Open Courses - Introduction to Internal Audit - Business Risk Management Ltd

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INTRODUCTION TO INTERNAL AUDIT
OR HOW TO WEAR THE YELLOW JERSEY

Modern Internal Audit is light years away from the basic compliance and checking function it once was.
Internal Audit in the 21st century should be vibrant and exciting, adding real value to the organisation and operating at the highest levels.
The reputation of many audit functions is soaring - it is increasingly recognised as catalyst for change and a strategic business advisor.
So if you want to lead the pack and don the yellow jersey as in the Tour De France, you need to learn about the very best practices.

Phil Griffiths, a renowned expert in the Internal Audit field, will facilitate this highly interactive 2-day course. The regular Internal Audit benchmarking exercises completed by his organisation ensure that the BRM database of the world's best Internal Audit practice, incorporating as it does information from over 2500 audit functions worldwide is probably the most definitive and up to date available.

Who should attend?

New entrants to internal audit and internal auditors with limited experience. Those returning to or already established in internal audit who need practical guidance on the changing role of Internal Audit.

Course Objectives

To explain the principles and practices of modern Internal Audit
To give practical guidance to optimise Internal Audit effectiveness
To show how to plan and complete audit assignments
To provide practical tools and techniques you can apply immediately
To explain the principles of Risk Based Auditing.
To enable you to write audit reports with impact
To enable you to maximise your impact

Course Outline

Day 1

What is Internal Audit

Definitions and trends
What it means to be an internal auditor
Internal Audit role and responsibilities
The Professional Standards
Assurance and the challenges for IA
How does the role differ from other Assurance Providers?
How to coordinate efforts with other assurance providers
Independence and objectivity
Reporting lines - influence and impact
The Audit Committee and the audit relationship
Misconceptions about the role
Audit as a career move
The skills required
Exercise 1 - the skills inventory
The competency framework

The Audit Role

Perceptions of Internal Audit - results of surveys
What is best practice?
The audit charter and terms of reference
The different approaches to Internal Audit
Compliance
Systems based audit
Risk Based audit
Exercise 2 - risk and audit
VFM audit
Governance audit
Audit as a catalyst for change
How does IA link with external audit
The nature of assurance
Management expectations
The audit universe
Exercise 3 - determining the universe
Building a strategic plan - how to decide audit priorities

Planning an audit

Terms of Reference for the assignment
Planning the audit
Determining sources of information
The link between control, risk and objectives
Deciding who you will need to interview
Determining the audit objectives
Determining the objectives of the function to be audited
Evaluating the threats to achievement of these objectives
Exercise 4 - objectives and risks
Getting management input
How to deal with your audit customers
Meeting with management to discuss the audit
Exercise 5 - meeting with management - role play
Deciding on audit resources for the assignment

Day 2

Completing an Audit

Explaining the audit approach to staff of the function being audited
Building a picture of the system and processes
Documenting the system
Audit interviews
Exercise 6 - audit interviews - role play
Walk through tests
Fieldwork Techniques (compliance, transactional, analytical review, sampling etc)
How to decide the depth of testing required
Audit working papers
The clearance meeting
Exercise 7 - the clearance meeting - role play

Audit Tools and measures

Audit planning software
Computer assisted audit techniques (inc demonstration)
Audit KPI's (key performance indicators)
Exercise 8 - measures of success

The Audit report

The need for reports with impact
The report as your shop window
How to build the report during the audit
How do you know a good report when you see one
Exercise 9 - features of a best practice report
What management expects
Determining who the report is for
How to assess a report
Exercise 10 - evaluation of an actual report
How to ensure reports are taken seriously
The Executive Summary
The main report
Words and phrases to avoid
Tips and techniques for success
Exercise 11 - writing a report in best practice style
20 steps to success

This course has been developed by Business Risk Management Ltd and will be led by Phil Griffiths its Managing Director and fraud specialist

Course Outlines

Course Diary

Booking Information

In-House Training