The Audit Leadership School - UK-OAM511

You will learn key techniques to better lead and manage the internal audit function, address current challenges effectively and network with peers from other organizations.

Objectives

The world-class audit function:

• The evolving role and status of internal audit
• Keeping pace with emerging requirements and best practice
• Characteristics of ‘best in class’ audit departments
• Thinking about Adding Value (part 1
• The importance of influencing the wider organization

Best practice GRC - Beyond the myths:

• The theory of effective GRC, ERM etc. - but is it realistic?
• What are the best organizations actually doing to manage risks and ensure compliance
• Thinking about an effective risk management culture
• The role of Internal audit beyond audits in order to improve organizational performance

Leadership in audit:

• The Chief Audit Executives role and position
• Prioritizing stakeholders: who counts?
• Managing stakeholder relationships
• The effective head of internal audit. How do you match up?

Looking at the different roles of audit leaders:

• Trusted advisor to senior leadership
• Advocate for governance and risk
• Source of assurance to the Audit Committee
• Leader of the IA function
• Some of the psychology risk management, audit and decision making
• Recognizing how different perspectives affect views of audit and vice versa
• Recognizing some of the dynamics within an audit committee and senior executive team

Considering your leadership style is your style helping or hurting?

• Models of effective leaders and how you measure up
• Assessing your preferred leadership style: its benefits and liabilities
• Strategies for adjusting your leadership style when dealing with the audit committee, executive management, other peers and your audit team members
• Recognizing the critical conversations and circumstances that lead to conflict by handling crucial conversations effectively
• Preventing conflicts from occurring
• The importance of clarity of role in creating a credible and impactful IA function

Communication - benchmarking where you are now and considering good practices:

• Looking at outputs from the audit function ~ How to improve these to enhance IA credibility and impact
• Using an attention-getting, reader-friendly layout
• Techniques such as MECE that help organize and consolidate issues

Key performance indicators that really work:

• A framework - foundations, coverage, delivery, impact key pitfalls in IA KPIs
• Emerging best practices

Looking enhancing IAs bench strength and building the right team:

• Identifying the competencies needed for a risk-based department
• How to attract and retain change agent-oriented auditors
• Harnessing the generational differences in the workplace to create high performance audit teams that can handle all types of audits
• Using “the nine boxes” to develop succession plans and evaluate performance
• Action learning techniques and their use in Internal audit

How lean techniques worked in the Japanese motor industry can help maximize the value add and effectiveness of IA:

• Looking at the IA planning process - maximizing stakeholder engagement and the added value in the plan
• Reviewing audits and identifying blockers to an effective and efficient assignment
• Scoping / Data and documents / Meetings
• QA / Reporting / Follow-ups
• A brief word about the wider assurance position
• Key pitfalls and tips concerning assurance maps and assurance frameworks
• Key benefits that can be delivered.
• Final action planning

Understanding lean audit techniques to supplement your learning to date:

• Utilize the ‘Lean Kano’ technique in relation to understanding value add from your stakeholder’s perspective
• Other lean techniques to consider when planning and executing audit work
• Having a customer value orientation
• Focusing on key customers and their different nee

Leveraging the work of other assurance providers:

• The importance of clarity around benefits focus and scope
• Major pitfalls and quick win strategies

Thinking about your IA metrics and milestones to ensure they support you in future:

• Conventional metrics and their pitfalls
• Emerging best practices

Creating a practical and realistic final action plan:

• Who will benefit?
• Assessing the scale of the tasks

Allocating tasks to different roles in your team:

• Recognizing the multiple roles of the Head of Internal Audit
• Ensuring delegation is effective