Internal Audit Execution

Registrations

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Date/Time
Date(s) - 13/03/2023 - 17/03/2023
8:30 am - 3:30 pm

Location

Course Overview

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.

Course Objectives

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.

Outline

Recent Trends

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
Performance
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