Course Outline

Best Practices for Internal Audit Department

COURSE CONTENTS

A- Internal Audit Role

• Definition
• Legal provisions governing the role
• Audit's primary roles, objectives and concerns

B-Internal Audit Planning

• Determining the level of assurance required
• Identifying the audit universe
• Strategic audit planning

C - Automation of Internal Audit

• Computer assisted audit techniques
• Automated working paper and reporting

D - Marketing of Internal Audit

• Methods of marketing
• Key Performance Indicators (KPIs)

E - Skills Required

• Outlining the broader range of skills needed
• Is internal audit a career or a stepping stone?
• Achieving a blend of experience, competencies and innovation

F - Relationships with the Board and Audit Committee

• Board requirements of internal audit
• Developing regular contact with the chief executive
• The audit committee relationship - how to develop this
• How to develop effective audit committee reports
• External audit relationships

G - Role of Internal Audit in Fraud prevention and detection

• Fraud explained: definitions
• Who commits fraud?
• Trends and statistics regarding detected fraud
• Fraud indicators
• Auditors fraud toolkit
• Proactive fraud detection
• Anti-fraud policies

H - Risk Based Internal Auditing

• Risk based audit
• The need to translate the key risks into the basis of the IA programme
• The options for internal audit involvement in risk evaluation
• Control risk self assessment

I - Audit Documentation and Audit Manual

• Job descriptions
• Audit methodology
• Annual and quarterly audit plan
• Time recording
• Methods of testing adopted
• Clearance meeting

J - Quality Assurance of Internal Auditing

• The need for external evaluation as per the IIA standards
• The need to give comfort to the audit committee regarding best practice

COURSE BENEFITS

The participant of the course will learn to improve audit performance by adopting the most up to date audit techniques. It will also help them to market the internal audit service effectively. Another benefit will be that the learning will help in covering and auditing more challenging and interesting areas of the business which in turn will result in measurable value to their organization.

WHO SHOULD ATTEND

This training course is created for Internal Audit professionals interested in revisiting their function inorder to assess whether it is meeting the current day requirement and to also learn about certain tools and techniques to make the function more effective. This can be of particular interest to Directors, Chief Financial Officers and other senior management individuals who want to understand how their Internal Audit can deliver real value and are entrusted with establishing or using the function to improve the control environment. This course is also for everyone interested in improving their knowledge on Internal Auditing and what skill sets are required.