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Internal Audit: Risk-Based Approach

$
1800.00
Register
2 days | 16 academic hours

Training objectives
Training program Day 1
Training program Day 2

Training objectives

  • To provide participants with clear understanding and comprehension of risk-based internal audit
  • To efficiently conduct IA and qualitatively inform the management about the need to make important management decisions
  • To implement automation of risk-based internal audit based on MS Excel case in practice
  • To familiarize with a best practice fraud risk mitigation approach
  • To learn the evaluation of the IA work effectiveness

Training program Day 1

  • Definition and mission of Internal Audit (IA)
  • The role of IA in improving the efficiency of business processes
  • IA Department Charter
  • Employees key competences. Evaluation of IA activities effectiveness
  • Facilitation session: discussion of indicators for IA assessment
  • “Three Lines of Defence” Model: coordination and interaction of all participants within internal control and risk management systems
  • Risk-based audit – key steps involved
  • “Introduction to risk-based internal audit” business game
  • Planning: • Risk analysis • Root cause analysis • Audit priorities determination • Annual audit plan preparation • Individual task plan preparation
IT practice case: Making a process flow diagram • Audit procedures performance • Identification and evaluation of business process controls

Training program Day 2

IT practice case: risks and controls assessment
  • Testing controls: audit procedures performance
  • Test results evaluation: effectiveness of controls
  • IA results transfer
  • Recommended format of the internal audit report
IT practice case (optional): development of recommendations
  • Follow-up process
  • Monitoring the implementation of the internal auditor’s recommendations
  • Control over the implementation of the audit engagement
  • What is fraud and why is it committed?
  • Potential fraud indicators (“red flags”)
  • Practice: discussion of indicators and “red flags” within different categories
Post-reading:
  • Sampling methods
  • Automated audit methods, Big Data analysis