Internal Auditing: A Risk Based Approach
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
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