McTimothy Associates

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ESSENTIALS OF INTERNAL AUDIT & COMPLIANCE

Why Attend

INTRODUCTION

As defined by the Institute of Internal Auditors, “Internal Auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.”

Changes in the regulatory and corporate governance environment have significantly increased the expectations that many stakeholders place on the internal audit function. ‘Essentials of Internal Audit’ guides internal auditors through the required standards for performing the internal audit. It covers up-to-date tips and tools to accomplish the audit in an efficient, flexible, and results-based manner in order to support the organization’s strategic objectives, improve its sustainability and leverage its ability to face future challenges

$ 150.83

Event Date: 23/11/2022 – 24/08/2022

Total:

Course Outline

  • Risk and internal audit overview
    • Definition of risk
    • Types of risk in an organization
    • Functions of management: planning, organizing, implementing and controlling
    • Defining internal audit
    • Internal audit as a function of corporate governance
    • Scope and building blocks of corporate governance
    • Reasons to have an internal audit function
    • Distinguishing internal from external auditing
    • Scope of internal auditing: the internal audit charter
    • Staffing the internal audit function
    • Role of audit committee
  • Internal audit standards
    • Attribute standards
    • Performance standards
  • Types of internal auditing
    • Performance auditing
    • Operational auditing
    • Financial auditing: accounting cycles audited by the internal audit function
    • Compliance auditing
    • 20 questions directors should ask about the internal audit function
  • Internal audit implementation: fieldwork guidelines
    • Information gathered by internal auditors
      • 4 qualities of information
      • Sources and nature of information
      • Assessing the degree of persuasiveness
    • Types of engagement procedures
      • 15 internal audit test tools
      • Observing, interviewing and examining records
    • Internal audit working papers
      • Best practices for managing working papers
      • Retention policies
    • Communicating fieldwork results and recommendations
      • Legal considerations for communicating results
      • 4 attributes of an observation or recommendation
      • Disseminating results and exit meetings
  • The fieldwork: risk-based auditing
    • Defining management assertions
      • Risk assessment process
      • Reason for risk based audit planning
      • Evaluating risks
      • Techniques to identify the auditable units
        • Criteria for selecting auditable units
        • Scoring and weighing risks
      • Prioritizing risk and developing  audit plan
      • Methods to generate list of risks
    • Identifying entity level controls to mitigate risks
      • Broad definition for types of controls
      • Essential components of effective internal control system: ‘COSO’ model
      • Criteria for unsatisfactory rating for control components
        • Methods to generate list of controls
    • Insights on flowcharting for understanding cycles and controls
      • Testing of internal controls
      • Design and implementation of an internal control
      • Operating effectiveness of an internal control
    • Tips and tools for audit sampling
  • Fraud
    • Definition and characteristics of fraud
    • Internal auditor’s role in a fraud case

Duration:  2 days

Class Session : 10:00am – 4:00pm each day including Breakfast and Lunch time

Customize Your Training

This training is currently available as residential/in-house option. If you prefer us to customize or have this training in-house at your location, kindly send your request via e-mail to:training@mctimothyassociates.com

Please Note

Mctimothy Associates Reserves the right to postpone or cancel a course due to unforeseen circumstances beyond our control. In such cases delegate(s) will be registered for the next run of the Course.

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