Registrations

Date/Time
Date(s) - 04/04/2021 - 07/04/2021
9:00 am - 1:00 pm

Location

About this course:

Course Introduction

The purpose of this very unique course is to use workshop discussions to analyze further the challenges that the CAE’s are facing in setting up cutting-edge auditing processes in their departments in accordance to best practices and the IIA.

 

Course Objective

Enrichment of knowledge: The scope for the course is to assist the participants to understand the needs and best practices for maintaining a Cutting-Edged IAD. All challenges will be discussed openly by all participating delegates coming from various backgrounds and industries.

Updating of skills: During the course via the use of short presentations and the related workshop talks the CAE’s will be discussing, analysing and given directions to achieving a top-notch internal audit department/process.

 

Course Schedule

• Day 1: 09:00 – 13:00
• Day 2: 09:00 – 13:00
• Day 3: 09:00 – 13:00
• Day 4: 09:00 – 13:00

 

Who Should Attend

This is targeted to the upper level of management of an internal audit department.

• Heads of Internal Audit (CAE)
• Audit Managers and those about to be appointed to that role
• Audit supervisors
• Managers of other assurance functions such as Compliance or
• Quality Assurance
• Directors or VP’s who need to know about the modern IA role

 

Course Outline

The Modern Internal Auditor

       A. Classical V’s Modern Internal Auditor

• How the IA profession has changed
• The transition from a Systems-based Approach to Risk based Auditing
• Risk and Internal Audit complementing each other
• E&Y and Protiviti survey results
• ECIIA research paper – making the most of the IA function
• Customer complaints / employee complaints?
• Whistle Blowing policy?

       B. Facing those challenges head on!

• CAE’s other roles beyond Internal Auditing (risk management and compliance – independence and objectivity)

• Assurance services Vs Consulting services
• Developing the Risk-Based Audit Plan
• Quality Assurance audit of the IAD
• Board / AC communication
• Relationship between the IAD & RM
• Close monitoring of the effectiveness of the IAD using the WIP report
• Ensure that the strategies of the IAD are aligned with the company’s strategies

       C. Corporate Governance:

• Introduction to Corporate governance
• CEO Vs Chairman of the Board – roles and segregation of duties
• The three-way evaluation of the Board (sample templates will be provided)
• Board Committees and their structures
• Frequency of their meetings
• The relationship of the CAE with the Audit Committee
• The reporting lines of the CAE
• Role in Fraud and Fraud prevention
• Effectiveness assessment of the internal control environment by the AC
• Reporting of the AC Chairman to the Board
• AC and the relationships between the IA and the EA
• Educating the AC!

 

A fully functional IAD

       D. IIA – Bench marking your Internal Audit department

• IAD stakeholders and their expectations
• Is the IAD exceeding these expectations?
• Do you obtain written feedback from your customers? if yes, bravo! If not, Why not?
• Assessment of the effectiveness of the risk management process.
• Assist the Risk manager to embed the risk culture in the organization. How?
• Is the IAD’s employees aware what is “RISK?”
• IAD is aware of its own reputational risk?
• Reputation is the best asset but at the same time it can become its biggest nightmare!

       E. Enhancing the existing internal audit team

• Criteria for Recruitment process in the IAD:
  • What is your long-term strategy in building your IAD team?
  • When recruiting you look both internally and externally if no, why not?
  • Specialized knowledge?
  • Do you co-source? Do you outsource? or do have it fully internally?
  • When you consider recruitment what factors do you consider?
    • Professional or not qualifications?
    • Experience in the same industry or not?
    • Competent internal auditor?
    • Communication skills? Etc.
    • Leaders versus doers’ mix?
  • Use of coaching? Teambuilding? Leadership? Training?
  • How often do you perform appraisals on your staff? After every audit?
  • Succession planning in the IAD?

       F. IIA – Internal Audit cutting-edge methodology

• IAD Charter
• IIA standards
• Policies & procedures manual of the IAD
• Code of Ethics
• Internal controls – hard and soft controls
• The three lines of defense fully analysed and discussed
• ACFE – Report to the Nations 2018 discussed
• Risk management from an internal audit perspective up to and including the risk-based audit plan
• Risk based internal audit methodology
• Writing a Risk based internal audit Report:
  • Do’s and Don’ts of an IA report
  • Full analysis of a risk-based IA report (template will be provided to delegates)
  • The three reports into one:
    • Executive summary
    • Detailed report
    • Report for Risk manager

 

       G. Continuous monitoring

• Why continuous monitoring?
• Who is responsible for continuous monitoring?
• Continuous assurance – new guidance 2320-4
• Continuous auditing and continuous monitoring
• CAAT’s V’s CAATT’s
• The use of CAATT’s for continuous auditing
• Continuous risk assessment techniques
• Examples of continuous auditing

 

Thinking Out of The Box

 

       H. The applicability of the “Three Lines of Defense Model” and avoiding work duplication

• Third line Vs Second line i.e. Internal Audit, Compliance, Risk Management, AML, Security.
• The relationship between the risk register and the internal audit reports.
• Assisting the Risk manager to update the risk register with your findings.
• Environmental and Social audits where applicable
• First audit of the year should always be, without failure, the Approved Risk Register of the company.
• The organizations Business Continuity Plan (BCP &DR) has it been audited?

       I. The challenges of the consultancy role

• The IIA standards
• Why consultancy should be encouraged
• The difference in approach
• How to document these assignments
• Reporting consultancy assignments Audit by workshop
• Facilitation –do’s and don’ts

      J. Fraud Investigations

• Internal Audit Vs Fraud Investigations
• Additional skills required to perform a professional and competent investigation:
  • Interviewing skills
  • Observation skills
  • Body language skills
  • Financial knowledge
  • Custody of evidence

      K. Communication challenges

• The Art of a Zen Presentation:
  • Techniques and skills required to prepare an effective presentation
  • Skills needed to deliver a successful presentation
• Presentation to the AC of the report finding

 

CPE Credits: 16

Level: Intermediate – Advanced

Field of Study: Auditing

Advance Preparation: None

Delivery Format: Online

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