Effective Techniques in Auditing the Finance, Treasury and Accounting Functions

By the end of the course the participant should be able to:

• The scope and the function of Internal Audit
• Internal Audit Activities and Standards
• Various Types of Internal Auditing Assignments
• Operational, compliance and financial internal audit
• Internal audit fieldwork guidelines and techniques
• Risk identification, controls identification and controls testing in Internal Audit
• Internal audit test tools
• Most Effective sampling techniques in an internal audit assignment in terms of sample size or sample selection
• Fraud and Internal auditor’s responsibility once fraud has been detected.

CONTENT

Risk and internal audit overview

• Definition of risk and Types of risk in an organization
• Functions of management: planning, organizing, implementing and controlling
• Defining internal audit
• Internal audit as a function of corporate governance
• Distinguishing internal from external auditing
• Scope of internal auditing: the internal audit charter
• Staffing the internal audit function
• Role of an audit committee.

Internal audit standards

• Attribute standards
• Performance standards.

Types of internal auditing

• Performance and Operational auditing
• Financial auditing: accounting cycles audited by the internal audit function
• Compliance auditing.

Internal audit implementation: fieldwork guidelines

• Information gathered by internal auditors
• 4 qualities of information
• Sources and nature of information
• Assessing the degree of persuasiveness
• Types of engagement procedures
• Internal audit test tools
• Observing, interviewing and examining records
• Internal audit working papers
• Best practices for managing working papers
• Retention policies
• Communicating fieldwork results and recommendations
• Legal considerations for communicating results
• Attributes of an observation or recommendation
• Disseminating results and exit meetings.

FOR WHOM

Career internal auditors who are willing to enhance their professional knowledge and understanding.

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.