Course Outline
Module 1 - Fundamentals of Internal Auditing
Day One: Internal Audit in the Context of Corporate Governance
- Corporate Governance; Definition, Concept, Rules, Principles
- What are the obstacles and barriers to implement effective governance?
- The Risk, Compliance & Internal Audit Triangle
- Role of Audit Committee in checking audit notes (internal/external) among Board’s important committees’ roles and responsibilities
- Using internal and external audit standards to audit Governance activities
- Key components, practices and activities to audit processes and relations by which corporations are controlled and governed
Day Two: Fundamentals and Basics of Audit; Evolution of Auditing towards Risk-Based Auditing
- Definition and objectives of internal audit with understanding of Internal Audit Methodology
- Auditors Tools, Techniques, roles and responsibilities
- Report results of the audit via Field Memorandum
- The transition from system-based to risk-based internal auditing
- Risk-Based Audit Approach and Risk-Based Audit Methodology
- How and why audit units move into risk-based audit programs
Day Three: Preparing and Executing a Successful Risk-Based Audit Plan
- Developing risk-based audit plan
- Preparation of a clear plan to be approved by Audit Committee
- Efficiency in the non-recurrence of Audit Notes
- Identification and classification of audit risk
- Writing Audit Report; how to impress reader and how to address challenges
- How to structure effective audit report
Day Four: Relationship Between Internal Audit & Risk Management
- Fundamental Concepts of Enterprise Risk Management
- Identifying different types of Risk Taxonomies
- Risk Control Self-Assessment (RCSA)
- What is operational risk management framework?
- Definition and objectives of internal controls; roles and responsibilities
- Latest trend in Auditing: Auditing the Control Environment
Day Five: The Evolution of Compliance Towards Risk-Based Compliance
- What is risk-based Compliance?
- What are the roles and responsibilities of the Compliance Head?
- International Standards for Anti-Money Laundering / Combatting Terrorism Financing (AML/CTF)
- Money Laundering Threats and Methods
- Terrorist Financing Threats and Methods
- International Case Study: HSBC in USA and Mexico - Case Study on Money Laundering Threats and Methods
Module 2 - Report Writing and Communication Skills for Auditors
Day Six: Audit Reports – Your Shop Window
- The challenges of audit reporting
- The main problems with audit reports
- The need to create impact
- Analysis of 4 actual reports
- Evaluation of your own reports – using a proven method
- The Executive summary
Day Seven: Best Practice Audit Reports
- The psychology of audit reports
- Writing reports with impact
- The need to make reports more positive
- How to simplify the content
- Highlighting the issues that really matter
- Improving the review process
Day Eight: Keeping the Report as Simple as Possible
- The main report
- Writing a clear, concise report
- Forming and expressing the audit opinion
- Recommendations and action plans
- Finalising the report
- The need for follow-up – should this be carried by IA?
Day Nine: Effective Communication – the Key Audit Goal
- The challenges for auditors
- The characteristics of effective communication
- The impact on productivity of clear communication
- Interpersonal skills for auditors
- Influencing
- The power of senior management and stakeholder engagement
Day Ten: Negotiation and Listening
- The power of Effective negotiation
- Negotiating during each audit phase
- The need for win-win solutions
- Listening - the most important audit skill?
- Types of listening and the importance for IA
- Time Management
The Certificate
- COPEX Certificate of Attendance will be provided to delegates who attend and complete the course
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