With businesses under closer scrutiny, it's more important than ever that your company's internal auditing meets standards requirements. This seminar will help you ensure that your company's internal auditing systems fully comply with these standards. More than that, however, this seminar goes beyond the boundaries of accounting to provide real insight into the managerial, political and technical dynamics of internal auditing.

Course Objectives

By the end of this program, participants will be able to:

  • Define internal auditing and internal control
  • Identify "high-risk" processes—and build control systems that mitigate the risk
  • Develop control-based internal auditing recommendations that truly help management meet tactical and strategic objectives
  • Focus on the Investment in Internal Audit
  • Document and Evaluate Internal Control Systems
  • Audit Evidence and Audit Sampling

Course Outline

Internal Auditing and the International Business Environment

  • Define Internal Auditing
  • Identify the Components of an Effective Internal Audit Function
  • Define Management Responsibilities of an Internal Audit Function
  • Discuss the Similarities and Differences Between Internal Auditing and External Auditing
  • Define the Various Types of Internal Audits

The Road Map to Effective Internal Audits

  • Discuss the Principles of Effective Audits
  • Define Alpha and Beta Audit Risk
  • Perform Compliance, Substantive, and Operational Tests
  • Calculate Audit Risk
  • Define the Relationship Between the Internal and Control Environment and Audit Testing

Focusing the Investment in Internal Audit

  • Relate the Concept of Internal Audit Strategies to the Audit Planning Process
  • Develop a Long-Term Audit Plan for the Internal Audit Department Using Internal Control-Based Risk Assessment
  • Design the Audit Plan and Prepare an Audit Planning Memorandum for an Inpidual Internal Audit Project Assignment

Documenting and Evaluating Internal Control Systems

  • Understand the Work Process
  • Document the Work Process
  • Develop Process Flow Diagrams and Process Maps
  • Complete the Audit Internal Controls Documentation Matrix
  • Finalize the Audit Objectives

Audit Evidence and Audit Sampling

  • Discuss the Basic Concepts of Audit Evidence, and Their Impact on the Development of Audit Work papers
  • Document Analytical Reviews
  • Test and Gather Audit Evidence
  • Complete and Document Compliance and Substantive Tests
  • Select the Appropriate Testing Method
  • Discuss Statistical Sampling Techniques
  • Determine the Objectives of the Sampling Plan
  • Develop the Sampling Plan
  • Apply Attribute Sampling Techniques
  • Extrapolate the Sample Results
  • Ensure That Audit Work papers Support Audit Conclusions and Recommendations

Planning and Conducting Successful Audit Interviews

  • Plan Interviews
  • Discuss a Framework for Planning, Conducting and Evaluating the Results of Interviews
  • Overcome Resistance
  • Manage Conflict with Management
  • Listen Effectively
  • Talk Effectively in a Non-Threatening Environment
  • Get to "Yes"
  • Understand the Nature of Confidentiality of Information.

Knowledge

The adage that “knowledge” is power holds very true in this industry. In order to maximize results we are constantly updating and upgrading ourselves. This commitment to ongoing skills development is one of the reasons we are success, the belief that there is a “better way to do things” is what motivates us each and every day. By aligning with us you are going to benefit from our years of expertise in real world scenarios. Classroom learning is great but there is no substitute to real world experience which is what we are bringing to the table.

Quality

Billionaire investor Warren Buffett said “price is what you pay but quality is what you get” and that expression is very true. With use we understand that your time is very valuable and you only want the best and most current industry related knowledge which is what we bring to the table.  Instead of giving you massive amounts of inaccurate or outdated information you get precisely what you want, the most current knowledge so you can make truly informed decisions that will directly impact productivity and your bottom line. When results are what you are looking for then the choice is clear, we are your partners in success.

Innovation

Technology has revolutionized the way knowledge is disseminated in throughout the world, what use to take months or even years to reach the masses can be done in a few hours ! In order to remain relevant and viable we need to embrace innovations. The challenge with innovation is knowing when to implement it and what type of return you can expect from it. Instead of risking your time and resources we have the answers for you, Since we are at the vanguard of the industry whenever there is a fruitful innovation we will be there providing you with the information needed to make the right decision.

Respect

We understand you may have unique need so we provide a tailored made (bespoke for our U.K. friends) approach that will address your questions in the most conducive manner possible.  Respect to us means putting your interests, your needs at the forefront of our mind. You will see how genuine we are and that you not just “some customer” you are our partner in success just as much as we are your partner in success. We firmly believe in the “golden rule”, treat others with graciousness, courtesy and respect.  Come experience the difference that quality and respect makes and you will truly be amazed.

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