Strategic Internal Auditing

Course details

Course Introduction:
The Strategic Internal Auditing course equips delegates with essential skills to enhance internal audit processes. Participants will learn to align audits with organisational strategy, identify key risk areas, and implement effective auditing techniques. Through practical exercises and expert insights, they will gain the tools needed to drive strategic value, ensure compliance, and improve organisational performance. Ideal for professionals seeking to elevate their internal auditing impact.

Course Outcomes:
Focus on critical enterprise risks and emerging risks from the audit function side
Contribute effectively to addressing ongoing organisational business management risks on an outlier basis
Link risk reporting to the organisations business objectives
Effectively use risk reporting in order to advance dialogues around risk appetite
Integrate risk reporting with performance reporting
Assess and report on whether changes in the external environment affect the critical assumptions underlying the organisations strategy

Who Should Attend:
Internal auditors and audit managers
Risk management and compliance professionals
Finance managers and controllers
Senior executives responsible for governance and compliance

Course Topics:
The Role and Function of Internal Audit

Key goals of the internal audit function
Ensuring auditor objectivity
Avoidance of conflicts of interest within auditing
Auditor skill set


Conducting Effective Audits

Identifying areas of risk
Classifying and quantifying risk areas
Developing audit and re-audit frequency in line with risk
Overview of emerging threats


Audit Structures

The audit committees role
Developing the audit charter
The external auditors role
Developing and improving best practices

Financial Crime Risks

Money laundering terrorist financing and sanctions risks
AML controls
CTF controls
Sanctions controls matches
Trade-based money laundering risks
Customer due diligence controls
Enhanced customer due diligence controls
Consideration of money laundering risks in practice evidenced by the organisation
Beneficial Ownership Transparency individuals and entities
Testing operational efficiency v. financial crime risk prevention in practice
Training and awareness programmes


Audit Report Writing

Ensuring objective comments
Ensuring use of constructive language
Financial crime compliance terms and abbreviations for internal auditors
Improvement recommendations
Continuous improvement techniques


Risk Based Auditing

Identifying areas of risk
Identifying new areas of risk
Classification and quantification of risk areas
Identifying potential interface of existing and new areas of risk
Developing audit and re audit frequency in alignment with risk
Overview of emerging and evolving threats


Audit reports Working with Stakeholders

Effective post audit de-briefing
Root cause analysis and remediation recommendations
Developing departmental action plans with stakeholders: contributing to the delivery of compliance
Managing conflict situations


Financial Crime Compliance

Record keeping procedures
Controls to identify potentially suspicious activities
Trade finance transactions
Trade processing controls by processing staff
Red flagging procedures
Pre-determined thresholds systems and controls
Escalations
Actions taken by senior management
Evidence and awareness of senior management evidencing how crime risks evolve in organisational type of business


Engaging with the Audit Structure

Making effective recommendations and business cases
Presenting information effectively
OSCOLA (Oxford University Standard for the Citation of Legal Authorities) for internal auditors
Contributing meaningfully to the development of the long term audit strategy
Upgrading the profile of internal audit within the organisation