Course description
The purpose of auditing internally is to provide insight into an organization's culture, policies, procedures, and aids board and management oversight by verifying internal controls such as operating effectiveness, risk mitigation controls, and compliance with any relevant laws or regulations.
The development, monitoring and continued improvement of a highly-integrated, internal audit function is essential for the continued financial success, stability and growth of world-class organisation.
This course develops the necessary skills to assess and report on the conformance and implementation of processes based on management systems. You'll learn how to initiate an audit, prepare and conduct audit activities, compile and distribute audit reports and complete follow-up activities.
Participants attending this course will have the learn how to develop and/or improve their existing audit function and how to monitor policies, procedures and financial transactions and assets to international standards thereby securing continued financial success, stability and growth of world-class organization.
Upcoming start dates
Upcoming start dates
Suitability - Who should attend?
This Developing, Improving and Monitoring the Internal Audit Course is ideal for:
- Senior and Middle Management that Communicate with the Internal Audit Department
- Audit Management and Staff Who Wish to Develop Their Audit Skills
- Financial and Non-financial Professionals Who May be Appointed to Support or Interface With an Internal Audit Committee
- Non-Financial Professionals Whose Role is Subject to Audit
- Team Managers and Supervisors.
Outcome / Qualification etc.
By the end of the Developing, Improving and Monitoring the Internal Audit Course you will be able to:
- Understand the Role and Function of an Internal Audit Department
- Evaluate the Effectiveness of the Existing Internal Audit Function
- Recommend Improvements to the Existing Audit Function
- Monitor the Effectiveness of Policies, Procedures and Financial Transactions to International Standards
- Understand Audit Risk and Efficiently Plan, Control and Record an Audit Assignment
- Conduct Post-Audit Reviews and Compile Internal Control Updates for Boards of Directors
Training Course Content
Day 1
The Internal & External Auditing and the Role & International Standards of the Internal Audit Department
- 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.
Day 2
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.
Day 3
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.
Day 4
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.
Day 5
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 Organisation.
- 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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London Premier Centre
London Premier Centre is a UK leading training provider based in London and specialises in international short courses. Our inspiring, comprehensive portfolio of more than 400 professional development courses and seminars covers a wide range of professions from Administration, Leadership,...