FUNDAMENTALS OF INTERNAL AUDIT
Full Seminar Description
This three day seminar provides participants with a thorough review of relevant traditional audit tools and techniques as well as an in-depth introduction to operational auditing concepts. With this background in place, the course examines the elements of modern internal auditing such as flexibility, risk assessment, priority setting throughout the audit, and business solutions to auditing results. 22 CPEs. Keywords: finance, financial.
DURATION: A Three Day Tutorial on Operational Auditing Basics
SEMINAR OBJECTIVE::
In this three day seminar you will learn the concepts of traditional and operational auditing and proven tools and techniques for performing effective audits. You will gain a solid background in the basics of documenting and evaluating internal control/fieldwork techniques. Using specifically formulated case exercises, you will examine the critical elements of modern internal auditing: assessing risk, designing flexibility into the audit program, and applying audit results to solve business problems. You will come away from this session with the ability to perform more meaningful examinations, and to write clearer reports. No prior knowledge of auditing is required.
WHO SHOULD ATTEND::
Financial, operational and IS auditors with less than two years of audit experience; quality assurance personnel; data security specialists
WHAT YOU WILL LEARN::
- The Role of Internal Auditing
- internal auditing defined
- the goals and objectives of internal auditing
- what it takes to be a successful internal auditor
- adapting to a changing environment
- operational, financial, and compliance auditing: definitions and uses, similarities and differences
- leading-edge trends
- ethical responsibilities of the internal auditor
- Internal Auditing Standards
- purpose of the standards
- general standards
- specific standards
- statements on internal auditing standards
- Modern Internal Auditing
- growth from operational and compliance auditing
- the modern internal auditing process
- assessing how the system is functioning
- determining that risks and exposures are as minimal as perceived
- evaluating test data for future impact
- Analyzing Internal Controls
- a look at COSO
- elements of a system of internal control
- control techniques
- analyzing the control environment
- Risk Assessment
- planning memo
- defining risk and risk assessment
- risk assessment standards
- identifying risks
- risk assessment strategies, methodologies, factors, and trends
- using key risk indicators
- Planning and Preliminary Fieldwork
- planning memo
- objectives of the opening conference
- conducting the preliminary survey
- strategies and techniques for conducting the interview
- 25 resources to use when planning your audits
- developing an audit strategy
- Documenting Internal Controls
- cost/benefit considerations
- documenting and analyzing internal control procedures
- case studies
- Audit Programs
- characteristics and criteria
- developing test objectives
- revisions and changes during fieldwork
- case study
- Fieldwork Techniques and Applications
- sampling methodologies
- workpaper techniques
- effective time management
- elements of audit evidence
- quality assurance
- maintaining the communications link during the audit
- Effective Communications Strategies
- developing effective audit findings
- selling internal audit recommendations
- fundamentals of audit report writing
- successful report formats
- preparing for closing conferences
- following up corrective actions
- strategies for improving communications
- case study
- Information Systems Auditing
- what senior management and the board of directors expect
- using technology to increase efficiency
- integrating traditional IS audits into modern internal audits
- understanding data flows
- the impact of technology shifts on primary audit areas
