* All fees are exclusive of vat ** PREMIUM - Customize your learning experience
Internal auditing is defined by the Institute of Internal Auditors as an independent, objective assurance and consulting activity designed to add value and improve an organizations operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. Changes in the regulatory and corporate governance environment have significantly increased the expectations that many stakeholders place on the internal audit function. This course guides internal auditors through the required standards for performing the internal audit. It covers up-to-date tips and tools to accomplish the audit in an efficient, flexible, and results-based manner in order to support the organizations strategic objectives, improve its sustainability and leverage its ability to face future challenges.
What Do Participants Learn?
By the end of the course, participants will be able to:
Define the scope and function of internal audit within the company
Distinguish the types of internal audit assignments related to operational, compliance, quality, safety or financial internal audit
Describe the internal audit planning guidelines and develop a risk-based audit plan
Apply techniques for risk identification, controls identification and controls testing
Identify the best sampling techniques in an internal audit assignment considering sample size or sample selection
Select the appropriate internal audit test tools and list the advantages and disadvantages of each
Who Should Attend?
Delegates with some experience in auditing as well as junior auditors or professionals from finance or other departments looking to develop a focused and best practices approach to the internal audit function. This course is also suitable for supervisors and managers who are interested in updating, upgrading, and refreshing their knowledge of the internal audit function.
What Will the Learning Experience Include?
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.
Explore & Practice
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.
Section One: Risk and internal audit overview
Definition of risk
Types of risk in an organization
Strategic, reporting, compliance, operational, financial and physical
Scope of corporate governance
Building blocks of corporate governance
Internal audit as a function of corporate governance
Scope of internal auditing
Reasons to have an internal audit function
Distinguishing internal from external auditing
The internal audit charter
The role of an audit committee
Risk management process
Five steps to accomplish an effective Enterprise Risk Management (ERM) framework
COSO enterprise risk management framework
Determining the risk appetite
The role of an internal audit activity in risk management
Section Two: Types of internal auditing
Assurance services: the third line of defense
Financial auditing: accounting cycles audited by the internal audit function
Security and privacy auditing
Section Three: Risk-based internal audit: planning the fieldwork
Reasons for risk-based audit planning
Three stages for implementing risk-based internal audit
Risk maturity assessment
Actions of internal audit to assess risk maturity
Overall audit strategy based on risk maturity
Conclusion on risk management framework
Production of the audit plan
Assurance requirements from board and management
Actions to achieve production of an audit plan
Identify processes and responses on which assurance is required
Categorize and prioritize the risks
Scoring and weighing risks
Link risks to audit assignments
Using assurance maps to determine assurance requirements