Developing Results-Driven Audit Work Programs

• Gain an understanding of the role of the Audit Work Program
• Become familiar with Standards-based Requirements for Audit Work Programs
• Strengthen one’s skills in developing audit steps and audit work programs
• Understanding how Checklists and Internal Control Questionnaires can be used

CONTENT                                                              

Setting the Stage: The Role of Audit

• Defining audit evidence
• Impact of audit evidence on audit risk
• Requirements from auditing standards
• Audit charter
• Compliance
• Audit work plan vs. audit checklist

Audit Development Cycle

• Closing the Loop Process

Planning—Understanding the Business

• Identifying and understanding business objectives
• Document review
• Understanding the business processes
• Documenting business processes

Planning—Scope

• SIPOC
• Defining scope—what’s in and what’s out
• Setting expectations with Management
• Scope statements

Interviews

• Information gathering and fact finding
• Establishing rapport
• Whom to interview
• Interviewing approaches and styles
• Questioning styles and approaches
• Conducting the interview
• Interviewing rules and best practices
• Communication barriers

Engagement Risk Assessments

• Understanding risk
• Types of risks—operational/financial/reputational/regulatory
• Identifying risk
• Evaluating risk
• Prioritizing risk

Identification of Controls

• Types of controls
• Control objectives
• Entity-level controls
• Activity-level controls
• Evaluating controls: design vs. operating effectiveness

Documenting Processes and Controls

• Narratives
• Flowcharts and process flows
• Walkthroughs

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.