Advanced Internal Audit

Introduction

An ineffective audit can mean severe consequences; resulting in process failure, customer dissatisfaction and regulatory noncompliance. Optimize your auditing skills in line with the internationally recognized ISO 19011, Guidelines for Auditing Management Systems standard.

Course Objective

• Gain the confidence to prepare, conduct and follow-up on audit activities
• Be able to write factual audit reports and suggest corrective actions
• Understand the guidelines of management system auditing according to ISO 19011
• Develop professionally

Course Outlines

Day 1

Management systems overview

• Guidelines for Auditing Management Systems (ISO 19011)
• Auditing terms and definitions
• Process for auditing
• Audit responsibilities
• Audit evidence and programme
• Audit scope, objectives and criteria
• Principles of auditing
• Typical audit activities

Planning & Initiating

• Planning the audit
• Initiating the audit
• Document review
• Auditing programming
• Audit plan and sampling
• Audit work documents

Day 2

Execute the Audit

• Opening meeting
• Communication,
• attributes and question types
• Verifying information and recording evidence
• Internal audit video
• Nonconformities
• Simulated internal audit
• Documenting nonconformities
• Preparing audit conclusions and the closing meeting

Reporting 

• Report an audit
• Typical audit report contents

Day 3

• Defining and Developing the Internal Audit Process and Establishing the Roles within the Internal Audit Dept.
• 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 4

• Examining & 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 5

• Selecting, Procedural Planning & 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 6
Internal Audit Leadership

• Effective leadership
• The importance of steady management
• Qualities of an effective internal audit leader
• A reminder of leadership and management theory
• The inspirational internal audit leader
• Large versus small internal audit teams
• The mission statement and definition of internal auditing
• Relevant attribute and performance standards
• Challenges all internal audit leaders face
• Resolving common challenges

Day 7
Effective Internal Audit Planning

• Determining risk maturity
• Designing the risk-based assurance universe
• Developing an effective internal audit strategy
• How you develop your universe and strategy
• Coordination with other assurance providers
• Advantages and disadvantages of working with other assurance providers
• Determining the annual or six-monthly internal audit plan
• Delivering the plan and working in an agile way
• Discussion: Good practice planning
• Internal audit delivery today and building team capability for tomorrow

Day 8
Getting Maximum Impact from our Internal Audit Resources

• Securing the necessary internal audit resources
• Managing internal audit resources
• Dealing with the dispersed team
• Ensuring an effective internal audit engagement process
• Maximizing efficiency
• Managing co-sourcing and contractors
• In-house versus outsourced contractors
• Risk management in the internal audit function
• Risk identification and management for internal audit

Day 9
Stakeholder Relationship Management

• Perceptions of internal audit
• Stakeholder analysis
• Effective stakeholder relations
• Marketing internal audit
• Internal audit’s product mix
• Best practice stakeholder management
• Effective reporting and recommendations
• Conflict management, negotiation and persuasion
• Networking
• Conflict and solutions

Day 10
Insight, Added Value and Quality Assurance

• What is insight
• Delivering insight and impact
• Enhancing and protecting organizational value
• Adding value through assurance and consulting
• The power and perils of advisory work
• The quality assurance and improvement programme
• Internal assessments
• External assessments
• Elements of the improvement program