Date(s) - 13/03/2023 - 17/03/2023
8:30 am - 3:30 pm
This Internal Audit training has been designed to enable internal auditors to effectively navigate a typical internal audit methodology starting with the macro risk assessment and development of the Internal Audit Plan to the execution of internal audit reviews and writing internal audit reports.
This program addresses the recent trends in the internal audit profession to address post pandemic challenges. The training will involve many case studies that will enable internal auditors to practically implement their internal audit methodology accordingly.
This program will also provide internal auditors with the ability to effectively leverage risk management frameworks to conduct more effective risk based internal audit reviews. It will address key risk management and internal control concepts that are essential for effective execution of internal audit reviews.
- Understand the different phases of the internal audit methodology.
- Identify the 5 components and 20 principles of the COSO ERM Framework.
- Identify the 5 components and 17 principles of the COSO Internal Control Integrated Framework.
- Understanding the different ways in which to effectively develop the Internal Audit Plan.
- Understand the differences between risk sand issues.
- Understand the different methods that can be used to identify risk.
- Identify the different types of internal controls.
- Conducting root cause analysis.
- Writing effective internal audit observations.
- Internal Audit & Artificial Intelligence
- Data analytics to add value
- The evolving nature of the Internal Audit Profession
- Auditing Governance, Strategy & Culture – The cornerstone of value add
- Internal Audit Positioning in the GRC Landscape
- Personal Traits of a Successful Internal Auditor
- The consultancy landscape
- The role of Internal Audit in Fraud Detection & Investigation
- Internal Audit & Compliance
- Engaging the Board Audit Committee through effective reporting
- Internal Audit Key Performance Indicators
- Using Internal Audit Software to Manage the Internal Audit Function
The International Professional Practices Framework (IPPF)
- Code of Ethics
- Attribute Standards
- Performance Standards
- Assurance & Consulting Services
- Implementation Standards
- Practice Advisories
COSO ERM Components & Related Principles
- Governance & Culture
- Strategy & Objective Setting
- Review & Revision
- Information, Communication & Reporting
COSO Internal Control Integrated Framework
- Control Environment
- Risk Assessment
- Control Activities
- Information & Communication
- Monitoring Activities
The Internal Audit Methodology
Risk Assessment & Internal Audit Planning (Recap)
- Objectives of the risk assessment process.
- Different types of risk assessment methodologies.
- The objective of internal audit planning.
- Resource allocation
Business Process Understanding & Development of Audit Program
- Understanding the Process
- Conducting Process Interviews
- Identification of process risks and controls
- Developing the Risk & Control Matrix (RACM)
- The Audit program and its purpose.
- Control Design Vs. Operating Effectiveness
- Preventive Vs Detective Controls
- Automated Vs Manual Controls
- Consequences of incomplete audit programs.
- Key requirements to be included in an audit program.
Executing the Audit Program
- Perform testing for the assigned process.
- Sample selection
- Why is detailed testing and analysis necessary?
- Describe the elements of an effective work paper.
- Identify when data analysis should be used.
- Execute an audit program, including the development and documentation of issue sheets.
- Effectively communicate findings to Audit Management.
Developing the Internal Audit Report
- Prepare an Internal Audit finding.
- The 5 Cs of report writing
- Conducting Root Cause Analysis
- Conditional vs. Root Cause Recommendations
- Writing effective recommendations
- Writing the Executive Summary
- Update the internal audit issue tracking.
- Understand how feedback is obtained
- Conduct the Closing Meeting
- Perform audit file closure procedures.
- The art of report writing
- Delivering the right message