Fundamentals Of Internal Auditing

In this three-day seminar you will learn the concepts of traditional and operational auditing and gain proven tools and techniques for performing effective audits.

You will gain a solid background in the basics of documenting and evaluating internal control/fieldwork techniques. Using specifically formulated case exercises, you will examine the critical elements of internal auditing: assessing risk, flowcharting, designing flexibility into the audit program, performing the audit and applying audit results to solve business problems.

You also will focus on and put into practice the communications skills associated with internal auditing: conferencing with customers, writing audit findings, and selling audit recommendations.

Bonus: You will receive copies of the Standards for the Professional Practice, invaluable sample documents you can use as models for your own drafts, the COSO overview, and complete text of the Sarbanes-Oxley Act of 2002.

Agenda

1. Internal Auditing

• IA department sample charter
  
• the role of the internal audit department
  
• attribute standards
  
• leading-edge trends in IA
  
• what makes an effective internal audit department
  
• differences between an internal and an external auditor
  
• events that have helped create growth in IA
  
• the Foreign Corrupt Practices Act
  
• COSO
  
• Federal Sentencing Guidelines
  
• Sarbanes-Oxley
  
• fraudulent financial reporting
  
• internal audit department sample statement of purpose

2. Contemporary Internal Auditing

• types of internal audits
  
• economy, efficiency and effectiveness
  
• operational vs. financial auditing
  
• benefits of operational auditing
  
• steps in the internal audit process: an overview

3. Planning and Preliminary Fieldwork

• performance standard for planning the audit
  
• the planning memo
  
• notifying the client
  
• opening conferences
  
• case study
  
• 3 phases on an audit plan
  
• the importance of preliminary work
  
• risk control matrices
  
• 25 planning resources
  
• performance standard for corporate governance

4. Documenting Internal Controls

• evaluating and documenting the system of internal controls
  
• performance standard for controls
  
• control points
  
• cost/benefit considerations
  
• types of controls
  
• the control environment
  
• methods of documenting internal controls
  
• internal control questionnaire
  
• flowcharts
  
• flowcharting symbols
  
• case study

5. Audit Programs

• performance standard for engagement objectives and scope
  
• performance standard for developing the audit program
  
• the audit program as guide
  
• criteria for audit programs
  
• audit objective
  
• audit scope
  
• audit test steps
  
• sample audit program
  
• case study

6. Fieldwork Techniques

• performance standard for fieldwork
  
• audit evidence
  
• handling sensitive evidence

7. Audit Findings

• performance standards for communicating results and monitoring progress
  
• attributes of audit findings
  
• selling your audit findings
  
• template for audit findings
  
• case study

8. Workpapers

• performance standards for recording information and engagement supervision
  
• purpose of audit workpapers
  
• workpaper techniques
  
• electronic workpapers
  
• workpaper templates
  
• tick marks
  
• sample audit workpaper
  
• performance standard for quality assurance and compliance

9. Audit Reports

• fundamentals of audit reports
  
• selling your report
  
• recommendation options
  
• strategies for issuing timely reports

10. Effective Audit Communications

• understanding patterns of communications
  
• possible barriers to overcome in the interview
  
• diffusing the difficult interview
  
• interview strategies
  
• do’s and don’ts of effective interviewing
  
• closing conferences
  
• 75 strategies for conducting effective closing conferences
  
• case study part IV

11. Sampling

• audit testing
  
• sampling terminology and methodologies
  
• sampling for SOX

12. Risk Assessment Strategies

• selecting the client
  
• notifying the client
  
• determining risk
  
• performance standard for determining risk
  
• effects of risk
  
• identifying auditable activities
  
• risk criteria
  
• trends in risk assessment
  
• 80 risk assessment factors
  
• risk assessment: another way

Prerequisite: None
Learning Level: Basic
Field: Auditing

Dates & Times

Classes start on the date(s) posted herein, and run from 8:30am to 5pm daily, except for the last day of class, which ends at 1pm.

Testimonial

“Great class! I have learned so much being new to the audit world. Cannot imagine doing my job effectively without this course.”
~ Shakeya McDow, Risk Advisory Specialist, Brinker International

For our Internal Auditing 101 seminar held in Arlington, VA, click HERE