IACInternal Audit and Controls
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Intermediate
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Course Overview
Our five-day Internal Audit & Control program has been designed to provide participants with a holistic overview as to all the key elements that they will encounter as Internal Audit practitioners. This program has been carefully designed to provide every key process within the internal audit cycle with sufficient detail and diligence whereby participants will finish this course with a detailed understanding of the internal audit methodology aligned with a sound understanding of related internal control frameworks. The program has been designed to be fully compliance with the Institute of Internal Audit standards. The program has been divided into the following key modules:
→ Recent trends in Internal Audit
→ The International Professional Practices Framework (IPPF)
→ The Quality Assurance & Improvement Program (QAIP)
→ The Internal Audit Methodology
• Risk Assessment & Internal Audit Planning
•Business Process Understanding & Development of Audit Program
•Executing the Audit Program
•Developing the Internal Audit Report and Conducting the Closing Meeting
→ Recent trends in Internal Audit
→ The International Professional Practices Framework (IPPF)
→ The Quality Assurance & Improvement Program (QAIP)
→ The Internal Audit Methodology
• Risk Assessment & Internal Audit Planning
•Business Process Understanding & Development of Audit Program
•Executing the Audit Program
•Developing the Internal Audit Report and Conducting the Closing Meeting
Key Takeaways
1
Learn how to compare and contrast the COSO Internal Control and ERM frameworks.
2
Develop the level of knowledge of the COSO Internal Control Framework needed to carry out internal audit roles and responsibilities.
3
Develop the skills needed to use COSO principles and practices to perform the work on audit engagements.
4
Learn how to demonstrate the use of COSO principles and practices in overall and audit engagement planning
National Association of State Boards of Accountancy
LEORON Professional Development Institute DMCC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org
Course Outline
Module 1
Recent Trends in Internal Audit
As a third line of defence the internal audit function has a fundamental role in overseeing the effective performance of the organization overall governance framework. The role of internal audit has been continuously evolving to becoming a strategic partner to the Board of Directors playing a key role in continuously improving the organizations internal control environment. Today many internal audit functions are conducting internal audit reviews that a few years back where not to be found anywhere near the internal audit plan such as auditing culture, strategy, board performance, governance, conduct etc and this is only further conformance as to what extent this function is maturing every year. However, unfortunately, till today, the true role of the Internal Audit function is either not practiced correctly by internal audit practitioners or misunderstood by many of the stakeholders that have a direct relationship with the Internal Audit function. Therefore, this program aims to focus on the strategic value of the internal audit function to enable participants not only to obtain a deeper understanding of the nature of work relating to this function but also enabling them to better promote and communicate the value add this profession has to offer. Below represents the outline for this module.
→ Internal Audit & Artificial Intelligence
→ Data analytics to add value
→ The evolving nature of the Internal Audit Profession
→ Auditing Governance, Strategy & Culture -The cornerstone of value add
→ Internal Audit Positioning in the GRC Landscape
→ The Internal Audit Definition
→ Measuring internal audit value – key challenges
→ Personal Traits of a Successful Internal Auditor
→ The consultancy landscape
→ The role of Internal Audit in Fraud Detection & Investigation
→ Engaging the Board Audit Committee through effective reporting
→ Internal Audit Key Performance Indicators
→ Using Internal Audit Software to Manage the Internal Audit Function
→ Internal Audit & Artificial Intelligence
→ Data analytics to add value
→ The evolving nature of the Internal Audit Profession
→ Auditing Governance, Strategy & Culture -The cornerstone of value add
→ Internal Audit Positioning in the GRC Landscape
→ The Internal Audit Definition
→ Measuring internal audit value – key challenges
→ Personal Traits of a Successful Internal Auditor
→ The consultancy landscape
→ The role of Internal Audit in Fraud Detection & Investigation
→ Engaging the Board Audit Committee through effective reporting
→ Internal Audit Key Performance Indicators
→ Using Internal Audit Software to Manage the Internal Audit Function
Module 2
The International Professional Practices Framework (IPPF) & The Quality Assurance & Improvement Program (QAIP)
The program is designed to provide participants with in-depth knowledge as to the core principles of designing and implementing a Quality Assurance & Improvement Program (QAIP) within the organization’s internal audit activity. The program will first provide participants with a granular overview as to the International Professional Practices Framework (IPPF) with a specific focus on standard 1300 addressing the QAIP.
→ Code of Ethics
→ Attribute Standards
→ Performance Standards
→ Assurance & Consulting Services
→ Implementation Standards
→ Practice Advisories
→ QAIP Scope
→ Evaluation of Conformance
→ Appraisal of Audit Function Effectiveness & Efficiency
→ Continuous Improvement & Value Add
→ Board of Directors Involvement
→ Code of Ethics
→ Attribute Standards
→ Performance Standards
→ Assurance & Consulting Services
→ Implementation Standards
→ Practice Advisories
→ QAIP Scope
→ Evaluation of Conformance
→ Appraisal of Audit Function Effectiveness & Efficiency
→ Continuous Improvement & Value Add
→ Board of Directors Involvement
Module 3
Risk Assessment & Internal Audit Planning
This module represents the first part of the internal audit methodology. At the end of this module, participants will be able to conduct an organizational wide macro-level risk assessment designed for internal audit planning purposes. This is a very strategic exercise in which participants will learn to use tools such as PESTEL & SWOT analysis to enable them to get a better understanding of key vulnerabilities that exist within their organizations and which represent a valuable source of input to the internal audit plan.
Applicable IIA Standards
→ 2000 – Managing the Internal Audit Activity
→ 2010 – Planning
→ 2020 – Communication and Approval
→ 2030 – Resource Management
→ 2040 – Policies and Procedures Key Topics
→ Key concepts and elements of internal audit.
→ Macro Vs. Micro level risk assessment.
→ High-level risk management concepts.
→ Key objectives of internal control.
→ Components of the COSO Framework.
→ Role of Internal Audit in Corporate Governance.
Risk Assessment & Internal Audit Planning
→ Objectives of the risk assessment process.
→ Different types of risk assessment methodologies.
→ The objective of internal audit planning.
→ Resource allocation
Applicable IIA Standards
→ 2000 – Managing the Internal Audit Activity
→ 2010 – Planning
→ 2020 – Communication and Approval
→ 2030 – Resource Management
→ 2040 – Policies and Procedures Key Topics
→ Key concepts and elements of internal audit.
→ Macro Vs. Micro level risk assessment.
→ High-level risk management concepts.
→ Key objectives of internal control.
→ Components of the COSO Framework.
→ Role of Internal Audit in Corporate Governance.
Risk Assessment & Internal Audit Planning
→ Objectives of the risk assessment process.
→ Different types of risk assessment methodologies.
→ The objective of internal audit planning.
→ Resource allocation
Module 4
Business Process Understanding
In all our internal audit courses we always send a direct and a clear message to our trainees “A flawed process understanding results in a flawed internal audit review”. Many internal auditors fall into the trap of allocating minimal time on process understanding and deep diving directly into internal control testing. This habit has severe implications such as:
→ Key controls going undetected and therefore untested.
→ Key control design deficiencies going unnoticed
→ Not identifying unmitigated process risks
→ Missing out on essential opportunities for data analytics
→ Not identifying essential areas where process effectiveness can be significantly improved. This is why we believe that this is a critical program that every internal auditor needs to attend to ensure that not only they understand the importance of this essential step in the internal audit methodology but also to enable them with key tools that will significantly enhance their process understanding capabilities. This program also addresses the final step of the internal audit methodology pertaining to communicating the internal audit results. This section of the training will enable participants to acquire the skills they require to start the long journey of continuously enhancing their communication and Internal Audit Writing skills. Below represents a detailed outline regarding the above. This program also includes a very interesting case study relating to understanding the procurement process.
→ Key controls going undetected and therefore untested.
→ Key control design deficiencies going unnoticed
→ Not identifying unmitigated process risks
→ Missing out on essential opportunities for data analytics
→ Not identifying essential areas where process effectiveness can be significantly improved. This is why we believe that this is a critical program that every internal auditor needs to attend to ensure that not only they understand the importance of this essential step in the internal audit methodology but also to enable them with key tools that will significantly enhance their process understanding capabilities. This program also addresses the final step of the internal audit methodology pertaining to communicating the internal audit results. This section of the training will enable participants to acquire the skills they require to start the long journey of continuously enhancing their communication and Internal Audit Writing skills. Below represents a detailed outline regarding the above. This program also includes a very interesting case study relating to understanding the procurement process.
Applicable IIA Standards
→ 1120 – Individual Objectivity
→ 1200 – Proficiency & Due Professional Care
→ 2200 – Engagement Planning
→ 2201 – Planning Considerations
→ 2210 – Engagement Objectives
→ 2220 – Engagement Scope
→ 2230 – Engagement Resource Allocation
→ 2240 – Engagement Work Program
→ 2300 – Performing the Engagement
→ 2310 – Identifying Information
→ Key challenges faced during the process understanding
→ Key objectives behind the process understanding
→ 1200 – Proficiency & Due Professional Care
→ 2200 – Engagement Planning
→ 2201 – Planning Considerations
→ 2210 – Engagement Objectives
→ 2220 – Engagement Scope
→ 2230 – Engagement Resource Allocation
→ 2240 – Engagement Work Program
→ 2300 – Performing the Engagement
→ 2310 – Identifying Information
→ Key challenges faced during the process understanding
→ Key objectives behind the process understanding
Planning for the Understanding
→ Obtaining Documentation & Information
→ Analysing information
→ Checking previous and other internal control reports
→ Industry analysis and research
→ Obtaining an understanding of the system functionality
→ Understanding user profiles
→ Obtaining process Key Performance Indicator
→ Analysing information
→ Checking previous and other internal control reports
→ Industry analysis and research
→ Obtaining an understanding of the system functionality
→ Understanding user profiles
→ Obtaining process Key Performance Indicator
Executing the Understanding
→ Conducing the Business Understanding meeting
→ Identifying control design deficiencies
→ Understanding is not internal control testing
→ Identifying process risks
→ Identifying process controls
→ Address audit issues during this exercise
→ Conducing the Process Walkthrough
→ Difference between the Understanding Meeting and the Process Walkthrough
→ Identifying areas that can be subject to data analytics
→ Identifying unsegregated duties
→ Identifying automated controls
→ Confirming your Understanding & Walkthrough
→ Preparing the Risk & Control Matrix
→ Identifying control design deficiencies
→ Understanding is not internal control testing
→ Identifying process risks
→ Identifying process controls
→ Address audit issues during this exercise
→ Conducing the Process Walkthrough
→ Difference between the Understanding Meeting and the Process Walkthrough
→ Identifying areas that can be subject to data analytics
→ Identifying unsegregated duties
→ Identifying automated controls
→ Confirming your Understanding & Walkthrough
→ Preparing the Risk & Control Matrix
Module 5
Internal Audit Report Writing
Applicable Internal Audit Standards
→ 2400 – Communicating Results
→ 2410 – Criteria for Communicating
→ 2420 – Quality of Communications
→ 2421 – Errors and Omissions
→ 2430 – Use of “Conducted in Conformance with the International Standards for the Professional Practice of Internal Auditing”
→ 2431 – Engagement Disclosure of Nonconformance
→ 2440 – Disseminating Results
→ 2450 – Overall Opinions
Internal Audit Report Writing
→ The Importance of the Internal Audit Report as the Departments Final Product
→ Understanding your audience
→ Report Content & Structure
→ Effective internal audit execution resulting in high quality internal audit reports
→ Internal Audit Report Content & Structure
→ Report Issuance Standards
→ Different Writing Styles
→ The Executive Summary – A Key Dimension of Successful Writing
→ Drafting a concise, clear and constructive internal audit observation.
→ Drafting an actionable internal audit recommendation
→ Using tables, graphs and charts as part of the internal audit report.
→ An image can say 1000 words
→ The tone of your Internal Audit Report
→ The Organized thought-process
→ 2400 – Communicating Results
→ 2410 – Criteria for Communicating
→ 2420 – Quality of Communications
→ 2421 – Errors and Omissions
→ 2430 – Use of “Conducted in Conformance with the International Standards for the Professional Practice of Internal Auditing”
→ 2431 – Engagement Disclosure of Nonconformance
→ 2440 – Disseminating Results
→ 2450 – Overall Opinions
Internal Audit Report Writing
→ The Importance of the Internal Audit Report as the Departments Final Product
→ Understanding your audience
→ Report Content & Structure
→ Effective internal audit execution resulting in high quality internal audit reports
→ Internal Audit Report Content & Structure
→ Report Issuance Standards
→ Different Writing Styles
→ The Executive Summary – A Key Dimension of Successful Writing
→ Drafting a concise, clear and constructive internal audit observation.
→ Drafting an actionable internal audit recommendation
→ Using tables, graphs and charts as part of the internal audit report.
→ An image can say 1000 words
→ The tone of your Internal Audit Report
→ The Organized thought-process
Who Should Attend?
This highly practical and interactive course has been specifically designed for
→ Chief audit executives,
→ Audit managers
→ Audit staff
→ Risk management staff
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FAQ
What language will the course be taught in and what level of English do I need to take part in an LEORON training program?
Most of our public courses are delivered in English language. You need to be proficient in English to be able to fully participate in the workshop and network with other delegates. For in-house courses we have the capability to train in Arabic, Dutch, German and Portuguese.
Are LEORON Public courses certified by an official body/organization?
LEORON Institute partners with 20+ international bodies and associations.We also award continuing professional development credits (CPE/PDUs) for:1. NASBA (National Association of State Boards of Accountancy) 2. Project Management Institute PDUs 3. CISI credits 4. GARP credits 5. HRCI recertification credits 6. SHRM recertification credits
What is the deadline for registering to a public course?
The deadline to register for a public course is 14 days before the course starts. Kindly note that occasionally we do accept late registrations as well, but this needs to be confirmed with the project manager of the training program or with our registration desk that can be reached at +1071 4 1075 5711 or register@leoron.com.
What does the course fee cover?
The course fee covers a premium training experience in a 5-star hotel, learning materials, lunches & refreshments, and for some courses, the certification fee and membership with the accrediting bodies.
Does LEORON give discounts?
Yes, we can provide discounts for group bookings. If you would like to discuss a discount on a corporate level, we will be happy to talk to you.
Reviews
- Review:IAMM Internal Audit Maturity ModelIn recognition of their dedication and contribution supporting IKEA Saudi Arabia in arranging training programs during 2017 & 2018, looking forward for more development and exciting effort this year. On behalf of IKEA Saudi Arabia, THANK YOU!Dalal KutbiCountry Learning & Development Manager at IKEA Saudi Arabia
- Review:Certified Professional in Quality and Patient SafetyDating back to 2014, Mobily’s “LEORON” experience has grown from a single collaboration to a long-term partnership. We consider ‘’LEORON” Institute as a strategic partner, whose contribution has been nothing but premium in equipping our staff with field-based knowledge and information. Past three years have resulted with an expanded collaboration with superior customer service and support. Best Regards,Turki S. AlsahaanDir L&D, Talent Management at Mobily, Etihad Etisalat Company
- Review:Certified Professional in Quality and Patient SafetySince the partnership was signed between BAE Systems Saudi Development & Training and LEORON in 2017, we have been working together to offer the Saudi market a complete portfolio of training solutions benefiting from the wide and extensive experience of both parties. Recognizing the great success of this partnership, we are looking for further collaborations in the future that will position both companies as one of the leading training providers in Saudi Arabia. We thank the LEORON team for their full cooperation and continuing support, and look forward to further success together in the years to come.Emad AlrajihVP, Business Winning at BAE Systems Saudi Development & Training
- Review:Certified Professional in Quality and Patient SafetyWe have been working with LEORON for the past two years and will be working with them again this upcoming year. The programs they delivered were fruitful and exciting and our organization has received positive feedback from the participants. What our organization aims to do is to provide at no cost training for all the private sector employees so that they may benefit from our offered programs in Innovation and Professional development. Leoron has helped us achieve this goal. We look forward to continuing this service and wish them the best of luck. Regards,Nasser M. Al-SubaieSr. Program Officer, Enterprise Learning & Human Development at Kuwait Foundation for the Advancemen
