Internal Audit Excellence

Overview:

Introduction:

This training program focuses on enhancing participants' proficiency in internal audit functions within organizations. It facilitates a thorough understanding of internal audit processes to improve corporate governance and organizational performance.

Program Objectives:

At the end of this program, participants will be able to: 

• Understand the role and function of an Internal Audit Department and Staff.

• Undertake various types of audit to effectively control and monitor policies, procedures, and performance.

• Evaluate the effectiveness of Internal Controls and Security Policies.

• Understand audit risk and efficiently plan, control, and record an audit assignment.

• Conduct efficient Audit Exit Conferences and Post-Audit Reviews.

Targeted Audience:

• Accounting and financial professionals.

• senior management.

• Financial and non-financial professionals.

• Non-financial professionals that may need to coordinate other activities with an internal audit department.

Program Outlines:

Unit 1: 

Internal & External Auditing and the Role & International Standards of the Internal Audit Department:

• Defining the Distinctions and Responsibilities between Internal and External Auditors.

• Identifying the Internal Audit Staff Positions.

• Identifying Internal Audit Staffing Requirements.

• Techniques for Ensuring Credibility for the Internal Audit Team.

• Developing the Audit Committee Charter for a Board of Directors.

• Review of Statements on International Auditing Standards Update and General Auditing Practice Issues.

Unit 2:

Examining & Understanding the Differences between Various Types of Audits, including Risk Factors:

• Fraud and Forensic Audits.

• Compliance Audits.

• Operational Audits.

• Information Systems Audits.

• Financial Audits.

• Risk Factors & Audit Risk Alerts.

Unit 3:

The Audit Process, Programs, and Planning & Commencing Internal Audit Examinations:

• Developing Streamlined PROCESSES for Conducting Internal Audit Examinations.

• Identifying Effective Audit PROGRAMS for the Various Types of Audits.

• Risk-Based IT Audit Procedures.

• Key Considerations for your Internal Audit Plan.

• 20 Questions Directors Should Ask about Internal Auditing.

• The Audit Commencement Conference Meeting.

Unit 4:

Fieldwork: Internal Audit Examinations, Controls & Documentation:

• Evaluating Internal Controls & Substantive Procedures.

• A Detailed Examination of the Budget Process & Budgetary Controls.

• Planning & Conducting Audit Interviews.

• Accumulating Relevant Documentation during the Internal Audit Process.

• Professional Standards and Responsibilities Associated with Internal Auditing Documentation.

• Sampling & Statistical Analysis to ensure a Representative Sample.

Unit 5:

The Audit Exit Conference, Findings, and Post Audit Review:

• The Internal Audit Draft & Final Report: - Findings and Suggestions for Areas of Improvement.

• Planning the Audit Exit Conference Meeting.

• Distributing the Final Internal Audit Report within the Organization.

• Client Survey.

• Conducting Post-Audit Reviews/Follow Up Audit.

• Improving Corporate Governance.