Internal Control Principles and Practice

Internal control is an important requirement for effective corporate governance. The internal auditor is at the front line in evaluating management’s internal control, assessing the accuracy of financial information and ensuring compliance with laws and regulations. Learn how to perform these important duties and comply with the professional auditing standards.

CONTENT

*Overview of Internal Control

· Myths about Auditing

· What is Internal Auditing?

· What is Internal Control?

· How can Auditors Manage Risk?

· Accounting vs Auditing

*Internal vs External Auditing

· Responsibilities

· Financial Audits

· Materiality and Misstatements

· Financial Statement Assertions

*Planning the Audit and Assessing Audit Risk

· Internal Control “Life Cycle”

· Internal control “Risk Assessment”

· Money in and Money out

· Planning the Individual Audit

· Audit Procedures

*Conducting the Audit

· Document the Exception and Findings

· Documents in the Audit Reporting Process

· Audit Exit Meeting

· Building Report

*Using Audit Software

· Data Analysis

· Audit Management

· Flowcharting

· Risk management

. Reporting and Content Management

FOR WHOM:

All Internal Auditors and Risk Managers in the Public and Private Sectors.

TRAINING METHODOLOGY

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.