Internal Audit Techniques, Challenges and Solutions

• Identify the core elements of the International Professional Practices Framework (IPPF).
• Describe the components of the audit model.
• Identify the components of the COSO Internal Control Framework.
• Identify the requirements of annual audit planning.
• Compare the roles and responsibilities for governance including that of internal auditors.
• Identify the components of interviews and how interviewing is used within an audit.
• Describe best practices for conducting and documenting interviews.
• Identify the common forms used during process documentation.
• Identify risks and key controls during the risk assessment process.
• Apply the methods for obtaining and presenting audit evidence.
• Identify the best practices for selling audit results to stakeholders.
• Demonstrate the steps necessary to wrap up the audit after the report is issued.
• Conduct the follow-up and validation of resolutions to audit recommendations.
• Recognize the formal quality assurance standards that the internal audit function is required to follow.

CONTENT

The International Professional Practices Framework (IPPF)

• Overview of the new IPPF
• Mandatory guidance
• Applying the Code of Ethics
• Overview of the audit model

Understanding the Control Environment

• COSO Internal Control Framework
• SOX overview
• Enterprise risk management (ERM)
• COSO ERM Framework
• Commonly used internal control resources
• Definitions of risk and risk management

Audit Governance

• IIA guidance on governance
• The board, audit committee, and CAE
• Executive management and management-level committees
• Internal audit, external audit, other assurance providers, and regulators

Roles and Responsibilities

• Roles of internal auditors
• Internal audit customers and stakeholders
• Audit team roles
• Definition of integrated auditing
• Qualifications of audit team members, by level
• Mission statement, vision statement, and audit charter
• Sample internal audit organizational charts, job descriptions, audit charters, etc.

Audit Planning & Opening Conference

• Preliminary audit planning
• Your role in audit planning
• Conducting an interview
• Types of interviews and best practices for conducting interviews
• Interview practices to avoid
• Best practices for documenting interviews
• Defining audit scope and objectives, hours, resources, and key activities
• Preparing and submitting an audit planning memo
• Reviewing existing internal control documentation and assurance work
• Reviewing policies and procedures applicable to the function
• Reviewing and creating process flow documentation
• Best practices for narratives and flowcharts
• Conducting an effective audit opening conference

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.