Effective Internal Audit Seminar

INTRODUCTION

Internal Audit provides numerous essential services to an organization's management, including detecting and preventing fraud, testing internal controls, and monitoring compliance with policies, procedures, and regulations. These services are crucial for maintaining the integrity and efficiency of an organization's operations. By employing a systematic, disciplined approach, Internal Audit helps organizations achieve their objectives by evaluating and improving the effectiveness of risk management, control, and governance processes. Our Effective Internal Audit Seminar is meticulously designed to equip participants with the knowledge and skills necessary to enhance the internal audit function within their organizations.

This extensive training program on Effective Internal Audit covers the scope, roles, and importance of internal audit, addressing each aspect thoroughly. Participants will gain a deep understanding of the various types of internal auditing assignments, including operational, compliance, and financial audits. They will also learn about internal audit standards, fieldwork guidelines, risk identification, control testing, and the use of internal audit test tools. Moreover, this seminar delves into the responsibilities of internal auditors in detecting and addressing fraud, highlighting the critical role of internal audit in safeguarding an organization's assets and reputation. By integrating practical activities, theory, group work, and real-world case studies, this program ensures that participants are well-prepared to tackle the challenges of internal auditing in today's dynamic business environment. Whether you are an aspiring auditor, a finance professional seeking to expand your expertise, or a career internal auditor looking to enhance your skills, this seminar will provide you with valuable insights and practical techniques to excel in the field of internal auditing. Join us to develop a systematic, disciplined approach to evaluating and improving the effectiveness of your organization's risk management, control, and governance processes.

Course Objectives

By the end of this Effective Internal Audit seminar, participants will be able to:

• Understand the scope and function of Internal Audit.
• Apply internal audit standards and activities.
• Differentiate various types of internal auditing assignments.
• Conduct operational, compliance, and financial audits.
• Implement internal audit fieldwork guidelines and techniques.
• Identify risks, controls, and perform controls testing.
• Utilize effective internal audit test tools.
• Apply sampling techniques in internal audit assignments.
• Address fraud detection and understand the internal auditor's responsibility.

Duration

5 Days

Who Should Attend

This training course on Effective Internal Audit is ideal for:

• Individuals with an educational background in internal auditing who wish to pursue a career in the field.
• Junior or aspiring auditors seeking a deeper understanding of the internal audit function.
• Finance professionals looking to gain insights into internal auditing.
• Career internal auditors aiming to enhance their professional knowledge and skills.

Course Content

Risk and Internal Audit Overview

• Definition and types of risk in an organization.
• Functions of management: Planning, organizing, implementing, and controlling.
• Defining internal audit and its role in corporate governance.
• Differences between internal and external auditing.
• Scope of internal auditing: The internal audit charter.
• Staffing the internal audit function and the 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 gathering by internal auditors.
• Four qualities of information.
• Sources and nature of information.
• Assessing the persuasiveness of information.
• Types of engagement procedures.
• Internal audit test tools.
• Observing, interviewing, and examining records.
• Managing internal audit working papers.
• Best practices for managing and retaining working papers.
• Communicating fieldwork results and recommendations.
• Legal considerations for communicating results.
• Attributes of an observation or recommendation.
• Disseminating results and conducting exit meetings.

The Fieldwork: Risk-Based Auditing

• Defining management assertions.
• Risk assessment process. 
  • Reasons for risk-based audit planning.
  • Evaluating risks and techniques to identify auditable units.
  • Criteria for selecting auditable units.
  • Scoring and weighing risks.
  • Prioritizing risks and developing an audit plan.
  • Methods to generate a list of risks.
• Identifying entity-level controls to mitigate risks. 
  • Broad definition of types of controls.
  • Essential components of an effective internal control system: COSO model.
  • Criteria for an unsatisfactory rating for control components.
  • Methods to generate a list of controls.
  • Insights on flowcharting for understanding cycles and controls.
• Testing internal controls. 
  • Design and implementation of an internal control.
  • Operating effectiveness of an internal control.
• Tips and tools for audit sampling.

Fraud

• Definition and characteristics of fraud.
• Internal auditor's role in fraud detection.

General Notes

• This course is delivered by seasoned trainers with vast experience as expert professionals in their respective fields. It combines practical activities, theory, group work, and case studies.
• Participants receive comprehensive training manuals and additional reference materials.
• Upon successful completion, participants are awarded a certificate.
• Customized training courses can be arranged to meet specific organizational needs. Contact us at training@skillsforafrica.org for more information.
• The training will take place at the SKILLS FOR AFRICA TRAINING INSTITUTE in Nairobi, Kenya.
• The training fee covers tuition, materials, lunch, and the training venue. Accommodation and airport transfers can be arranged upon request.
• Payment should be sent to our bank account before the start of training, with proof of payment sent to training@skillsforafrica.org.