Internal Auditing: A Risk Based Approach

by Wayne Bartlett
access120 days access
cpd hours4 CPD hours

This course will enable you to:

  • Identify the key elements of internal audit and the associated standards
  • Plan and execute an internal audit assignment and design an audit programme
  • Understand the responsibilities of the internal auditor with regards to fraud and how to identify fraud
  • Report on an internal audit assignment and the key factors to consider when sharing these

Internal audits play a crucial role in managing an organisation's risks and mitigating these to avoid disastrous consequences. But what makes an effective internal audit function and how can you make this work in your organisation?

In this course you will discover the key principles and standards associated with internal audits, along with how to identify and act on fraud. Learn about how to plan, execute, and report on internal audit assignments and the key factors to consider at each stage.

The key elements of internal audit

  • The role of the internal audit
  • Internal audit standards
  • 'Risk-based' internal auditing
  • Strategic and annual planning
  • The impact of internal audits
  • Risk management frameworks
  • The role of the internal audit charter
  • Ethics and professional development
  • The rules of internal auditing

Planning an internal audit assignment

  • A general approach to planning
  • The importance of a well-defined objective
  • Internal vs external
  • Undertaking a preliminary assessment
  • Designing audit programmes
  • Internal and external audit cooperation
  • Resourcing an assignment
  • Planning, objectives, and resources

Executing an internal audit assignment

  • Supervising assignments
  • Collecting information
  • Analysis and evaluation and how one feeds the other
  • Applying considerations and documenting results
  • Fraud and internal audits
  • Fraud and the responsibilities of the internal auditor

Reporting on an internal audit assignment

  • The key elements of an internal audit report
  • Getting Reporting Right
  • Recommendations are key
  • Finalising and sharing reports
  • Following up: a crucial stage

Dr Wayne Bartlett specialises in public sector financial management and budgeting and has worked as a consultant and lecturer throughout the world. After 7 years in the NHS in the UK, he joined the Home Office as Head of Accountancy Advice. He has worked closely with a number of Supreme Audit Institutions and has become an expert of the implementation of international accounting standards.

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ACCA partner with to provide high quality CPD for members. As an ACCA member, you are required to complete at least 40 relevant units of CPD each year, where one unit is equal to one hour. 21 units must be verifiable; the other 19 can be non-verifiable.

Verifiable CPD
Your course counts as verifiable CPD, if you can answer "yes" to these questions:

  1. Was the learning activity relevant to your career?
  2. Can you explain how you will apply the learning in the workplace?

You select courses that meet these criteria, and as you complete each course you get a CPD certificate so you can provide ACCA with the evidence that you undertook the learning activity.