Course details

Overview ?

The Course

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 business entities. A well designed and effective internal audit system will provide verification and support that accounting and financial policies, procedures and controls are working adequately and will spotlight any significant matters that need attention.

During this program, you will learn how to:

Understand and recognize the purpose and design of an internal audit function along with practical methodologies in establishing departmental policies and procedures
Develop a comprehensive internal audit structure, including departmental staffing positions and lines of responsibilities
Plan an internal audit examination and communicate the findings and conclusions to an Internal Audit Committee and senior management
Implement the functions of an internal audit department, review various internal control processes and understand the objectives of preparing and presenting findings reports within an organization
Insure that an internal audit function meets or exceeds best practices in terms of peer group or industry standards

The Goals

Understand the role and functioning of an Internal Audit Department compared to the role and responsibilities of external auditors
Develop an Audit Committee Charter for a Board of Directors
Create personal descriptions and job requirements of an internal audit staff
Acquire knowledge of the different types and purposes of various audits as to applicability and function, including risk factors
Planning, notifying and implementing internal audit examinations for selected types of audits to be performed
Evaluate the effectiveness of in-place internal controls and security policies for organizational networks and information technology frameworks
Planning for an audit commencement conference meeting
Understanding relevant documentation as it pertains to professional standards and responsibilities as well as best practices
Understanding the need of establishing credibility for an internal audit team
Communicating audit findings and reports and addressing areas needing improvement
Planning audit exit conference meetings and distributing internal audit reports within an organization
Conducting post-audit reviews and compiling internal control updates for Boards of Directors
Developing audit risk and other risk-related assessments

The Delegates

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 that are supporting or may be appointed to support or interface with an Internal Audit Committee or that might review internal audit findings and reports 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.

The Benefits

Presentation and understanding of complex, financial topic terminology, concepts, applications and associated best practices
Building professional knowledge and expertise in an ever-evolving business environment
Increased assurance in professional, technical and managerial skills and abilities
New opportunities to build relationships with other financial professionals through networking

The Results

Develops financial professionals and senior management by providing advanced education and training in an important, functional control area
Presents objectives that will further develop and/or improve achieving organizational goals
Broadens exposure to a wider scope of concepts relative to organizational planning and decision making
Presents opportunities to engage with other delegates and to pursue further business relationships through networking

The Programme Content

Day One

Defining and Developing the Internal Audit Process and Establishing Roles, Functions and Responsibilities for the Internal Audit Department

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 and 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 and 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 and Monitoring Internal Audit Examinations and Methodologies of Ensuring 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 of Audit Findings, Conducting Exit Conferences and Implementing Sound Corporate Governance Policies to Achieve Effective Internal Controls

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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