Current Global Standards for Internal Audit Functions

Introduction:

Effective internal audit functions are crucial for the continued financial success, stability, and growth of organizations. This course on Current Global Standards for Internal Audit Functions focuses on developing and enhancing internal audit systems. It ensures that accounting policies, procedures, and controls are adequate while identifying and addressing any significant concerns. The course integrates financial accounting principles with international financial reporting standards, aiming for comprehensive compliance and effective internal audit practices.

Objectives:

Upon completion of the course on Current Global Standards for Internal Audit Functions, participants will be able to:

• Define and apply key functions, policies, and procedures of the Internal Audit Department.
• Organize and plan internal audit processes, including staffing and responsibility allocation.
• Develop and communicate internal audit plans and findings to the Internal Audit Committee and Senior Management.
• Conduct internal assessments, evaluate controls, and report findings within the organization.
• Ensure adherence to best practices and international financial reporting and accounting standards.
• Distinguish between the roles and responsibilities of internal and external auditors.
• Prepare job descriptions for internal audit roles.
• Understand various audit types, their purposes, and related risk factors.
• Conduct and manage different types of internal audits.
• Review and assess internal controls, network security, and information technology frameworks.
• Access and interpret documentation related to compliance, professional standards, and international accounting standards.
• Build credibility for the internal audit team.
• Perform post-audit reviews and update internal controls for Boards of Directors.
• Develop audit risk assessments and related evaluations.

Training Methodology:

• Case Studies
• Interactive Lectures
• Group Discussions
• Role Plays
• Simulations
• Workshops

Course Outline:

Unit 1: Objectives, Functions, and Structure of the Internal Audit Function

• Introduction and evolution of the internal audit process
• Formulating and implementing internal audit policies and processes
• Understanding the roles of internal and external auditors
• Creating an audit committee charter for the board of directors
• Reviewing international standards on auditing and accounting
• Assessing recruitment needs for the internal audit function

Unit 2: Investigating and Analyzing the Diversity of Audit Types as Risk Factors

• Accounting and operational audits
• Traditional and international accounting audits
• Compliance audits
• Investigative analysis and risk assessments
• Electronic information audits
• Reviewing current US audit risk alerts

Unit 3: Choosing, Resource Scheduling, and Initiating Internal Audit Objectives

• Crafting an efficient internal audit approach
• Determining audit approaches for different measures
• Implementing auditing strategies
• Informing and collaborating with auditees and supervisors
• Targeting network structures and security
• Adjusting ongoing internal audit examinations

Unit 4: Responsibilities for Conducting and Overseeing Internal Audit Examinations

• Preparing for the audit inception meeting
• Collecting and reviewing relevant working papers
• Understanding professional documentation requirements
• Utilizing tools and methods for efficient auditing
• Building trust and credibility for the internal audit team

Unit 5: Reporting Audit Findings

• Completing exit interviews
• Implementing strong corporate governance structures
• Reporting audit findings and improvement suggestions
• Scheduling and conducting the audit exit conference
• Dispersing the internal audit report
• Making post-audit comments
• Reviewing internal controls with the board of directors
• Developing future audit risk assessments and plans