Course description
Who is an internal control auditor? Internal control auditors concern themselves with securing the objectives of their organizations regarding legal compliance, consistent financial documentation, operational efficiency, and adhering to extant regulations and policies. The creation and implementation of an internal control system might be difficult. Internal control systems and those who run them must be agile to adapt to changing business models and emerging technology. Internal controls risk assessment may be used for an organization’s external audit engagement strategy and processes.
What is the difference between internal control and internal audit?
Internal Control is concerned with the system established to function as a guide in implementing an organization’s objectives and ensuring compliance with relevant policies and applicable state laws. However, Internal Audit is the objective and independent assessment of an organization’s internal control and corporate governance designed to advance qualitative improvement.
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Suitability - Who should attend?
Who should attend?
Individuals interested in honing their professional technical abilities on audit processes and procedures should consider taking this Certified Internal Control Auditor Training Course by Rcademy, particularly those in the following categories:
- External auditors who want to improve their technical and compliance abilities
- Internal auditors who want to understand their function and role in the audit process
- Accountants interested in learning more about the audit process and their responsibilities
- Financial executives who want to learn more about the regulatory audit environment
- Risk and legal professionals responsible for monitoring and recommending effective risk mitigation procedures for a company’s business
- Compliance professionals who establish an annual audit plan that addresses financial risk and information technology as well as operational and regulatory risks
- Any other professional engaged in the planning or execution of the audit process
Outcome / Qualification etc.
The Certified Internal Control Auditor Training Course by Rcademy is designed to ensure that at the end, participants can:
- Acquire familiarity with the world of internal controls
- Recognize every stakeholder’s role and responsibility in the auditing process
- Understand the techniques for evaluating and monitoring internal controls
- Understand risk management and how it affects operational efficiency and effectiveness
- Understand the impact of the internal controls environment on external audits
- Learn how to conduct auditing in a risk-based manner
- Assess an organization’s internal control system
- Recognize techniques for training management personnel
- Recognize methods of key monitoring
- Use the principles-based approach for internal and external auditing
- Assess and respond to the hazards that exist in an organization
- Identify areas for improvement in the operations of an organization based on internal controls evaluation
- Learn how to recognize, assess, and respond to hazards in the company
- Improve the quality of the company choices by increasing operational efficiency
- Build trust in an organization’s internal control system
- Become an expert in internal control and set themselves apart from the competition
Training Course Content
Module 1: Introduction to Internal Control
- Definition of internal control
- Internal control structures
- The roles of shareholders
- Roles of the manager
- Responsibilities of the Board of Directors in internal control
- Roles of the internal audit committee
- Functions of the external auditors
Module 2: Context for Internal Monitoring and Inspection
- Limitations of internal control
- Internal controls’ objectives
- Precision fraud and internal controls
- Internal control activities or processes
Module 3: Internal Controls Assessment and Monitoring
- Internal control audit procedures
- Implementation of best practices in internal control
- Monitoring and evaluation mechanisms for internal control
Module 4: Role of External Audits in Internal Control
- Summary of risk analysis controls
- Fraud risk assessment control activities
- Design and implementation description of an internal control system
- Containment of risks and external threats
Module 5: Risk-based Auditing and Internal Control Management
- Standards and Objectives for risk-based auditing
- Risk-based audit program & procedures
- Matrix and planning for audits based on risk
- Control and management of risks in the workplace
Module 6: Procedures for an Audit
- Requirements of law
- Understanding complex accounting systems
- Appropriateness of the accounting system
- Keeping Financial statements’ Integrity
Module 7: Accurate Auditing Methodology
- The process of creating a new policy
- Preparation of quality account information
- Keeping organizational assets safe
- Manual system for preventing and detecting fraud
- Using technology-based systems for auditing
- Comparative cost of internal auditing systems
Module 8: Instilling Confidence in Internal Control Systems
- Quality and Standards in the Workforce
- Assurances of organizational performance
- Transaction processing distinctions
- Using generally accepted accounting principles
Module 9: Internal Controls and Audits Risk Components
- Risks inherent in the system
- Risk of detection
- Procedures for ensuring compliance
- Reliability of the data
- Reconciliation of accounts and banks
- Controls on cash
- The accuracy of financial reporting
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Rcademy
Rcademy is a global training and consultation organisation set out to bridge the gap between you now and what you can be in the near future. We are facilitators of knowledge impartation. Our team of established and experienced training enthusiasts...