Skills of Auditing and Internal Control

Course details

Overview
In today's dynamic business landscape the need for robust internal audit practices has never been more important. This course is designed to provide a thorough understanding of the fundamental principles practices and techniques involved in internal auditing. We will explore the core components of the internal audit function and delve into the management responsibilities that underpin a successful audit program. One of the critical pillars of internal auditing is the meticulous documentation and evaluation of internal control systems. This course will teach the techniques to document work processes develop process flow diagrams and prepare internal controls documentation matrices. Also we will make sure you have the essential skills to plan and conduct successful audit interviews enabling effective communication and conflict management with management while respecting the confidentiality of information. By the end of this course you will possess a comprehensive toolkit to perform internal audits with precision integrity and efficacy. Whether you are an aspiring internal auditor a seasoned professional or a stakeholder seeking to better understand the internal audit function this course will empower you to contribute significantly to your organisation's overall governance and risk management framework.

Objective
By the end of this programparticipants 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 effectively 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.

Who Should Attend
Accountants, Internal Auditors, controllers and financial managers, New staff accountants and individuals responsible for safeguarding company assets.

Course Outlines
Internal Auditing
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 Individual 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.
Manage Conflict with Management.
Listen Effectively.
Talk effectively in a Non-Threatening Environment.
Understand the Nature of Confidentiality of Information.