Modern International Standards of 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 world-class business entities. A well designed and effective internal audit system will provide verification and support that accounting and financial policies, procedures and controls are working adequately and will spotlight any significant matters that need attention.

Participants will learn how to:

•         Develop a comprehensive internal audit structure, including departmental staffing positions and lines of responsibilities
•         Understand and recognize the purpose and design of an internal audit function along with practical methodologies in establishing departmental policies and procedures
•         Implement the functions of an internal audit department, review various internal control processes and understand the objectives of preparing and presenting findings reports within an organization
•         Plan an internal audit examination and communicate the findings and conclusions to an Internal Audit Committee and senior management

Internal Audit Process, Functions and Responsibilities of the Internal Audit Department

·        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

Various Types of Audits and Risk Factors

·        Operational Audits

·        Financial Audits

·        Compliance Audits

·        Fraud and Forensic Audits

·        Information Systems Audits

Ensuring 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

Audit Findings Reports, Corporate Governance Policies to Achieve Effective Internal Controls

·        Communicating Audit Findings and Suggestions for Areas of Improvement

·        Distributing the Final Internal Audit Report within the Organization

·        Conducting Post-Audit Reviews

·        Internal Controls Updates for Boards of Directors

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.