Excellence in Internal Auditing

Upon completing this Excellence in Internal Auditing Course successfully, participants will be able to:

• Improve their knowledge of best practices in the audit industry
• Validate their proficiency and skills in audit
• Set the precedence for continued improvement and advancement
• Recognise and apply the International Standards for the Professional Practice of Internal Auditing
• Become a more competent professional who is knowledgeable in organizational governance

Foundations of Internal Auditing

•         The IIA’s Mission of Internal Audit
•         Definition of Internal Auditing
•         The purpose, authority, and responsibility of the internal audit activity
•         Requirements of an internal audit charter
•         Components
•         Board approval
•         Communication of the charter
•         Difference between assurance and consulting services
•         Conformance with the IIA Code of Ethics

Independence and Objectivity

•         ​​Interpret organizational independence of the internal audit activity
•         Importance of independence, functional reporting, etc.
•         ​Identify whether the internal audit activity has any impairments to its independence
•         ​Assess and maintain an individual internal auditor’s objectivity
•         ​Analyse policies that promote objectivity

Proficiency and Due Professional Care

•         ​​Knowledge, skills, and competencies required
•         ​​Demonstrate the competencies to perform audit responsibilities
•         Technical skills
•         Soft skills
•         ​Demonstrate due to professional care
•         Continuous professional development

Quality Assurance and Improvement Program

•         Elements of the quality assurance and improvement program
•         Internal assessments
•         External assessments
•         Reporting the results of the quality assurance and improvement program
•         ​​Identify appropriate disclosure of conformance vs. nonconformance
•         The IIA’s International Standards for the Professional Practice of Internal Auditing

Governance, Risk Management, and Control

•         The concept of organisational governance
•         ​The impact of organizational culture on the overall control environment
•         Interpret the organization’s ethics and compliance-related issues
•         Alleged violations
•         Dispositions
•         ​​Describe corporate social responsibility ​​
•         ​​Interpret fundamental concepts of risk and the risk management process
•         ​Examine the effectiveness of risk management within processes and functions ​
•         ​​Recognize the appropriateness of the internal audit activity’s role in the organization’s risk management process ​
•         ​Interpret internal control concepts and types of controls ​
•         ​​Apply globally accepted internal control frameworks appropriate to the organization (COSO, etc.) ​
•         ​​Examine the effectiveness and efficiency of internal controls

Fraud Risks

•         Interpret fraud risks and types of frauds and determine whether fraud risks require special consideration when conducting an engagement
•         ​​Evaluate the potential for the occurrence of fraud (red flags, etc.) and how the organization detects and manages fraud risks
•         ​​Recommend controls to prevent and detect fraud and education to improve the organization’s fraud awareness ​
•         ​Recognize techniques and internal audit roles related to forensic auditing

FOR WHOM:

Corporate Internal Auditors, IT Managers and Other Managers/Officials who perform related functions in both the Public and Private Sectors.

TRAINING METHODOLOGY

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.