Developing, Improving and Monitoring the Internal Audit
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Developing, Improving and Monitoring the Internal Audit Course
Introduction:
This course is specifically designed for delegates who are eager to establish or enhance their organization's internal audit function. The development, monitoring, and continuous improvement of a highly integrated internal audit function are crucial for ensuring the ongoing financial success, stability, and growth of a world-class organization.
A well-designed and effective internal audit system plays a pivotal role in verifying and supporting the adequacy of accounting and financial policies, procedures, and controls. It serves as a critical safeguard, protecting the organization from the risks associated with fraud. Moreover, an efficient internal audit function goes beyond mere verification; it suggests appropriate internal controls, monitors their effectiveness, and performs other essential tasks that contribute to increased profitability and reduced risk for the organization.
By attending this course, delegates will gain the knowledge and skills necessary to establish and strengthen their organization's internal audit function. They will learn best practices for designing internal controls, conducting audits, and monitoring ongoing compliance. Additionally, participants will explore strategies for continuous improvement, ensuring that the internal audit function remains aligned with industry standards and evolving business needs.
Upon completion of this course, delegates will be equipped to drive the implementation of a robust internal audit function within their organization. They will possess the tools and insights needed to enhance financial governance, mitigate risks, and support the achievement of long-term organizational goals.
Course Objectives:
At the end of this Developing, Improving and Monitoring the Internal Audit Course, learners will be able to do:
- Navigate through the features and functions of Excel®
- Distinguish between data and output in spreadsheet architecture
- Analyze financial statements in order to plan ahead
- Build effective financial planning models
- Use forecasting techniques for budget preparation
Who Should Attend?
This training course is suitable for a wide range of professionals but will greatly benefit:
- Accounting and financial professionals and senior management that are presently or may interface with the daily functioning of an internal audit department
- Financial and non-financial professionals who may be appointed to support or interface with an Internal Audit Committee or that might review internal audit findings for Boards of Directors or investor/shareholder reports for other informational purposes
- Non-financial professionals that may need to coordinate other activities with an internal audit department and/or share findings, reports or information
Course Outlines:
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
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
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
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
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 Organization
- Conducting Post-Audit Reviews
- Internal Controls Updates for Boards of Directors
- Audit Risk Developments and Projects on the Near-Term Horizon