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Planning and Managing the Audit Project - Internal Auditing Level II Training Class
Course ID: 12955
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Planning and Managing the Audit Project - Internal Auditing Level II Training Seminar
This "Senior" level program emphasizes the skills essential for the planning and administration of the entire audit assignment. As an in-charge auditor, you have assumed management as well as technical responsibilities. You need to polish the planning, administrative, and audit strategy skills. As demands are placed on organizations to be more effective and productive, the in-charge auditor needs to ensure that the audit process provides the organization with the maximum return on the investment in audit. Today's in-charge must be able to provide the maximum coverage of auditable risk areas, while minimizing the investment in audit.
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Agenda |
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Program Agenda:
Day One
The International Business Environment
This section discusses the role internal audit plays in today's business environment. We are all charged with doing more with less. You will gain a new perspective on the nature and structure of the organization, the product-decision-information cycle, and how audit fits into the new business model.
The Role and Responsibilities of Today's Internal Audit Function
The responsibility of today's audit function is two-fold; evaluate the relationship between risk and controls while focusing on shareholder's wealth. A thorough understanding of the organization's long term vision is as essential as identifying potential high risk environments. In this section, you will learn how to blend the profitability expectations of the shareholders with their demand for integrity in financial and operational reporting.
Managing The Internal Audit Project - A Risk-Based Approach
Risk management is the primary purpose of internal controls. Developing an audit approach that ensures both the successful completion of the project and the evaluation of controls is essential. In this section, learn how to ensure the audit project blends seamlessly with today's new business models and the audit is beneficial to both the organization and its stakeholders. You will learn how to manage and motivate auditors, turning negativism into positive profit-oriented recommendations.
Using Risk Assessment To Focus The Internal Audit Effort
Understanding and assessing the various risks associated with a specific process or entity is an essential for maximizing the return on the audit project. In this section, you will learn how to use a targeted risk assessment framework, understand and interpret the results as they relate to ensuring success from the audit project.
Case Exercise - Part I
In order to enhance the learning process, and to provide a structured environment to reinforce the skills learned in each section, you will work as part of an audit team, conducting an audit of a real organizational process.
Day Two
The Preliminary Survey: Planning The Audit Assignment
Planning is the key to success in any project. Understanding the critical aspects of the process being audited is essential to the success of the audit project. In this section, you will learn how to successfully plan the project, identify and overcome the roadblocks to planning, gain joint ownership of the project with operational management, and complete the planning memo.
Performing Analytical Reviews
In this section you will learn how to perform analytical reviews of financial and operational data, identifying the areas of potential audit concerns relating to controls, business risks losses, and other constraints that drain the profit potential of the organization. With these skills, the audit professional focus the audit project to gain maximum results.
The "Red Flags" of Fraud
Audit standards require the auditor be alert for the key indicators of financial crime. With the recent world-wide revelation of improper financial reporting and operational activities, auditors must be more alert than ever. This section will arm you with the tolls and techniques to identify the Red Flags of fraud, and how to modify the audit process once they have been spotted.
Case Exercise - Part II
Day Three
Effective Delegation and Time Management
Time is the enemy of all project managers. In this section, you will learn the key aspects of time management, effective delegation, and how to get results in a high-stress environment.
Designing Audit Work Programs
Delegation is as important to the success of the audit project as any other aspect. In this section, you will learn how to design audit tests and delegate the work processes to those with the essential skill sets to effectively and efficiently perform the work.
Using Statistical Sampling as an Effective Audit Tool
You will learn how to incorporate attribute and variable statistical sampling techniques such as Stop and GO, MUS, and "Z" Score. You will become proficient in evaluating the results of statistical samples and apply those results to the audit objectives
Evaluating Audit Evidence
The quality of the audit evidence gathered and documented in the audit work papers is critical. The work paper review process is as important as any aspect of the audit process. This section will give you the essential skills to ensure the quality and sufficiency of audit evidence
Writing Effective Internal Audit Reports
Effective communication is the key to financial success in any organization. The audit report is the packaging of the product developed through the audit process. In this section, you will learn the tricks to ensure that your audit reports get results!
Case Exercise - Part III |
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Audience |
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Auditors with at least one year of hands-on audit expense who need to move to the next level.
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Pre-requisites |
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Participants should have a basic knowledge of the internal audit process
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Planning and Managing the Audit Project - Internal Auditing Level II Training Course Dates and Locations
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Course ID: 12955
| Course Duration: 3 Days
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Locations: |
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