Course details

Overview ?

Why Choose this Course?

Delegates attending this course will have the desire to set up or improve their own organization’s internal audit function. The development, monitoring and continued improvement of a highly-integrated, internal audit function is essential for the continued financial success, stability and growth of world-class organization.

A well designed and effective internal audit system will provide verification and support that accounting and financial policies, procedures and controls are working adequate. An appropriate system of internal controls will be required for the organization to protect itself from the risk of fraud and an effective internal audit function will suggest suitable internal controls, monitor effectiveness of these controls along with other tasks that will lead to greater profitability and lower risk for the organization.

This course will feature:

The issuance of Audit Reports
The different types of audit and the benefits to be obtained from each
Developing an Internal Audit Department
Efficient Planning, Controlling and Recording of an audit assignment
Effective communication skills for Auditors

What are the Goals?

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

Understand the role and function of an Internal Audit Department.
Develop an Audit Committee Charter for a Board of Directors
Evaluate the effectiveness of in-place internal controls and security policies.
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

Who is this Course for?

This course is suitable to a wide range of professionals but will greatly benefit:

Accounting and financial professionals and senior management that are presently or may interface with the daily functioning of an internal audit department
Financial and non-financial professionals who may be appointed to support or interface with an Internal Audit Committee or that might review internal audit findings for Boards of Directors or investor/shareholder reports for other informational purposes
Non-financial professionals that may need to coordinate other activities with an internal audit department and/or share findings, reports or information

How will this be Presented?

This course will utilise a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented. This course is interactive and challenges one to think. The tutor will guide and facilitate learning, using direct input, discussions, case studies, exercises and video.

The Course Content

Day One

Defining and Developing the Internal Audit Process and Establishing the Roles within the Internal Audit Dept.

Defining, developing and implementing an Internal Audit Function
Defining the distinctions and responsibilities between Internal and External Auditors
Identifying the Internal Audit Staff Positions
Developing the Audit Committee Charter for a Board of Directors
Review of Statements on International Auditing Standards Update and General Auditing Practice Issues
Identifying Internal Audit Staffing Requirements

Day Two

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

Operational Audits
Financial Audits
Compliance Audits
Fraud and Forensic Audits
Information Systems Audits
Review of Current Year U.S. Audit Risk Alerts

Day Three

Selecting, Procedural Planning & Commencing Internal Audit Examinations

Developing Streamlined Processes for Conducting Internal Audit Examinations
Identifying Effective Audit Programs for the Various Types of Audits
Evaluating and Selecting Internal Audit Methodologies
Notifying the Internal Auditee and Supervisors of the Internal Audit Examination and Promoting Cooperation and Assistance in Achieving Common Goals
Evaluating Internal Controls Systems and Accessing Network and Computer Files and Folders
Effecting Changes to an In-Process Internal Audit Examination

Day Four

Managing Internal Audit Examinations & Ensuring the Credibility for the Internal Audit Team

Planning the Audit Commencement Conference Meeting
Accumulating Relevant Documentation during the Internal Audit Process
Professional Standards and Responsibilities Associated with Internal Auditing Documentation
Tools and Methods for Ensuring a Smooth Audit Process
Techniques for Ensuring Credibility for the Internal Audit Team

Day Five

Issuing Reports, Conducting Exit Conferences & Implementing Corporate Governance Policies

Communicating Audit Findings and Suggestions for Areas of Improvement
Planning the Audit Exit Conference Meeting
Distributing the Final Internal Audit Report within the Organization
Conducting Post-Audit Reviews
Internal Controls Updates for Boards of Directors
Audit Risk Developments and Projects on the Near Term Horizon

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