Operational Auditing: Part 1- OAG220WEB
Operational Auditing: Part 1- OAG220WEB
This is a two-part series, and each session is independent of the other. You may register for one or both. Part 1 covers the fundamentals of operational auditing, including the assessment of the economy, efficiency and effectiveness of operations, verifying the safeguarding and proper usage of company assets and the balancing of stakeholder demands including ethics, equity and ecological concerns. Internal auditors must determine if processes are efficient and supportive of organizational objectives, which requires business skills and the use of tools and techniques that often differ from those employed when performing traditional financial reviews.
Suitability - Who should attend?
Staff and Senior Auditors, Audit Managers and Audit Directors who want to explore innovative ways of performing audit and consulting projects and expand the types of work done on behalf of the organization.
Prerequisites
- None
Outcome / Qualification etc.
Completion of this course is worth 2 CPE Credits
Training Course Content
You will learn new ways to enhance your audit process, accelerate the identification of issues and provide more timely feedback to management.
Objectives
Introduction:
- Definition and characteristics of operational auditing
- The risk-based audit
- Auditing beyond accounting, financial and regulatory requirements
- Identifying operational threats and vulnerabilities
- The skills required for effective operational audits
- Integrated auditing
The Operational Audit:
- Key objectives of operational audits
- Phases of the operational audit
- Planning: Scoping, budgeting, sampling techniques and announcing the audit
- Fieldwork: Interviewing, documenting, testing methodologies, managing fieldwork and status updates
- Reporting: Documenting findings, observations, best practices and developing recommendations
- Follow-up: When and how to perform, pre and post evaluations
- Using metrics to monitor performance and the achievement of organizational goals
- Management practices and the role of people, processes and technology
Objectives, Risks and Controls:
- Risk Assessments: Identification, measurement and evaluation of objectives, risks and controls
- The Risk Matrix: Developing and using it effectively during the audit
- Assessing risk and control types
- The importance of Control Self Assessments (CSA)
The 8 E's:
- Effectiveness
- Efficiency
- Economy
- Excellence
- Ethics
- Equity
- Ecology
- Emotion
- Tools and Techniques
Review of 16 tools
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