Internal Auditing And Control Best Practices Training Course

INTRODUCTION

Internal Audit and Control is a critical function within any organization, serving as an independent and objective assurance and consulting activity designed to add value and enhance an organization's operations. This function is vital in both corporate and public sectors, where internal audits play a key role in detecting and preventing fraud, testing internal controls, and monitoring compliance with company policies and government regulations. The Internal Audit & Control Best Practices course is a highly interactive program that equips participants with the knowledge and skills needed to understand the internal control environment and the roles of various stakeholders in monitoring, evaluating, and implementing internal control best practices. By mastering these concepts, participants will be able to perform internal control risk assessments that support the organization's strategic objectives, improve sustainability, and strengthen the organization's ability to face future challenges.

COURSE OBJECTIVES

By the end of this Internal Audit & Control Best Practices course, participants will be able to:

• Reinforce the key elements related to internal audit, including its scope and function within the organization.
• Understand the relationship between internal stakeholders and the various types of engagements with them.
• Distinguish between operational, compliance, and financial internal audit assignments.
• Develop an engagement process based on considerations such as objectives, scope, and risk-based internal audit engagements.
• Comprehend organizational governance, including principles, frameworks, codes, and legislation.
• Identify, analyze, and manage risks within the business environment.
• Formulate audit reports, identify reportable items, and apply effective communication methods.
• Understand organizational ethics and the role of internal auditing in fraud prevention, detection, and investigation.

DURATION

1 Week

WHO SHOULD ATTEND

This Internal Audit & Control Best Practices training course is designed for:

• Internal auditors seeking to understand their role in the audit process and update their knowledge.
• Accountants looking to comprehend the scope of audits and their role within them.
• Financial executives interested in gaining a better understanding of the regulatory audit environment.
• Supervisors and managers aiming to update and refresh their knowledge in internal audit practices.
• Public sector personnel who require a deeper understanding of the internal audit function.
• Any professional involved in preparing for or conducting audit procedures.

COURSE CONTENT

Module 1: Introduction to Internal Auditing

• Definition of internal auditing
• Roles and responsibilities of internal auditors
• Relationships of the internal auditor with the Board of Directors, Senior Management, and the Audit Committee
• Types of engagements: Assurance and Consulting
• Types of audits: Operational, Financial, and Compliance

Module 2: Engagement Process

• Developing an engagement plan: considerations, objectives, scope, and risk-based internal audit engagements
• Allocating resources for engagements
• Developing the work program
• Tools and techniques for performing engagements
• Communicating engagement results
• Evaluating the audit performed

Module 3: Organizational Governance and Risk Management

• Organizational governance principles
• Corporate governance frameworks, codes, and legislation
• Role of the Audit Committee and internal auditing
• Understanding risks and controls
• Enterprise Risk Management (ERM) methods, processes, and structures
• Relationship between internal audit and risk management
• Various risk assessment processes and methodologies
• Control frameworks and procedures

Module 4: Reporting

• Identifying and communicating reportable items
• Methods for effective reporting
• Attributes of effective reporting and key summary reporting
• Quality assurance in reporting
• Disclosing non-compliance issues
• Using the term "conducted in accordance with…"
• Obtaining sufficient evidence to form an opinion
• Follow-up processes

Module 5: Ethics and Fraud Overview

• General understanding of organizational ethics
• The role of internal auditing in promoting ethics
• Internal auditing's role in fraud prevention, detection, and investigation
• Case studies on ethics and fraud

GENERAL NOTES

• This Internal Audit & Control Best Practices course is delivered by seasoned trainers with extensive experience in internal auditing and control. The training includes practical activities, theoretical instruction, group work, and case studies.
• Participants will receive comprehensive training manuals and additional reference materials.
• Upon successful completion, participants will be 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 be conducted 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 made to our bank account before the start of training, with proof of payment sent to training@skillsforafrica.org.