Developing, Improving and Monitoring the Internal Audit Course

Course Overview:

The purpose of the course’s goals is to enable professionals to understand how to develop and build up internal audit functions in organizations. Participants will understand how to operate with Excel® spreadsheets for the purpose of audit data analysis, create models for financial planning, and use approximating techniques in the budgeting process.

The internal audit function, its elements, different types of audits including: operational, financial, compliance and others, and risk evaluation, are also to be covered. Important issues in this context are internal audits performance and planning, audit management and report generation and ensuring of the credibility, audit report generation, and post-audit engagement with the key stakeholders’ corporate governance. 

This is a mandatory course for accounting and financial professionals as well as for top management working in the internal audit departments of businesses or in the audit committees.

Course Objectives:

At the end of this Developing, Improving and Monitoring the Internal Audit Course, learners will be able to do:

• Navigate through the features and functions of Excel®
• Distinguish between data and output in spreadsheet architecture
• Analyze financial statements in order to plan ahead
• Build effective financial planning models
• Use forecasting techniques for budget preparation

Who Should Attend?

This training 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

Course Outlines:

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

Examining & Understanding the Differences between Various Types of Audits, including Risk Factors

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

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

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

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

see more: Fast Closing and Monthly and Year End Accounts Course