Introduction
Delegates attending this course will have the requirements to set up or improve their own organisation’s internal audit function. The development, monitoring and continued improvement of a highly-integrated, internal audit function is essential for the continued financial success, stability and growth of world-class organisation.
A well planned and compelling internal audit system will provide verification and support that accounting and financial policies, procedures and controls are working adequate.
A proper 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 greater profitability and lower risk for the organisation.
Objectives
– Navigate through the features and functions of Excel®.
– Distinguish between data and output in spreadsheet architecture.
– Analyse financial statements in order to plan ahead.
– Build effective financial planning models.
– Use forecasting techniques for budget preparation.
Course Outline
Day 1
Defining and Developing the Internal Audit Process and Establishing the Roles within the Internal Audit Dept.
– Defining, developing and implementing an Internal Audit Function.
– Defining the distinctions and responsibilities between Internal and External Auditors.
– Identifying the Internal Audit Staff Positions.
– Developing the Audit Committee Charter for a Board of Directors.
– Review of Statements on International Auditing Standards Update and General Auditing Practice Issues.
– Identifying 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.
– Review of Current Year U.S. Audit Risk Alerts.
Day 3
Selecting, Procedural Planning & Commencing Internal Audit Examinations
– Developing Streamlined Processes for Conducting Internal Audit Examinations.
– Identifying Effective Audit Programs for the Various Types of Audits.
– Evaluating 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.
– Evaluating Internal Controls Systems and Accessing Network and Computer Files and Folders.
– Effecting Changes to an In-Process Internal Audit Examination.
Day 4
Managing Internal Audit Examinations & Ensuring the Credibility for the Internal Audit Team
– Planning the Audit Commencement Conference Meeting.
– Accumulating Relevant Documentation during the Internal Audit Process.
– Professional Standards and Responsibilities Associated with Internal Auditing Documentation.
– Tools and Methods for Ensuring a Smooth Audit Process.
– Techniques 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.
– Planning the Audit Exit Conference Meeting.
– Distributing the Final Internal Audit Report within the Organisation.
– Conducting Post-Audit Reviews.
– Internal Controls Updates for Boards of Directors.
– Audit Risk Developments and Projects on the Near-Term Horizon.
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