034 – Effective Risk- Based Internal Auditing

Date: Jul 5 – 16, 2021 | Oct 18 – 29, 2021
Location: Houston, Texas USA
CEUs: 6.0

Registration Discount: $8,400 – You must Register 60 days in advance and payment must be Paid In Full 30 days prior to the start of class.

Course Overview

This course is designed to explore the methods and techniques for developing internal audit plans, conducting risk-based internal audits (RBIA) and providing recommendations for corrective action and improvements. Students learn to develop process audit skills and write effective audit reports that improves long-term results for the company. The primary focus is on how RBIA requires internal audits to be strategically and operationally linked to the business risk and assurance frameworks.
Our goal is to provide a highly interactive, progressive and hands-on professional development environment where participants discuss and address how internal audits add value by providing assurances that the risk management framework, processes, controls and outcomes are maximized. We will do this by bringing forth various issues that impact the effectiveness and maturity of risk management within the organization in order to determine how internal auditors approach their planning and assignments.

Target Audience

Auditors, IA Managers, Project and Contract Managers, HR Managers, Field Managers, Operation Supervisors, Regulators, Key Technical Staff, and others needing a broader understanding of the finance and the auditing process
Learning Outcomes:

After completing this course, participants will be able to:
• Prepare and implement IA Audit plans and reports
• Illustrate how to use audit checklist and follow the audit trail
• Understand and utilize techniques for managing internal controls and auditing contracts
• Assess the impact of risk and prepare a risk model to use in their real world work environment
• Identify competencies needed and challenges faced by IA departments

Course Outline

MODULE 1: Internal Audits: Planning and Purpose
• Why Internal Audits
• The Internal Auditor’s Proactive Role
• Internal Audit Primary Mission – Four Orientations
• Differences between Internal/External Audits
Experiential Exercise: The IIA Global Internal Audit Competency Framework

MODULE 2: Assessing Risk in Audit Planning
• The Risk Model
• Assessing Risk
• The Audit Risk Universe
• Identifying Unit-level Information Systems Risks
• Responding to Info Security Incidents

MODULE 3: The Audit Plan and Report
• Contents of the Audit Plan
• Internal Audit Terms of Reference (TOR)
• Key Concerns from a Financial Management Viewpoint
• Contents of the Audit Report
• Audit Checklist
Experiential Exercise: Preparing an Audit Plan

MODULE 4: Internal Controls
• What are Internal Controls
• Internal Controls – Myths and Facts
• Internal Control Practices
• The Internal Control Structure

MODULE 5: The Role of the Internal Audit Department
• Top 5 Areas of Focus
• Develop and Communicate the Plan
• Auditable Entities
• Investigating Fraud, Misconduct, and Whistleblowers
• Taking Preventative Measures

MODULE 6: Contract Auditing
• Why Audit Contracts
• Contracting Activities
• Contract Performance
• Completion and Close Out
• Findings and Results

MODULE 7: Internal Audit Best Practices
• Improving the Risk Assessment Process
• The Flexible Audit Approach
• Challenges of Audit Reporting
• Quality Assurance and Quality Management Systems
• Building Effective Audit Committee Relationships
In Practice Case Study

Tuition: $8,600