Course Description
This focused Five-day course helps the experienced internal auditor to understand the underlying concepts and principles that drive the practice of internal auditing. The attendees will learn the concepts that are behind audit planning, performance, reporting, and followup. It is ideal for senior auditors, those preparing to be an audit team manager.
What Do Participants Learn?
– Essentials of providing internal audits,
– Effective communication of internal audit findings,
– Risk-based internal audit planning and execution
– Advanced audit fieldwork and interviewing methodologies,
– Audit issue and audit fieldwork workpaper quality and review,
– Manage corporate cultural change.
Who Should Attend?
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
Introduction and Overview
. About Us and About Your Instructor
. Who are You? What are Your Needs?
. Overview of Agenda Tailored to Your Needs
Concepts and 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”?
History Lesson
. Where Did Internal Auditing Start?
. Where is Internal Auditing Today?
. Where is Internal Auditing Going Tomorrow?
Roles of the Audit Team
. Audit Committee Responsibilities
. Director of Internal Audit/ CAE
. Audit Manager
. Audit Senior/ Supervisor
. Audit Staff
. Personality Profile
Internal and External Auditing
. Responsibilities of Management
. Responsibilities of External Auditors
. What is “Materiality”? “Misstatements”?
. Responsibilities of Internal Auditors
“Selling” Internal Audits”
. What is the “Value Proposition?
. Marketing the Internal Audit Function
. SPIN Selling
. Metrics
Planning the Internal Audits
. Defining 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
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
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