Internal Audit Advanced

Section One: Definitions

• What is “Internal Auditing”? What are the Objectives?

• What is “Risk”? Can Risk Be Managed?

• What is “Internal Control” and Why Are Controls So Important?

• Guidance from the IIA, COSO, and COBIT

• Regulatory Requirements from the SEC, PCAOB, and Others

• What is the “Audit Life Cycle”?

• Where did Internal Auditing Start?

• Where is Internal Auditing Today?

• Where is Internal Auditing Going Tomorrow?

Section Two: Internal and External Auditing

• Audit Committee Responsibilities

• Director of Internal Audit/ CAE

• Audit Manager

• Audit Senior/ Supervisor

• Audit Staff

• Personality Profile

• Responsibilities of Management

• Responsibilities of External Auditors

• What is “Materiality”? “Misstatements”?

• Responsibilities of Internal Auditors

Section Three: ‘Selling’ Internal Audits

• What is the “Value Proposition?

• Marketing the Internal Audit Function

• SPIN Selling

• Metrics

• Planing Risk – A Deeper Dive

• Assessing Risk in Your Organization

• Defining Your Auditable Units

• CSAs and ICQs

• Prioritization and Selection

• Mapping Resources to the Audit Plan

• Audit Unit Rotation

• Validating Your Audit Plan

Section Four: Performing the Internal Audits

• Understanding Internal Controls

• Starting the Fieldwork

• Obtaining a Walk-Through

• Defining and Refining the Audit Procedures

• Interviewing Techniques

• Assessing the Segregation of Duties

• Internal Control Testing

• Sampling Techniques

• Using Audit Software

• Documenting Audit Workpapers

Producing Quality Workpapers

• Workpaper Key Elements

• Organization Methods

• Documentation Examples

• Workpaper Review Deficiencies

• Audit Software Packages

Section Five: Concluding the Audit

• Components of the Report

• Summarizing for the Executives

• Detailing the Findings

• What is the Root Cause? – Root Cause Analysis (RCA)

• Recommendations and CAPs

• Opinions and Ratings

• Report Optimization and Formats

• Effective Communication of Results

Internal Audit Quality Improvement Program

• What is “Audit Quality”?

• Implementing an IA QIP

• IA Quality Metrics – The Good and The Bad

• IA QIP Scorecard