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Training Course Summary:

Internal auditing is defined by The Institute of Internal Auditors as ‘an independent, objective assurance and consulting activity designed to add value and improve an organisation’s operations.’ This course provides a comprehensive introduction to internal audit, focusing on the key concepts and practical issues at the start of the 21st century. It is designed for those new to internal audit or those who require a formal introduction to effective internal audit methodology.

Training Course Overview/Content:

INTERNAL AUDIT FRAMEWORK
Audit definitions, development and types
Role and scope of internal audit
International auditing standards and quality assurance frameworks
Key concepts discussed (1) - objectivity, independence, assurance and consulting
Internal audit reporting lines and the role of the audit committee


PROFESSIONAL PLANNING FOR EFFECTIVE AUDITS

Terms of reference and the audit charter
Key concepts discussed (2) - control, risk, evidence and materiality
The strategic audit plan
The audit department and required competencies
Audit documentation
THE AUDIT PROCESS

The audit assignment plan
Evidence – different types and what is meant by ‘sufficient, relevant and reliable’ evidence
Key practical issues (1) - how to conduct an audit interview
Audit testing, sampling and verification
Fact recording
EFFECTIVE AUDIT DELIVERY

Who are the clients and stakeholders?
The importance of agreeing the assignment brief
Key practical issues (2) - how to report the results of the audit
Post-audit follow-up
Quality evaluation process