Advanced Internal Audit

Introduction

An ineffective audit can mean severe consequences; resulting in process failure, customer dissatisfaction, and regulatory noncompliance. You can optimize your auditing skills per 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 program.
• 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 Roles within the Internal Audit Department

• Defining and developing the internal audit process and establishing the roles within 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 4: Examining & Understanding the Differences Between Various Types of Audits, Including Risk Factors

• 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, Planning, and Conducting Internal Audit Examinations

• 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 program.
• Internal assessments.
• External assessments.
• Elements of the improvement program.