The Beginner’s Internal Audit Training Program (10 Days)

Introduction:

Internal auditing is a crucial component of any organization's governance framework. It helps minimize operational oversights that other management may miss, protecting the organization from operational risks, financial imprudences, and compliance issues. Ideally, internal auditors specialize in specific areas to effectively address internal malfeasance.

To join such a team, distinguishing yourself is essential. While a bachelor's degree in accounting, business, or finance is a strong foundation, employers often seek candidates with specialized internal auditing training.

Enhancing your qualifications is crucial in a competitive market. Our internal audit course offers professional training that builds on foundational knowledge, such as that gained from a fraud audit boot camp.

This program is designed to fit around your job commitments while providing the skills needed for career progression, whether advancing within your current organization or seeking new opportunities.

Our internal audit workshop is hands-on and led by experienced professionals who simplify complex concepts to ensure effective learning.

Participation in this seminar is essential for those looking to deepen their understanding of auditing processes and their impact on organizations.

Objectives:

By the end of this audit training course, participants will:

• Master basic operations auditing skills.
• Utilize risk management approaches to develop audits across various organizational functions such as purchasing, marketing, human resources, IT, management, finance, treasury, and accounting.
• Identify key processes, determine critical risks, and understand their implications.
• Enhance audit performance, reduce costs, and integrate data analytics to improve business processes.
• Explore topics including SOX regulation, Enterprise Risk Management (ERM), Governance Risk and Compliance (GRC), fraud issues, and risk management strategies.
• Adopt responsive metrics to measure organizational outcomes and achieve basic objectives.

Training Methodology:

• Interactive Lectures
• Case Studies
• Simulations
• Group Discussions
• Hands-On Exercises
• Workshops
• Role Plays
• Real-World Scenarios

Course Outline:

Unit 1: Operational Auditing

• Understanding internal auditing and its current paradigm.
• Components critical to operational auditing success.
• Benefits of operational auditing for organizations.
• New developments in operational auditing.
• Impact of Sarbanes-Oxley Act, Enterprise Risk Management (ERM), and Governance Risk Compliance (GRC).

Unit 2: Components of Operational Audits

• Milestones in an operational audit cycle.
• Relationships between business strategies, potential threats, and countermeasures.
• Significance of data in auditing processes.
• Reviewing and assessing KPIs and KRIs.
• Detecting fraud schemes.
• IT issues in auditing.
• Basic functional audit methods.

Unit 3: Auditing the Purchasing Function

• Identifying high-risk categories in procurement.
• Controlling procurement processes and regulations.
• Verifying vendor hiring, product purchases, and stock management.
• Managing vendor and contracting relationships.

Unit 4: Auditing the Marketing Function

• Evaluating marketing effectiveness and return on investment.
• Assessing public relations activities in integrated marketing communication.

Unit 5: Research Methods in Balanced HR Audits

• Recognizing HR function risks.
• Evaluating recruitment, staffing, training, and development processes.
• Assessing employee compensation, benefits management, and succession planning.
• Managing employee relations, feedback mechanisms, and performance management.

Unit 6: Evaluation of the Finance Function, Treasury, and Accounts Management

• Processes in finance, payroll, accounts receivables/payables, asset management, and budgeting.
• Evaluating treasury functions, strategic scheduling, bank accounts, and system interfaces.
• Assessing fraudulent reporting.
• Enhancing shared services for control and efficiency.

Unit 7: Information Technology Auditing

• Targeting IT risks and controls.
• Staffing considerations and strategic focus areas.
• Physical controls including system access, data management, backups, disaster recovery, and SDLC.
• Using COSO and COBIT frameworks for IT assessment.

Unit 8: Evaluation of Management Tasks

• Evaluating managerial functions and target indicators.
• Enhancing the control environment through role modeling and adherence enforcement.
• Supporting management in corporate governance, ethics, risk management, and business strategy.
• Addressing information exchange, conservation, and change management.

Unit 9: Future of Operational Auditing

• Impact of technology and efficient controls on auditing.
• Encouraging voluntary self-assessment of control systems.
• Promoting continuous improvement and quality in internal controls.
• Implementing solutions for long-term organizational improvement.