Strategic Advanced Internal Auditing (10 Days)

Introduction:

In an era of heightened scrutiny, it is essential that your company's internal auditing practices not only meet but exceed standard expectations. This advanced strategic internal auditing training aims to enhance and fortify your internal audit functions. Participants will gain insights into the crucial managerial, political, and technical dimensions necessary for successful internal audits. The course emphasizes the strategic role of internal auditing in risk management, control, and governance, underlining the importance of developing a comprehensive internal audit strategy to drive organizational improvement.

Objectives:

By the end of this advanced strategic internal auditing course, participants will be able to:

• Define internal auditing and internal control.
• Identify high-risk processes and design control systems to mitigate these risks.
• Formulate control-based internal auditing recommendations that align with management's tactical and strategic goals.
• Understand the strategic importance of investing in internal auditing.
• Document and evaluate internal control systems effectively.
• Evaluate different types of audit evidence and apply sampling procedures accurately.
• Present relevant information confidently to senior leadership.
• Assess the requirements for effective internal audit leadership.
• Contribute strategically to the overall success of the business.
• Manage key relationships with the audit committee, senior management, and peers effectively.
• Add value through best practices in internal auditing.
• Outline key priorities for internal auditing departments to maximize their organizational impact.

Training Methodology:

• Interactive Workshops
• Written Work
• Simulation Exercises
• Panels of Expert Speakers
• Role Playing
• Discussions
• Benchmarking Practice

Course Outline:

Unit 1: Internal Auditing and International Business

• Define internal audit and its critical success factors.
• Differentiate between internal and external audits.
• Understand the purpose and scope of internal auditing.

Unit 2: The Road Map to Internal (and External) Audits

• Outline principles of effective internal audits.
• Describe audit risks and conduct various types of auditing.
• Establish relationships between control and audit tests.

Unit 3: Misdirected Investments and the Rise of Internal Audit Functions

• Integrate internal audit functions within strategic plans.
• Formulate a multiyear audit plan with a risk-based focus.
• Develop an audit planning memorandum for various assignments.

Unit 4: Documenting and Evaluating Internal Control Systems

• Understand work processes for internal audits.
• Prepare relevant work processes and create process maps.
• Apply the Audit Internal Controls Documentation Matrix.

Unit 5: Audit Evidence and Sampling

• Explore characteristics of audit evidence and sampling procedures.
• Utilize analytical reviews and testing methods.
• Develop and execute sampling plans and interpret results.

Unit 6: Planning & Conducting Successful Audit Interviews

• Structure and conduct effective audit interviews.
• Address noncompliance and resolve disputes.
• Engage in effective listening and interaction.

Unit 7: Internal Audit Leadership

• Develop leadership skills specific to internal auditing.
• Address governance and management issues within internal audits.
• Explore management strategies for various sizes of internal audit units.

Unit 8: Effective Internal Audit Planning

• Define risk maturity levels and design risk-based assurance plans.
• Create and implement strategic internal audit plans.
• Assess the benefits and drawbacks of collaborative audit assurance.

Unit 9: Getting Maximum Impact from Internal Audit Resources

• Secure and manage internal audit resources effectively.
• Eliminate inefficiencies and manage co-sourcing and contractor relationships.
• Use risk management strategies within internal audits.

Unit 10: Stakeholder Relationship Management

• Conduct stakeholder analysis and strengthen relationships.
• Promote internal audit services and handle disputes effectively.
• Prepare actionable reports and foster proper networking.

Unit 11: Insight, Added Value, and Quality Assurance

• Define insight in internal auditing and its importance.
• Enhance stakeholder value through audits and advisory services.
• Develop a quality assurance plan and participate in evaluations.