Modernising the Internal Audit Function

Description

SUITABLE FOR:

Internal Auditors, Financial Executives, Financial Auditors, Operational Auditing Executives, Quality Assurance Managers and all managers involved in overseeing financial and accounting systems.

OBJECTIVES:

By the end of the course, delegates will:

• Have a greater understanding of the Internal Audit process, from the planning stage through to the reporting stage
• Be familiar with the latest legislation within the field of auditing and the impact this has on the Internal Auditor
• Understand the implications of money laundering regulations and the Reporting Officer’s annual report for the Internal Auditor
• Have a more structured approach to project appraisal, improving project management
• Have an excellent understanding of internationally recognised best practices in auditing

SUMMARY:

Week One

• The Internal Audit: An Introduction
• The Importance of the Internal Audit
• Reviewing current practices against Audit Standards
• The performance of the current system
  • System strengths
  • Optimised solutions
• Auditing and the Companies Act
• The rights and duties of an Internal Auditor under the Companies Act
• Accounting records
• Rules of professional conduct
• Professional responsibility & liability
• Case studies
• The nature, purpose and scope of the Internal Audit
• Auditing Theory
• The process of the Internal Audit
• Planning the Internal Audit
• Audit evidence and internal controls
• Exercises
• Case Studies

Week Two

• IT and the Internal Audit
• Test of control and substantive procedures
• Sampling
• Auditing balance sheet items:
  • Stock
  • Fixed assets
  • Cash
  • Liabilities
  • Capital amount
• Exercise
• An introduction to money laundering
• Record keeping and money laundering
• The Reporting Officer’s annual report
• International legislation and regulations
• The role of the Financial Action Task Force (FATF)
• Case Studies
• Risk Management and the Internal Auditors
• Corporate Governance
• Practice Management
• Regulatory Environment
• The preparation and presentation of Audit reports