Course Description
This Advanced Level course is two weeks long and is designed to help delegates get a full understanding of Strategic Internal Auditing and the role and impact of the internal audit function.
What Do Participants Learn?
- To focus on critical enterprise risks and emerging risks from the audit function side
- To contribute effectively to addressing ongoing Organisational business management risks on an outlier basis
- To ensure that risk reporting is linked to the Organisation’s business objectives
- To use effectively risk reporting in order to advance dialogues around risk appetite
- To integrate risk reporting with performance reporting
- To assess and report on whether changes in the external environment affect the critical assumptions underlying the Organisation’s strategy
Who Should Attend?
This training course is designed for delegates who have some auditing experience or professionals from within the financial services sector seeking to develop an advanced strategic auditing toolkit and refine their best practice approach to the enhancement of the internal audit function in private and public sector organizations
What Will the Learning Experience Include?
Phase: 1
Introduce
- Comprehensive pre-program activities include:
- Web-based information forms & surveys completed by attendee.
- Direct consultation with the attendee about the expectations.
- During the training, participants engage in data, activities, and conversations that lead to insight and knowledge.
- Participants learn from expert trainers who have both academic and business experiences.
- Highly applicable training content & instructive activities for adding depth to training topics.
- **A half-day site visit for integrating the experience & plan next steps. Opportunities to provide connections, ideas & support.
Phase: 2
Explore & Practice
Phase: 3
Apply
- Apply & sustain the learning experience by using this ongoing support:
- To ensure participant has new skills or behavior progress.
- Optional, fee-based mentoring & coaching with the trainer.
- Training materials & additional documents (e-books, pdf files, presentations and articles)
- Evaluate your training experience by giving us feedbacks and help us to reach our organizational goals.
- Participant's Evaluation
- Trainer's Evaluation
Phase: 4
EVALUATE
REVIEW OF KEY AUDIT FUNCTION FOUNDATIONS
- Review of key action points
- Developing organizational specific risk matrices
- Global best practice – case studies & analysis
- Key action points – Delegate action plan development
RISK-BASED AUDITING
- Identifying areas of risk
- Classifying and quantifying risk areas
- Developing audit and re-audit frequency in line with risk
- Overview of emerging threats
REVIEW OF KEY AUDIT FUNCTION FOUNDATIONS
- Review of key action points
- Develop organizational specific risk matrices
- Global best practice – case studies – lessons learned analysis
- Key action points – delegate and manage action plan development
RISK-BASED AUDITING
- Identifying areas of risk
- Identifying new areas of risk
- Classification and quantification of risk areas
- Identifying potential interface of existing and new areas of risk
- Developing audit and re-audit frequency in alignment with risk
- Overview of emerging and evolving threats
CONDUCTING EFFECTIVE AUDITS
- The auditor’s role as a consultant
- Utilising audit reporting to inform organizational policy development
- Continuous improvement initiatives and supervision
- Measuring improvement – a toolkit for objective measurement and demonstration of audit output improvements
FINANCIAL CRIME COMPLIANCE
- Record keeping procedures
- Controls to identify potentially suspicious activities
- Trade finance transactions
- Trade processing controls by processing staff
- Red flagging procedures
- Pre-determined thresholds systems and controls
- Escalations
- Actions were taken by senior management
- Evidence and awareness of senior management evidencing how crime risks evolve in the organizational type of business
ENGAGING WITH THE AUDIT STRUCTURE
- Making effective recommendations and business cases
- Presenting information effectively
- OSCOLA (Oxford University Standard for the Citation of Legal Authorities) for internal auditors
- Contributing meaningfully to the development of the long-term audit strategy
- Upgrading the profile of internal audit within the organization
AUDIT REPORTS – WORKING WITH STAKEHOLDERS
- Effective post audit de-briefing
- Root cause analysis and remediation recommendations
- Developing departmental action plans with stakeholders: contributing to the delivery of compliance 2.0
- Managing conflict situations