Course description
Internal Auditing is an essential and integral function of all leading international companies. A well designed and effective internal audit system will not only provide verification and support the accounting and financial policies, procedures and controls are working adequately, it will also ensure efficient and effective processes and procedures. Internal auditing is essential to improve performance and profitability protecting both the company and its employees.
All organizations require an appropriate system of internal controls to protect itself from the growing risk of fraud.
Delegates attending this course will have the passion to set up or improve their own organisation’s internal audit function. The development, observing and continued improvement of a highly-integrated, internal audit function is essential for the continued financial success, stability and development of world-class organisations
The participants will have the learn how to develop and/or improve their existing audit function and how to monitor policies, procedures and financial transactions and assets to international standards thereby securing continued financial success, stability and growth of world-class organization.
Upcoming start dates
Suitability - Who should attend?
This Monitoring and Developing the Internal Audit FunctionCourse is designed for a wide range of professionals involved in the budget process, including, but not limited to:
- Senior and Middle Management that Communicate with the Internal Audit Department
- Audit Management and Staff Who Wish to Develop Their Audit Skills
- Financial and Non-financial Professionals Who May be Appointed to Support or Interface With an Internal Audit Committee
- Non-Financial Professionals Whose Role is Subject to Audit
- Team Managers and Supervisors
Outcome / Qualification etc.
By the end of theMonitoring and Developing the Internal Audit Function Course, participants will be able to:
- Understand the Role and Function of an Internal Audit Department
- Evaluate the Effectiveness of the Existing Internal Audit Function
- Recommend Improvements to the Existing Audit Function
- Monitor the Effectiveness of Policies, Procedures and Financial Transactions to International Standards
- Understand Audit Risk and Efficiently Plan, Control and Record an Audit Assignment
- Conduct Post-Audit Reviews and Compile Internal Control Updates for Boards of Directors
- Explore through the features and functions of Excel®
- Distinguish between data and output in spreadsheet architecture.
- Examine financial statements in order to prepare.
- Build compelling financial planning models.
- Use forecasting techniques for budget planning.
Training Course Content
Day 1
Characterising and Developing the Internal Audit Process and Establishing the Roles within the Internal Audit Dept.
- Defining, developing and creating an Internal Audit Function.
- Defining the distinctions and duties between Internal and External Auditors.
- Identifying the Internal Audit Staff Positions.
- Building up the Audit Committee Charter for a Board of Directors.
- Survey of Statements on International Auditing Standards Update and General Auditing Practice Issues.
- Recognising Internal Audit Staffing Requirements.
Day 2
Examining & Understanding the Differences between Various Types of Audits, including Risk Factors
- Operational Audits.
- Financial Audits.
- Compliance Audits.
- Fraud and Forensic Audits.
- Information Systems Audits.
- Survey of Current Year U.S. Audit Risk Alerts.
Day 3
Choosing, Procedural Planning & Commencing Internal Audit Examinations
- Creating Streamlined Processes for Conducting Internal Audit Examinations.
- Distinguishing Effective Audit Programs for the Various Types of Audits.
- Assessing and Selecting Internal Audit Methodologies.
- Notifying the Internal Auditee and Supervisors of the Internal Audit Examination and Promoting Cooperation and Assistance in Achieving Common Goals.
- Assessing Internal Controls Systems and Accessing Network and Computer Files and Folders.
- Effecting Changes to an In-Process Internal Audit Examination.
Day 4
Overseeing Internal Audit Examinations & Ensuring the Credibility for the Internal Audit Team
- Arranging the Audit Commencement Conference Meeting.
- Accumulating Relevant Documentation during the Internal Audit Process.
- Proficient Standards and Responsibilities Associated with Internal Auditing Documentation.
- Tools and Methods for Ensuring a Smooth Audit Process.
- Procedures for Ensuring Credibility for the Internal Audit Team.
Day 5
Issuing Reports, Conducting Exit Conferences & Implementing Corporate Governance Policies
- Communicating Audit Findings and Suggestions for Areas of Improvement.
- Arranging the Audit Exit Conference Meeting.
- Distributing the Final Internal Audit Report within the Organization.
- Conducting Post-Audit Reviews.
- Inside Controls Updates for Boards of Directors.
- Audit Risk Developments and Projects on the Near-Term Horizon.
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London Premier Centre
London Premier Centre is a UK leading training provider based in London and specialises in international short courses. Our inspiring, comprehensive portfolio of more than 400 professional development courses and seminars covers a wide range of professions from Administration, Leadership,...