Monitoring and Developing the Internal Audit Function Course
Corporate Finance, Banking and Auditing

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Monitoring and Developing the Internal Audit Function Course
Course Overview:
The Monitoring and Developing the Internal Audit Functions course focuses on imparting skills for internal audit management. After the course, trainees should be able to define the internal audit function and develop it, understand the meaning of the internal audit function, types, and conduct an audit in its broadest sense covering, financial, operational, compliance, and forensic aspects among others.
The course syllabus thus will cover essential components of the course including management of audit staff, choice of audit strategies, assessing internal controls, and maintaining the integrity of the audit process.
Syllabus participants will learn how to produce findings and defend them at exit meetings as well as ensure compliance with the corporate governance framework.
Such a course is beneficial for accounting and finance experts, senior management, and any persons cross-cutting internal audit teams or audit committees.
Course Objectives:
After the end of this Monitoring and Developing the Internal Audit Functions course, participants 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
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