Effective Internal Audit Training Course

INTRODUCTION

Internal Audit provides a number of important services to an entity’s management. These include detecting and preventing fraud, testing internal control, and monitoring compliance with an entity’s policy and procedures and government regulation. Internal Audit 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. This extensive training program addresses the functions, role and the importance of internal audit for any given organizational structure and covers each of its aspect thoroughly.

COURSE OBJECTIVES

By the end of the course the participant should be able to:

The scope and the function of Internal Audit
Internal Audit Activities and Standards
Various Types of Internal Auditing Assignments
Operational, compliance & financial internal audit
Internal audit fieldwork guidelines and techniques
Risk identification, controls identification and controls testing in Internal Audit
Internal audit test tools
Most Effective sampling techniques in an internal audit assignment in terms of sample size or sample selection
Fraud and Internal auditor’s responsibility once fraud has been detected.
DURATION

5 Days

WHO SHOULD ATTEND

This training course is the best suite for:

Those who have educational background in internal auditing and would like to pursue their career in the stated field
Junior or aspiring auditors who wish to acquire a deeper understanding of the internal audit function
Professionals in Finance who would like to gain the grasp of internal audit
Career internal auditors who are willing to enhance their professional knowledge and understanding.
COURSE CONTENT

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
Distinguishing internal from external auditing
Scope of internal auditing: the internal audit charter
Staffing the internal audit function
Role of an audit committee.
Internal audit standards

Attribute standards
Performance standards.
Types of internal auditing

Performance & Operational auditing
Financial auditing: accounting cycles audited by the internal audit function
Compliance auditing.
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
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
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.
Training Approach

This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.

Tailor-Made Course

This course can also be tailor-made to meet organization requirement. For further inquiries, please contact us on: Email: [email protected] Tel: +254 721 331 808

Training Venue

The training will be held at our Upskill Training Centre. We also offer training for a group at requested location all over the world. The course fee covers the course tuition, training materials, two break refreshments, and buffet lunch.

Visa application, travel expenses, airport transfers, dinners, accommodation, insurance, and other personal expenses are catered by the participant

Certification

Participants will be issued with Upskill certificate upon completion of this course.