Introduction to Internal Audit

Event dates: 21 Jun 2021, 22 Jun 2021, 23 Jun 2021, 24 Jun 2021, 25 Jun 2021

Overview

Description

In 4.5 days, you will get an overview of the IIA’s Professional Practices Framework, definitions and examples of internal control models, and practical insight into the internal audit process. In a hands-on case, you will conduct an audit from start to finish, including assessing risks and controls, interviewing clients, and writing up findings. You will share your own experience with others and learn from the experiences of the other participants and an expert instructor.

Course Description

To become a successful auditor, a strong base of knowledge and an understanding of basic auditing skills are essential. With this program, new auditors, as well as non-auditors with internal control responsibilities, can learn the ins and outs of an audit from beginning to end.

Through team exercises, group discussion, lectures and videos, attendees will gain a foundation of knowledge that will allow them to properly prepare for and conduct a successful audit, using preliminary surveys and evidence-gathering techniques. A basic understanding of the roles of risks and internal controls in auditing will also be stressed, along with interpersonal and team-building skills.

Target Audience

  • Beginning auditors, with up to one year’s experience in internal auditing
  • Non-auditors responsible for business-controls, compliance, and quality-audit activities

Course Objectives

  • Learn how to perform the work of internal auditing, enabling you to carry out your assignment on a value-added audit engagement.
  • Engage in a risk-based audit approach, from planning through process documentation to testing, analysis, and reporting.
  • Understand internal auditing today.
  • Become familiar with the scope and application of the Professional Practices Framework.
  • Learn the concepts and terms that are central to internal auditing.
  • View your own organization from an internal auditing perspective.
  • Learn how to communicate and “sell” internal auditing results.

Course Topics

INTERNAL AUDITING TODAY

  • Introduction to Internal Auditing: Definition, Services and Value-added Opportunities
  • Roles of Internal Auditors
  • The Audit Model
  • International Professional Practices Framework

RISK ASSESSMENT AND RISK MANAGEMENT

  • Definitions of Risk and Risk Management
  • Risk-Assessment Concepts and Terms
  • Control Concepts and Terms
  • Introduction to COSO Internal Control Framework
  • Commonly Used Internal Control Frameworks
  • COSO ERM Framework

AUDIT PLANNING
Annual Audit Planning

  • Annual Audit Plan
  • Inherent Risks and Impact on Audit Audit Project Planning

Typical Audit Project Plan
Planning the Audit Approach
Audit Opening Meetings

INTERVIEWING

  • Types of Interviews
  • Stages of an Interview
  • Best Practices for Planning Interviews
  • Best Practices for Conducting Interviews
  • Interview Practices to Avoid
  • Interview Planning and Practice
  • Best Practices for Documenting Interviews

PROCESS DOCUMENTATION
Forms and Best Practices of Process Documentation: Narratives, Flowcharts
Walkthroughs

AUDIT PROGRAMS

  • Creating Audit Programs
  • Tailoring Audit Objectives
  • Risk and Controls Matrix
  • Risk and Scope
  • Key Controls and Testing

AUTOMATED TOOLS

  • Overall Considerations for Audit Tools
  • Electronic Workpapers
  • Data Analysis and Data Extraction
  • System Security
  • Continuous Monitoring Tools
  • Control Self-Assessment Tools
  • Surveying

TESTING

  • Standards for Audit Evidence
  • Analytical Procedures
  • Sampling and Testing Terms and Approaches
  • Documentation of Test Results
  • Testing Workpaper Quality

AUDIT REPORTING

  • Components of Audit Reporting
  • Conclusions About Causes and Effects
  • Sample Write-Up
  • Audit-Reporting Components
  • Approaches to Audit Write-Ups
  • Opinions or Conclusions
  • Audit-Report and Findings Ratings

SELLING THE RESULTS

  • Communicating Audit Findings and Recommendations
  • Selling Findings and Recommendations
  • Best Practices for Exit Conferences
  • Typical Wrap-Up Activities
  • Monitoring Recommendations
  • Typical Monitoring Activities
  • Quality Assurance

TEAMWORK

  • Team Work in Internal Auditing
  • Team Capability Assessment
  • Audit Customers and Others as Team Members

 

Participants to this training will receive the “IPPF red book”

Introduction to Internal Audit

In 4.5 days, you will get an overview of the IIA’s Professional Practices Framework, definitions and examples of internal control models, and practical insight into the internal audit process.

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Facilitator

About the facilitator

Kelly Hogan

Experienced Professional in Auditing and Business Communication

Kelly Hogan's experience includes over 20 years in internal audit, risk management, risk and control assessment, and training, including 8 years in a senior management role within internal audit. Since 2006, she has had broad exposure as a consultant and trainer to internal audit departments from a variety of international organizations. In this capacity, Kelly has had the opportunity to share and learn about successful audit practices across internal audit departments of varying sizes (from 15-500 auditors). Though her background is primarily in financial services, her consulting and training work has been across various industries in both the public and private sectors.