Internal Audit: From Planning to Execution
Course Methodology
The course uses interactive techniques, such as brief presentations and case studies by the consultant and participants. The course also features several group exercises and simulations to help participants consolidate their learning experience.
Examples from various industries and sectors will be used to showcase practical applications.
Course Objectives
By the end of the course, participants will be able to:
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Formulate effective objectives and design an effective audit plan
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Apply internationally recommended audit methodologies to suit different audit scenarios
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Communicate effectively an evidence-based audit report
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Explain complex audit methods to uncover fraud and protect IT systems
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Decide on quality assurance measures and improve internal audit
Target Audience
This course has been designed for audit practitioners, governance professionals, financial services regulators, finance managers, functional managers, senior managers, board members, and all individuals interested in the internal control environment within their organizations.
Target Competencies
- Formulating audit objectives
- Selecting proper audit methodologies
- Executing effective investigative fieldwork
- Exploring advanced audit trends
- Improving audit performance
Course Outline
- Foundations of Internal Audit
- Introduction to Internal Audit
- Understanding the role and importance of internal audit in Governance, Risk, and Compliance
- Differentiating between internal and external audits
- Key principles and standards for internal auditing
- Planning the Audit
- Defining audit objectives, scope, and criteria
- Identifying risks and assessing their significance
- Building an effective audit plan and timeline
- Introduction to Internal Audit
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Audit Methodologies and Techniques
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Audit methodologies and approaches
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Overview of different audit methodologies (e.g., risk-based, control-based)
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Selecting the appropriate methodology for different audit scenarios
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Integrating technology and data analytics into the audit process
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Data collection and evidence
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Techniques for collecting relevant and reliable audit evidence
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Sampling strategies and statistical methods in internal audit
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Documenting findings and maintaining audit trails
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- Execution and Fieldwork
- Conducting fieldwork
- Interviewing techniques for gathering information
- Performing walkthroughs and testing controls
- Addressing challenges and obstacles during fieldwork
- Communication and reporting
- Art of effective communication with 'auditees'
- Structuring audit reports for maximum impact
- Presenting findings and recommendations to stakeholders
- Conducting fieldwork
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Advanced Topics in Internal Audit
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Fraud detection and investigation
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Recognizing red flags and signs of fraud
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Conducting fraud risk assessments
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Investigative techniques and legal considerations
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IT audits and cybersecurity
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Auditing IT systems, networks, and applications
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Evaluating cybersecurity controls and vulnerabilities
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Ensuring compliance with data protection regulations
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- Audit Quality Assurance and Continuous Improvement
- Quality assurance in internal audit
- Establishing an effective internal audit quality assurance program
- Peer reviews, self-assessment, and external assessments
- Incorporating feedback and enhancing audit processes
- Continuous improvement and future trends
- Leveraging audit findings for organizational improvement
- Keeping up with evolving GRC regulations and standards
- Embracing technology trends in internal audit
- Quality assurance in internal audit
Face to Face Courses
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