Modern international standards of Internal Audit Function

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DURATION: 1Week
Some prices may differ depending on the course venue.
Course Fees :
3.750$
Course ID :
F2034
Course Places: All countries - Istanbul ( Turkey ) - kuwait - Lebanon (Beirut) - Malaysia - UAE (Dubai) All countries
Course Date: Start End
February 12, 2018 February 16, 2018
April 9, 2018 April 13, 2018
June 25, 2018 June 29, 2018
August 27, 2018 August 31, 2018
October 22, 2018 October 26, 2018
December 24, 2018 December 28, 2018

Overview:

The Course

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 business entities. A well designed and effective internal audit system will provide verification and support that accounting and financial policies, procedures and controls are working adequately and will spotlight any significant matters that need attention.

During this program, you will learn how to:

  • Understand and recognize the purpose and design of an internal audit function along with practical methodologies in establishing departmental policies and procedures
  • Develop a comprehensive internal audit structure, including departmental staffing positions and lines of responsibilities
  • Plan an internal audit examination and communicate the findings and conclusions to an Internal Audit Committee and senior management
  • Implement the functions of an internal audit department, review various internal control processes and understand the objectives of preparing and presenting findings reports within an organization
  • Insure that an internal audit function meets or exceeds best practices in terms of peer group or industry standards

The Goals

  • Understand the role and functioning of an Internal Audit Department compared to the role and responsibilities of external auditors
  • Develop an Audit Committee Charter for a Board of Directors
  • Create personal descriptions and job requirements of an internal audit staff
  • Acquire knowledge of the different types and purposes of various audits as to applicability and function, including risk factors
  • Planning, notifying and implementing internal audit examinations for selected types of audits to be performed
  • Evaluate the effectiveness of in-place internal controls and security policies for organizational networks and information technology frameworks
  • Planning for an audit commencement conference meeting
  • Understanding relevant documentation as it pertains to professional standards and responsibilities as well as best practices
  • Understanding the need of establishing credibility for an internal audit team
  • Communicating audit findings and reports and addressing areas needing improvement
  • Planning audit exit conference meetings and distributing internal audit reports within an organization
  • Conducting post-audit reviews and compiling internal control updates for Boards of Directors
  • Developing audit risk and other risk-related assessments

The Benefits

  • Presentation and understanding of complex, financial topic terminology, concepts, applications and associated best practices
  • Building professional knowledge and expertise in an ever-evolving business environment
  • Increased assurance in professional, technical and managerial skills and abilities
  • New opportunities to build relationships with other financial professionals through networking

The Results

  • Develops financial professionals and senior management by providing advanced education and training in an important, functional control area
  • Presents objectives that will further develop and/or improve achieving organizational goals
  • Broadens exposure to a wider scope of concepts relative to organizational planning and decision making
  • Presents opportunities to engage with other delegates and to pursue further business relationships through networking

The Programme Content

 

Day One

Defining and Developing the Internal Audit Process and Establishing Roles, Functions and Responsibilities for 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 Two

Examining and 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 Three

Selecting, Procedural Planning and 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 Four

Managing and Monitoring Internal Audit Examinations and Methodologies of Ensuring 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 Five

Issuing Reports of Audit Findings, Conducting Exit Conferences and Implementing Sound Corporate Governance Policies to Achieve Effective Internal Controls

  • Communicating Audit Findings and Suggestions for Areas of Improvement
  • Planning the Audit Exit Conference Meeting
  • Distributing the Final Internal Audit Report within the Organization
  • 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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