Overview
Learners attending this course will have the passion to set up or improve their own organisation’s internal audit function. The development, observing and continued improvement of a highly-integrated, internal audit function is essential for the continued financial success, stability and development of world-class organisation.
A very much structured and powerful internal audit system will provide verification and support that accounting and financial policies, procedures and controls are working adequate. An appropriate system of internal controls will be required for the organisation to protect itself from the risk of fraud and an effective internal audit function will suggest suitable internal controls, monitor effectiveness of these controls along with other tasks that will lead to more prominent and lower risk for the organisation.
Objectives
– Explore through the features and functions of Excel®
– Distinguish between data and output in spreadsheet architecture.
– Examine financial statements in order to prepare.
– Build compelling financial planning models.
– Use forecasting techniques for budget planning.
Course Outline:
Day 1
Characterising and Developing the Internal Audit Process and Establishing the Roles within the Internal Audit Dept.
– Defining, developing and creating an Internal Audit Function.
– Defining the distinctions and duties between Internal and External Auditors.
– Identifying the Internal Audit Staff Positions.
– Building up the Audit Committee Charter for a Board of Directors.
– Survey of Statements on International Auditing Standards Update and General Auditing Practice Issues.
– Recognising Internal Audit Staffing Requirements.
Day 2
Examining & Understanding the Differences between Various Types of Audits, including Risk Factors
– Operational Audits.
– Financial Audits.
– Compliance Audits.
– Fraud and Forensic Audits.
– Information Systems Audits.
– Survey of Current Year U.S. Audit Risk Alerts.
Day 3
Choosing, Procedural Planning & Commencing Internal Audit Examinations
– Creating Streamlined Processes for Conducting Internal Audit Examinations.
– Distinguishing Effective Audit Programs for the Various Types of Audits.
– Assessing 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.
– Assessing Internal Controls Systems and Accessing Network and Computer Files and Folders.
– Effecting Changes to an In-Process Internal Audit Examination.
Day 4
Overseeing Internal Audit Examinations & Ensuring the Credibility for the Internal Audit Team
– Arranging the Audit Commencement Conference Meeting.
– Accumulating Relevant Documentation during the Internal Audit Process.
– Proficient Standards and Responsibilities Associated with Internal Auditing Documentation.
– Tools and Methods for Ensuring a Smooth Audit Process.
– Procedures for Ensuring Credibility for the Internal Audit Team.
Day 5
Issuing Reports, Conducting Exit Conferences & Implementing Corporate Governance Policies
– Communicating Audit Findings and Suggestions for Areas of Improvement.
– Arranging the Audit Exit Conference Meeting.
– Distributing the Final Internal Audit Report within the Organization.
– Conducting Post-Audit Reviews.
– Inside Controls Updates for Boards of Directors.
– Audit Risk Developments and Projects on the Near-Term Horizon.
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