• Benchmark your internal audit services against worldwide best practice
• Implement 250 ideas to improve your internal audit performance. 
• Embrace the exciting new developments in the field of auditing
• Exceed the expectations of your customers 
• Adopt proven methods to automate the audit process
• Enhance the coverage and audit more challenging and interesting areas of the business
• Help your organisation to meet its Corporate Governance requirements
• Ensure a positive role regarding risk management. 
• Improve audit performance, success and reputation by adopting the most up to date audit techniques
• Significantly enhance the impact of your reports
• Improve the acceptance and implementation of your recommendations
• Market the internal audit service effectively
• Add measurable value to your organisation by delivering world class audit services

Dear Audit Professional,

Would it surprise you to know that in a recent comprehensive survey of 1250 Internal Audit functions that: -

• Only 29% have created formal processes for sharing knowledge and best practices
• Only 15% have a comprehensive set of KPI’s to measure the performance of the function
• Over 75% have never had an external review (as required every 5 years by the Institute of Internal Auditors standards)
• 64% do not share a common language with the Risk Management function
• 36% suffer a lack of credibility with senior management
• 29% receive no requests for audits from management
• Only 8% use tools for automating the audit process
• Only 25% coordinate their activities with the other assurance providers 
• Only 14% have regular contact with their external auditors

All these findings indicate the need for a much more innovative approach to meet the challenges faced.

Internal Audit functions need to perform a much more comprehensive spectrum of audits than ever before – whilst still providing comfort and reassurance that the basics are being managed well.

Internal auditors have now to expand their role as facilitators and advisors at the same time demonstrating that they are adding measurable added value. The addition of internal consultancy into the Internal Audit role has introduced an entirely different dimension to this profession.

These responsibilities and challenges require a new set of skills, competencies and abilities. Strong communication and presentation skills are essential in this highly challenging environment, and an open-minded approach.

Led by Phil Griffiths, Managing Director of Business Risk Management Ltd, an acknowledged expert in the field, and with extensive experience of the Gulf region, you and your colleagues can benefit from his extensive knowledge of this subject. 

This new seminar is based around the BRM benchmarking database, which will allow you to assess your function against 200 areas of best practice and adopt practical methods to implement improvements where necessary. The seminar has been designed to include more than 15 practical exercises and plenty of opportunity for group interaction and discussion.

Copies of extensive research material and electronic models including a world renowned audit planning model will be made available to you.

I am sure the ideas and techniques provided on this seminar will have a direct and measurable effect on the value added by and the reputation of your audit function.

Yours faithfully,

Seminar Director

Seminar Methodology

The programme will be highly practical and interactive with exercises and discussions to enhance your understanding of the key issues including:

• The Internal Audit role in Corporate Governance
• How to coordinate your role with others
• How to ensure the wider role does not compromise independence
• Preparing Audit Committee reports with impact 
• How to deliver successful presentations
• How to influence management better
• Automating the audit process
• How to create risk based audit plans
• Compiling a best practice audit manual
• How to manage audit interviews better
• 100 ways to improve your audit reports

Schedule: 08:30 to 14:30 with two breaks for refreshments at around 10:30 and 12:30. Luncheon will be served after conclusion of each day. Registration will commence at 08:00.

Course Outline

Day 1  Governance and standards

The Benchmarking approach

• Introduction to the unique benchmarking template
• Explanation of the 11 sections 
  • Corporate Governance and the Internal Audit role
  • Professional standards
  • Audit charter
  • The Audit Committee relationship
  • Skills, training and resources
  • Strategic audit planning
  • The Audit manual
  • Completing the audit
  • Audit reports
  • Measuring performance
  • Marketing the function
• Explanation of the scoring system – 200 areas with a maximum overall score of 500
• Each section will be covered over the 5 days

Corporate Governance and the Internal Audit role

The areas to be evaluated include: -

• Role in risk management
• Coordinating the work with other assurance providers
• Board feedback
• Meetings with Chief Executive and other Directors
• Recognition of IA contribution
• Sarbanes -Oxley implications
• Extent of challenge by IA re Corporate Governance
• Audit assurance letter 
• Role in fraud prevention and investigation
• Involvement in ethics and social responsibility 
• The External Audit relationship

Exercise 1 The Internal Audit role in Corporate Governance
Exercise 2 How to coordinate your role with others
Exercise 3 Managing the External audit links 

Professional standards for Internal Audit

The areas to be evaluated include: -

• Adoption of both the code of ethics and the IIA standards 
• Evaluation of integrity 
• Evaluation of objectivity - lack of bias in reports, raising difficult issues etc 
• Evaluation of confidentiality
• Evaluation of competency
• Assurance that the collaborative approach adopted by modern IA functions does not compromise its independence
• Evaluation between the balance the compliance, assurance and consulting aspects of the role 
• CPE development demonstrated
• Internal QA assessment process 
• External QA assessment 
• Management's acceptance of risk

Exercise 4 How to ensure that you follow the standards
Exercise 5 How to ensure that the wider role does not compromise independence

Audit charter

The areas to be evaluated include: -

• Charter in place
• Issued widely
• Role adequately covered
• Authority explained
• Independence stressed
• Reporting Line covered –and is appropriate
• Management’s responsibilities incorporated

Exercise 6 Assessing your audit charter – an evaluation process will be shared

Day 2  Skills and relationships

Audit Committee relationship

The areas to be evaluated include: -

• IA/ Audit Committee relationship overall
• Meetings exclusively for IA
• Attitudes of Audit Committee members to IA
• Challenges issued and how met
• Head of IA meets independently with AC chairman
• Feedback from the AC on IA performance
• Reports to Audit Committee - brevity
• Reports to Audit Committee - focus on key issues
• Reports to Audit Committee - forward plans
• Annual Assurance statement - content 
• Annual Assurance statement - risk focus

Exercise 7 Preparing an Audit Committee report

Skills, Training and Resources

The areas to be evaluated include: -

• Leadership of the function 
• Succession and development of expertise for the business
• Measures – e.g. number of auditors / number of employees
• Effectiveness of training plan - especially delivery
• Soft skills training
• Presentation and facilitation skills
• Links with local management - use of functional experts 
• Breadth of experience
• Performance achieved overall by team
• Resource management - ensuring adequate resources

Exercise 8 How to influence management – by use of Honey and Mumford management styles
Exercise 9 Delegates prepare and deliver a 2-minute presentation on a subject of their choosing

• How to combat nerves
• Keeping in control
• Dealing with questions
• Use of simple language
• How to keep the audience’s interest
• Use of props
• Anticipating questions
• Considering the audience’s needs
• Assessing the results
• Getting feedback

Exercise 10 Three Practical exercises with analysis and feedback - requiring clear communication and understanding 

Moonshot
Building Rapport
The Puzzle

Day 3  Planning and completing an audit

Strategic Audit Planning

The areas to be evaluated include: -

• Approach adopted - model used and effectiveness
• How the level of assurance required is determined
• The Audit Universe
• Prioritising audits
• Breadth of coverage
• Use of CAAT's - any used
• Use of CAAT's - extent and effectiveness of usage
• Use of audit planning software
• Different types of audit used e.g. VFM
• Approach adopted - Traditional, Wider, Developing or forward looking
• Extent to which Audit is a catalyst for change

Exercise 11 Evaluating the audit universe
Exercise 12 Use of CAAT’s (including demo of ACL)
Exercise 13 How to determine audit priorities – a copy of the BRM electronic audit planning model will be given to each delegate

Audit Manual

The areas to be evaluated include: -

• Overall Assessment 
• Job Descriptions
• Audit methodology
• Annual and Quarterly audit plan
• Time recording
• Interpersonal awareness
• Personnel to interview determination
• Pre-audit PowerPoint
• Audit testing
• Methods of testing adopted
• Clearance meeting
• Audit classification

Exercise 14 What makes an effective audit manual – an electronic version of a best practice audit manual will be provided to all attendees

Completing the audit

The areas to be evaluated include: -

• Organisation of audit file
• Assignment plan
• System / process notes
• Analytical review / Trend analysis
• Sources of Information
• Research 
• Other Assurance provider info
• Pre-meeting with management 
• Terms of Reference - memo
• Audit Programmes
• Audit interviews

Exercise 15 Pre-meeting with management
Exercise 16 Negotiation 

Day 4  100 ways to improve your audit reports

Audit reports

The areas to be evaluated include: -

• Reference to business objectives
• Brevity - number of pages 
• Brevity - paragraphs and sentences 
• Clarity
• Repeat findings
• Graphics and charts
• Photos where appropriate
• Issued electronically
• Future focus
• Management Commitment
• Audit Opinions
• Major issues reported on- minor issues taken off line
• Recommendations 100% practical
• Timeliness
• Agreed actions rather than recommendations
• Named owners
• Action plans
• Firm implementation dates
• Executive summary
• Risk orientation
• Praise / recognition
• Ability to create interest
• Use of positive language
• Format and structure
• Main report
• Avoidance of unnecessary phrases
• Review process 

Exercise 17 Twenty-five questions about your audit reports
Exercise 18 Role-play – meeting with senior management
Exercise 19 The Executive summary
Exercise 20 Audit opinions and key observations

Day 5  Adding value

Measuring Performance

The areas to be evaluated include: -

• Are a series of KPI's in place
• Is performance monitored - regularly
• Is performance improving
• Elapsed time for issue of reports - 2 weeks best practice
• Draft to final - best practice 2-3 days
• No. of assignments completed versus planned
• % staff utilisation 
• % of recommendations implemented
• % of key recommendations implemented
• Number of management requests
• Number of positive unsolicited comments re IA
• Number of repeat findings
• Actual savings as a direct result of audits
• Number of process improvements made
• % Customer satisfaction
• Post audit surveys used
• Questions asked in survey
• % of key risks audited in the year
• Extent of reliance External audit can place
• % of major systems dev reviewed
• Number of best practice ideas shared

Exercise 21 Ways to demonstrate measurable added value
Exercise 22 Presentation – 2 minute on one of the course topics
Exercise 23 Best practice customer surveys

Marketing the function

The areas to be evaluated include: -

• Intranet for IA
• Appropriate info included - plans, photos of team, best practice ideas etc
• Brochure
• Presentations at management meetings
• IA included in Induction programme
• Page on web site
• FAQ's
• KPI's performance published
• Newsletter
• Senior mgt survey - questionnaire or face to face
• Misconceptions addressed
• Report on IA role in Annual Report and Accounts
• Secondments - in and out
• Customer service - saving face, helping them get things done 
• Shouting about achievements

Exercise 24 Innovative Marketing of IA
Exercise 25 Completing the Benchmarking exercise
Exercise 26 Development of action plans 

Course Summary And Close

The course includes extensive documentation and a copy of the following:

• Phil Griffiths’ research report into the expectations of Chief Executives towards internal audit and its future
• The 64 page BRM Internal Audit Manual 
• An electronic copy of the best practice Audit planning model and report templates

©Business Risk Management Ltd 2005