Date(s) - 23/11/2021 - 25/11/2021
8:00 am - 4:00 pm
UAE IAA Office
About this course:
Learn the skills necessary to lead an audit team with confidence. This course provides an overview of the life cycle of an audit from a lead internal auditor’s perspective while examining the internal control environment and audit governance.
This course is designed for internal auditors with 3-6 years’ experience who want to learn the concepts, tools, and techniques to enhance their effectiveness and grow as a lead auditor.
- Day 1: 08:00 – 16:00
- Day 2: 08:00 – 16:00
- Day 3: 08:00 – 16:00
- Identify the core elements of the International Professional Practices Framework (IPPF) as they relate to the lead auditor role.
- Describe the components of the audit model.
- Identify the components of the COSO Internal Control Framework as they relate to the lead auditor role.
- Compare the roles and responsibilities of audit management, lead auditor, auditee, and auditee management.
- Identify the roles and responsibilities of team members involved in QAIP.
- Identify key concepts necessary to becoming an effective leader.
- Identify key concepts necessary to leading and mentoring staff.
- Identify the components of the audit planning and opening conference.
- Identify best practices for conducting an audit risk assessment, walkthrough, and audit program development.
- Identify the components required for auditing fieldwork and testing.
- Identify best practices for audit observations and findings and recommendations.
- Identify the components of effective audit reporting and the exit conference.
- Demonstrate the steps necessary to wrap up the audit after the report is issued.
- Identify the key metrics and performance indicators necessary to measuring internal audit productivity.
- Recognize the formal quality assurance standards that the internal audit function is required to follow.
The International Professional Practices Framework (IPPF)
- Overview of the new IPPF
- Overview of the audit model
Understanding the Control Environment
- COSO Internal Control Framework
- SOX overview
- Enterprise risk management (ERM)
- Risk management frameworks
- Risk and control terminology
- Internal audit risk assessment and audit plan development
- IIA guidance on governance
- The board, audit committee, and CAE
- Executive management and management-level committees
- Internal audit, external audit, other assurance providers, and regulators
Roles and Responsibilities
- Roles of internal auditors
- Internal audit customers and stakeholders
- Audit team roles
- Definition of integrated auditing
- Mission statement, vision statement, and audit charter
- Sample internal audit organizational charts, job descriptions, audit charters, etc.
- Audit management, lead auditor, auditee, and auditee management responsibilities
- Becoming a leader
- Characteristics of an effective leader
- Leadership styles
- Challenges of a leadership role
- What type of leader are you?
- Leadership identification tools
Leading and Mentoring Staff
- Outcomes of human interaction
- Manipulating versus motivating
- Managing conflict
- Changing behaviors
- Performance reviews
- Preparing to be a mentor
Audit Planning & Opening Conference
- Preliminary client survey
- Lead auditor’s role in audit planning
- Communicating and conducting an interview
- Defining audit scope and objectives, hours, resources, and key activities
- Preparing and submitting an audit planning memo to the client
- Reviewing existing internal control documentation, assurance work, policies, and procedures
- applicable to the function
- Reviewing and creating process flow documentation
- Best practices for narratives and flowcharts
- Conducting an effective audit opening conference
Audit Risk Assessment, Internal Controls, and Walkthrough
- Performing a risk assessment
- Risk assessment concepts and terms
- Application of risk assessment concepts and terms
- Internal control overview
- Control concepts and terms
- Evaluation of control adequacy
- Test of effectiveness – Performing a walkthrough of internal controls
- Documenting the walkthrough
Audit Program Development
- Preparing a value-added audit program
- Tailoring audit programs
- Your role in developing audit programs
- Identifying standard test procedures applicable to the function
Audit Fieldwork & Testing
- Audit evidence
- Standards for audit evidence
- Types of audit evidence
- Evaluating audit evidence
- Data analysis in fieldwork
- Sampling and testing terms
- Sampling and testing approaches
- Documentation of results
- Reviewing testing workpapers
Audit Findings & Recommendations
- Preparing point sheets to document audit observations
- Communicating observations and components of audit reporting
- Audit reporting components
- Approaches to audit write-ups
- Developing recommendations
- Guidelines for rating audit observations and findings
- Presenting audit findings and recommendations
Audit Reporting & Exit Conference
- Preparing an audit report
- Report-reader assessment
- Developing the audit report
- 10 Things Not to Say in an Internal Audit Report
- Guidelines for overall audit ratings
- Conducting an effective audit exit conference
- Best practices for exit conferences
Audit Wrap-Up & Workpaper Review
- Typical wrap-up activities to completion of the audit
Audit Findings: Follow-Up, Validations, and Resolution
- Follow-up on remediation activity
- Monitoring after the audit
- Elements of the monitoring plan
Quality Assurance & Improvement Program (QAIP)
- Quality assurance
- QAIP framework
- Applicable guidance and sample QAIPs