Introduction
Internal auditing is defined by the Institute of Internal Auditors as "an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.
Changes in the regulatory and corporate governance environment have significantly increased the expectations that many stakeholders place on the internal audit function. This course 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 in order to support the organization's strategic objectives, improve its sustainability and leverage its ability to face future challenges.
Course ObjectivesBy the end of the course, participants will be able to:
- Define the scope and function of internal audit within the company
- Distinguish the types of internal audit assignments related to operational, compliance, quality, safety or financial internal audit
- Describe the internal audit planning guidelines and develop a risk-based audit plan
- Apply techniques for risk identification, controls identification and controls testing
- Identify the best sampling techniques in an internal audit assignment considering sample size or sample selection
- Select the appropriate internal audit test tools and list the advantages and disadvantages of each
Target AudienceDelegates with some experience in auditing as well as junior auditors or professionals from finance or other departments looking to develop a focused and best practices approach to the internal audit function. This course is also suitable for supervisors and managers who are interested in updating, upgrading, and refreshing their knowledge of the internal audit function.
Target Competencies- Risk-based audit planning
- Evaluating risk management frameworks
- Evaluating internal audit functions
- Identifying risk
- Identifying and designing controls
- Sampling
- Completing fieldwork audit
Content
- Risk-based internal audit: conducting audit engagements
- Internal audit role in performing the audit
- Assessing risks: inherent, control, detection and audit risks
- How management and internal audit can minimize risk
- Engagement planning
- Engagement objectives, scope and criteria
- Engagement work program
- Role of internal audit staff
- Defining management assertions
- Uncover risks during audit engagement
- Example of internal audit risk assessment scale
- Testing management controls
- Insights on flowcharting for understanding cycles and controls
- Assess design of internal controls
- Test operating effectiveness of internal controls
- 10 steps to complete the audit stage
- Summarizing audit conclusions for the audit committee
- Technical tools for internal auditors
- Tips and tools for audit sampling
- 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
- Role play: 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
- 4 attributes of an observation or recommendation
- Disseminating results and exit meetings