Strategic Planning and Analytical Systems for Financial Audits

Introduction:

An effective internal audit function is crucial for the prosperity, stability, and growth of major business enterprises. The Strategic Planning and Analytical Systems for Financial Audits course introduces strategies for developing, managing, and enhancing internal audit systems. It focuses on ensuring that accounting policies, operating procedures, processes, and controls are effective and identifying significant issues that need addressing.

Integrating financial audits training with internal audit management, this course provides a thorough understanding of the planning and analytical systems necessary for effective financial audit management. Designed for professionals seeking advanced practices in internal auditing, it offers qualifications in financial planning and analysis.

Objectives:

At the conclusion of the Strategic Planning and Analytical Systems for Financial Audits course, participants will be able to:

• Analyze and develop internal control processes for audit operations and establish necessary departmental policies and procedures.
• Create a comprehensive internal audit function, including staffing, responsibilities, and organizational structure.
• Develop and implement internal audit plans, and effectively report findings to an internal committee and senior management.
• Conduct internal audits, evaluate internal controls, and prepare detailed reports of findings.
• Optimize internal audit practices according to industry standards and professional best practices.
• Distinguish between the roles and responsibilities of internal and external auditors.
• Develop an audit committee charter for the board of directors.
• Define job specifications and requirements for internal audit personnel.
• Understand various audit types, their purposes, and associated risks.

Training Methodology:

• Case Studies
• Interactive Workshops
• Simulations
• Group Discussions

Course Outline:

Unit 1: Defining and Developing the Internal Audit Process

• Defining roles, processes, and authority within the internal audit department.
• Developing and implementing internal audit provisions.
• Clarifying the roles and responsibilities of internal and external auditors.
• Creating internal audit staff position descriptions.
• Drafting an audit committee charter for the board of directors.
• Reviewing current international auditing standards and guidelines.
• Identifying internal audit staffing needs.

Unit 2: Understanding and Appreciating Various Audit Types and Their Attributes

• Performance audits.
• Financial account audits.
• Internal compliance audits.
• Fraud-related and forensic investigative audits.
• Information systems audits.
• Reviewing current U.S. audit risk alerts.

Unit 3: Planning, Selecting, and Initiating Internal Audit Procedures

• Streamlining internal audit work processes.
• Selecting appropriate audit programs for different audits.
• Assessing and implementing internal audit strategies.
• Advising on internal audit examinations and securing cooperation from auditees and supervisors.
• Evaluating and securing internal control systems and IT infrastructure.
• Modifying ongoing audit reviews as necessary.

Unit 4: Administration and Coordination of Internal Audit Reviews and Methodologies

• Ensuring reliability and credibility of internal audit team members.
• Organizing audit commencement meetings.
• Attaching relevant documents during the audit process.
• Adhering to documentation principles and ethics.
• Expediting audit procedures.
• Rebuilding internal audit team credibility.

Unit 5: Issuing Reports of Audit Findings

• Conducting closing meetings and establishing internal controls.
• Reporting audit results and recommendations for improvement.
• Planning and organizing audit exit conferences.
• Distributing final internal audit reports internally.
• Following up on post-audit activities.
• Updating the board on internal control developments and plans.