Advanced Audit Techniques – Virtual
About this course: Course Introduction The purpose of this very unique course is to use workshop discussions to analyze further the challenges that the CAE’s are facing in setting up cutting-edge auditing processes in their departments in accordance to best practices and the IIA.   Course Objective Enrichment of knowledge:…

About this course:

Course Introduction

The purpose of this very unique course is to use workshop discussions to analyze further the challenges that the CAE’s are facing in setting up cutting-edge auditing processes in their departments in accordance to best practices and the IIA.

 

Course Objective

Enrichment of knowledge: The scope for the course is to assist the participants to understand the needs and best practices for maintaining a Cutting-Edged IAD. All challenges will be discussed openly by all participating delegates coming from various backgrounds and industries.

Updating of skills: During the course via the use of short presentations and the related workshop talks the CAE’s will be discussing, analysing and given directions to achieving a top-notch internal audit department/process.

 

Course Schedule

  • Day 1: 09:00 – 13:00
  • Day 2: 09:00 – 13:00
  • Day 3: 09:00 – 13:00
  • Day 4: 09:00 – 13:00

 

Who Should Attend

This is targeted to the upper level of management of an internal audit department.

  • Heads of Internal Audit (CAE)
  • Audit Managers and those about to be appointed to that role
  • Audit supervisors
  • Managers of other assurance functions such as Compliance or
  • Quality Assurance
  • Directors or VP’s who need to know about the modern IA role

 

Course Outline

The Modern Internal Auditor

       A. Classical V’s Modern Internal Auditor

  • How the IA profession has changed
  • The transition from a Systems-based Approach to Risk based Auditing
  • Risk and Internal Audit complementing each other
  • E&Y and Protiviti survey results
  • ECIIA research paper – making the most of the IA function
  • Customer complaints / employee complaints?
  • Whistle Blowing policy?

       B. Facing those challenges head on!

  • CAE’s other roles beyond Internal Auditing (risk management and compliance – independence and objectivity)
  • Assurance services Vs Consulting services
  • Developing the Risk-Based Audit Plan
  • Quality Assurance audit of the IAD
  • Board / AC communication
  • Relationship between the IAD & RM
  • Close monitoring of the effectiveness of the IAD using the WIP report
  • Ensure that the strategies of the IAD are aligned with the company’s strategies

       C. Corporate Governance:

  • Introduction to Corporate governance
  • CEO Vs Chairman of the Board – roles and segregation of duties
  • The three-way evaluation of the Board (sample templates will be provided)
  • Board Committees and their structures
  • Frequency of their meetings
  • The relationship of the CAE with the Audit Committee
  • The reporting lines of the CAE
  • Role in Fraud and Fraud prevention
  • Effectiveness assessment of the internal control environment by the AC
  • Reporting of the AC Chairman to the Board
  • AC and the relationships between the IA and the EA
  • Educating the AC!

 

A fully functional IAD

       D. IIA – Bench marking your Internal Audit department

  • IAD stakeholders and their expectations
  • Is the IAD exceeding these expectations?
  • Do you obtain written feedback from your customers? if yes, bravo! If not, Why not?
  • Assessment of the effectiveness of the risk management process.
  • Assist the Risk manager to embed the risk culture in the organization. How?
  • Is the IAD’s employees aware what is “RISK?”
  • IAD is aware of its own reputational risk?
  • Reputation is the best asset but at the same time it can become its biggest nightmare!

       E. Enhancing the existing internal audit team

  • Criteria for Recruitment process in the IAD:
    • What is your long-term strategy in building your IAD team?
    • When recruiting you look both internally and externally if no, why not?
    • Specialised knowledge?
    • Do you co-source? Do you outsource? or do have it fully internally?
    • When you consider recruitment what factors do you consider?
      • Professional or not qualifications?
      • Experience in the same industry or not?
      • Competent internal auditor?
      • Communication skills? Etc.
      • Leaders versus doers’ mix?
    • Use of coaching? Teambuilding? Leadership? Training?
    • How often do you perform appraisals on your staff? After every audit?
    • Succession planning in the IAD?

       F. IIA – Internal Audit cutting-edge methodology

  • IAD Charter
  • IIA standards
  • Policies & procedures manual of the IAD
  • Code of Ethics
  • Internal controls – hard and soft controls
  • The three lines of defense fully analysed and discussed
  • ACFE – Report to the Nations 2018 discussed
  • Risk management from an internal audit perspective up to and including the risk-based audit plan
  • Risk based internal audit methodology
  • Writing a Risk based internal audit Report:
    • Do’s and Don’ts of an IA report
    • Full analysis of a risk-based IA report (template will be provided to delegates)
    • The three reports into one:
      • Executive summary
      • Detailed report
      • Report for Risk manager

 

       G. Continuous monitoring

  • Why continuous monitoring?
  • Who is responsible for continuous monitoring?
  • Continuous assurance – new guidance 2320-4
  • Continuous auditing and continuous monitoring
  • CAAT’s V’s CAATT’s
  • The use of CAATT’s for continuous auditing
  • Continuous risk assessment techniques
  • Examples of continuous auditing

 

Thinking Out of The Box

 

       H. The applicability of the “Three Lines of Defense Model” and avoiding work duplication

  • Third line Vs Second line i.e. Internal Audit, Compliance, Risk Management, AML, Security.
  • The relationship between the risk register and the internal audit reports.
  • Assisting the Risk manager to update the risk register with your findings.
  • Environmental and Social audits where applicable
  • First audit of the year should always be, without failure, the Approved Risk Register of the company.
  • The organizations Business Continuity Plan (BCP &DR) has it been audited?

       I. The challenges of the consultancy role

  • The IIA standards
  • Why consultancy should be encouraged
  • The difference in approach
  • How to document these assignments
  • Reporting consultancy assignments Audit by workshop
  • Facilitation –do’s and don’ts

      J. Fraud Investigations

  • Internal Audit Vs Fraud Investigations
  • Additional skills required to perform a professional and competent investigation:
    • Interviewing skills
    • Observation skills
    • Body language skills
    • Financial knowledge
    • Custody of evidence

      K. Communication challenges

  • The Art of a Zen Presentation:
    • Techniques and skills required to prepare an effective presentation
    • Skills needed to deliver a successful presentation
  • Presentation to the AC of the report finding

 

CPE Credits: 16

Level: Intermediate – Advanced

Field of Study: Auditing

Advance Preparation: None

Delivery Format: Online

Enquiry About this course

9 + 4 =

CPEs: 16
Course Level: Intermediate
Duration: 4 Day/s
Language: English
Member Fees:900 USD
Nonmember Fees: 1010 USD

Location: 

http://uaeiaa-org.azurewebsites.net