Course: Developing, Improving & Monitoring the Internal Audit Function

Delegates attending this course will have the desire to set up or improve their own organization’s internal audit function. The development, monitoring and continued improvement of a highly-integrated internal audit function is 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 the effectiveness of these controls along with other tasks that will lead to greater profitability and lower risk for the organization.

This course will feature:

• The issuance of Audit Reports
• The different types of audit and the benefits to be obtained from each
• Developing an Internal Audit Department
• Efficient Planning, Controlling and Recording of an audit assignment

What are the Goals?

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

• Understand the role and function of an 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.

Who is this Course for?

This 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.

How will this be Presented?

This course will utilise a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented. This course is interactive and challenges one to think. The tutor will guide and facilitate learning, using direct input, discussions, case studies, exercises and video.

The Course Content

Day One: 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 Two: Examining & Understanding the Differences between Various Types of Audits, including Risk Factors

• Operational Audits
• Compliance Audits
• Fraud and Forensic Audits
• Information Systems Audits
• Review of Current Year U.S. Audit Risk Alerts

Day Three: 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 Four: 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 Five: 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