Recommend improvements to the existing audit function
• Monitor the effectiveness of policies, procedures and financial transactions to international standards
• Understand audit risk and efficiently plan, control and record an audit assignment
• Conduct post-audit reviews and compile internal control updates for Boards of Directors
• Demonstrate greater confidence in dealing with senior leaders
• Appraise what it really takes to be an effective internal audit leader
• Explain how to make an effective and valuable contribution at a strategic level and towards overall business success
• Apply practical methods to manage key relationships with the audit committee, senior management and peers
• Add value through efficient and effective internal audit good practices
• Explain key priorities for them and their departments to help maximize their contribution to their organization
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Target Audience

Chief audit executives, deputy heads of audit, internal audit managers and senior internal auditors who deal with business leaders and/or lead or manage members of the internal audit team. This course is equally valuable for both in-house and outsourced internal audit teams.

 Target Competence

• Internal audit management
• Improvement and innovation
• Internal audit delivery
• Persuasion and collaboration
• Governance, risk and control enhancement

Content.

Overview of Internal Audit Requirement 

• Developing an Internal Audit Department
• Identifying Internal Audit Staffing Requirements and the Techniques for Ensuring the Credibility for the Internal Audit Team
• The Evaluation of different Types of Audit (Operational; Financial; Compliance; Forensic; IT etc)
• Planning and conducting the Audit Commencement Conference Meeting, Audit Exit Conference Meeting and Post-Audit Reviews
• Efficient Planning, Controlling and Recording of an Audit
• Developing Streamlined Processes for Conducting Internal Audit Examinations
• Evaluating and implementing Control and Substantive Procedures
• Review International Auditing Standards and General Auditing Practice Issues
• Accumulating Relevant Documentation during the Internal Audit Process
• Communicating Audit Findings and Suggestions for Areas of Improvement

• Effective Internal Audit Planning
  • Determining risk maturity
  • Designing the risk based assurance universe
  • Developing an effective internal audit strategy
  • How you develop your universe and strategy
  • Coordination with other assurance providers
  • Advantages and disadvantages of working with other assurance providers
  • Determining the annual or six monthly internal audit plan
  • Delivering the plan
  • Discussion: Good practice planning
  • Internal audit delivery today and building team capability for tomorrow
• Getting Maximum Impact from our Internal Audit Resources
  • Securing the necessary internal audit resources
  • Managing internal audit resources
  • Dealing with the dispersed team
  • Ensuring an effective internal audit engagement process
  • Maximizing efficiency
  • Managing co-sourcing and contractors
  • In-house versus outsourced contractors
  • Risk management in the internal audit function
  • Risk identification and management for internal audit

• Insight, Added Value and Quality Assurance
  • What is insight
  • Delivering insight and impact
  • Enhancing and protecting organizational value
  • Adding value through assurance and consulting
  • The power and perils of advisory work
  • The quality assurance and improvement programme
  • Internal assessments
  • External assessments
  • Elements of the improvement program