Auditing Skills: Internal Audit: Fundamentals - Part 1

Course Overview

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 21 st century. It is designed for those new to internal audit or those who require a formal introduction to effective internal audit methodology.

Course Outline

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

Auditing Skills: Internal Audit: Fundamentals - Part 1 / CM025420