Objective:
- Reinforce key elements related to internal audit, its scope and function within the organization
- Understand the relationship between internal stakeholders and types of engagements with them.
- Distinguish the types of internal audit assignments related to operational, compliance or financial internal audit
- Develop engagement process based on considerations, objectives, scope and risk-based internal audit engagements
- Comprehending the organizational governance including principles, various frameworks, codes and legislation.
- Perceive ways to identify, analyze and manage the risks in your business.
- Identification of reportable items, report formulation, and methods of communication.
- Understand the organizational ethics, fraud, and role of internal auditing
- Recognize internal auditing’s role regarding, fraud prevention, detection, and investigation
Content:
Introduction to Internal Auditing
- Definition of internal auditing
- Overview of internal auditor’s roles and responsibilities
- Overview of the relationships of the internal auditor:
- Board of directors
- Senior management
- Audit committee
- Types of engagements:
- Assurance
- Consulting
- Types of audits:
- Operational
- Financial
- Compliance
Engagement Process
- Engagement plan (considerations, objectives, scope, risk-based internal audit engagements)
- Engagement resource allocation
- Developing the work program
- Various tools and techniques
- Performing the engagement
- Communicating the results
- Evaluating the audit performed
Organizational Governance and Risk Management
- Organizational governance
- Corporate governance principles
- Various frameworks, codes and legislation
- The role of the audit committee and internal auditing
- Understanding risks and controls
- ERM, methods, processes, and structures
- The relationship between internal audit and risk management
- Various risk assessment processes (models and differences)
- Overall risk management methodologies (risk management framework)
- Control frameworks and procedures
Reporting
- Identifying and communicating reportable items
- Communicating results:
- Criteria (methods, add value, attributes of effective reporting, key summary reporting) and Quality
- Disclosing noncompliance issues
- Use of the term “conducted in accordance with
- Obtaining sufficient evidence to form an opinion
Ethics and Fraud Overview
- General understanding of organizational ethics
- The role of internal auditing
- General understanding of internal auditing’s role regarding:
- fraud prevention, detection and investigation
For Whom:
- Internal auditors who wish to understand their role in the audit process and update the knowledge
- Accountants who wish to understand the scope of the audit and their role
- Financial executives who wish to gain a better understanding of the regulatory audit environment
- Supervisors and managers who are interested in updating, upgrading, and refreshing their knowledge in internal audit.
- Personnel within the public sector who need a better understanding of internal audit role