Developing, Improving and Monitoring the Internal Audit Function

Introduction

Delegates attending this course will have the desire to set up or improve their own organization’s internal audit function. The development, monitoring, and continuous improvement of a highly-integrated, internal audit function are essential for the continued financial success, stability, and growth of a world-class organization. A well-designed and effective internal audit system will provide verification and support that accounting and financial policies, procedures, and controls are working adequately. An appropriate system of internal controls will be required for the organization 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 organization.

This course will feature:

• Understand the role and function of the Internal Audit Department.
• Develop an Audit Committee Charter for a Board of Directors
• Evaluate the effectiveness of in-place internal controls and security policies.
• Understand audit risk and efficiently plan, control, and record an audit assignment
• Conduct post-audit reviews and compile internal control updates for Boards of Directors

Objectives

By the end of the training course, participants will be able to:

• 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

Training Methodology

This is an interactive course. There will be open question and answer sessions, regular group exercises and activities, videos, case studies, and presentations on best practices. Participants will have the opportunity to share with the facilitator and other participants on what works well and not so well for them, as well as work on issues from their own organizations. The online course is conducted online using MS-Teams/ClickMeeting.

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 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 Organization
• Conducting Post-Audit Reviews
• Internal Controls Updates for Boards of Directors
• Audit Risk Developments and Projects on the Near Term Horizon