Auditing Skills: Internal Audit: Fundamentals - Part 3

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Course Overview

Internal audit departments are expected to add value and improve an organisation's operations. To do so they must understand the business, carry out the work efficiently and be responsive to management's needs. Best practice in the 21 st century is for internal audit to take a risk-based approach to their work and to carry out value for money and other specialist assignments to test the efficiency of business operations. This course focuses on these areas and shows how internal audit can develop its consultancy role. Operational audit in practice is demonstrated through a focus session on auditing the supply chain.

Course Outline

THE RISK MANAGEMENT FRAMEWORK

• What is risk?
• 21 st century business risks
• Key risk concepts - risk cycle, risk mapping, impact and probability, risk registers
• Risk management -responsibilities and frameworks
• Practical ways to embed risk awareness

TAKING A 'RISK-BASED APPROACH' TO AUDITING -WHAT THIS MEANS IN PRACTICE

• An introduction to the risk management toolkit
• Loss-event databases
• Control and risk self-assessment (CRSA)
• Key risk drivers and key risk indicators
• Audit planning linked to risk
• Role of internal audit in the risk management process within an organisation

OPERATIONAL AUDITING -AN INTRODUCTION

• Operational audit definitions, types and applicable areas of the business
• The operational audit process
• Benchmarks and performance standards
• Operational auditing in practice -how to audit your supply chain

INTERNAL AUDITORS AS CONSULTANTS

• Consulting activities defined - counsel, advise, facilitate, train
• Key areas where auditors can add value
• Value for money - what it is, how to measure it and report conclusions
• Balanced scorecard - what it is and how to interpret results
• Specific assignments/investigations
• Skill set of the modern auditor
• Performance measurement

Auditing Skills: Internal Audit: Fundamentals - Part 3 / CM025422