Strengthening Internal Control & Risk Management Training

Course Preamble.

This interactive workshop will equip delegates with skills in internal auditing within the context of World Bank

funded projects. Delegates will learn how to plan, conduct, and report audits that ensure transparency, value-for-money, and full compliance with World Bank financial management guidelines, procurement regulations, and project implementation standards.

Broad Course Objective.

To internalize how to create and use progressive system and data centric audit tools and techniques for performing continuous auditing that will enable your organization to be in full compliance with the requirements, policy and procedures of World Bank-Funded Projects.

Expected Learning Outcomes

By the end of the course delegates will be able to:

• Plan and prepare internal audits tailored to World Bank project requirements.
• Apply World Bank audit standards and project compliance frameworks.
• Develop practical, risk-based audit checklists.
• Be able to conduct fraud examination
• Use data analytics and ICT tools for enhanced auditing and fraud detection.
• Present clear audit findings and actionable recommendations.
• Understand and assess internal control systems in the context of project implementation units (PIUs).
• Conduct procurement audits and evaluate value-for-money.
• Monitor project expenditures, disbursements, and compliance with financing agreements.
• Perform continuous auditing and real-time risk assurance.
• Align internal audit findings with project development objectives and results frameworks.

Who Should Attend?

• Finance Officers and Project Accountants
• Finance managers
• Existing internal auditors who are looking to expand their skills
• Auditors in PIUs and Government Ministries
• M&E and Compliance Officers
• Procurement Specialists
• World Bank Project Coordinators and Implementing Agencies

       Learning Modules

Discourse on Internal Auditing in Donor-Funded Projects

• The role of internal audit in project governance
• Overview of World Bank financial management and audit requirements
• Key documents: PAD, POM, Loan Agreements, Disbursement Letters

Audit Planning in World Bank Projects

• Planning audits based on risk assessments and project cycles
• Understanding key risk areas: procurement, disbursement, and financial reporting
• Reviewing project documentation (work plans, budgets, IFRs, withdrawal applications)

Procurement and Contract Auditing

• Procurement thresholds, methods, and compliance
• Common procurement risks and audit red flags
• Reviewing procurement plans and contract implementation

Internal Control Systems and Risk Management

• COSO framework and control environment
• Control activities in PIUs – segregation of duties, documentation, authorization
• Managing fraud risks and misuse of funds

Risk-Based Continuous Auditing & Monitoring

• Real-time audits during project implementation
• Designing and implementing a continuous audit framework
• Prioritizing critical project risks and control failures

Financial and Disbursement Audits

• Disbursement methods (SOE, Direct Payment, Reimbursement, Advance)
• Reviewing IFRs and fund flow mechanisms
• Ensuring compliance with eligibility and use of funds

Fraud Examination Techniques

• Fraud Risk Assessment
• Legal Framework Relating to Fraud
• Bribery and Corruption
• Financial Accounting Concepts
• Financial Statements Fraud
• Assets Misappropriation
• Theft of Data and Intellectual Property
• Financial Institutions Fraud
• Insurance Fraud & Healthcare Fraud
• Contract and Procurement Fraud
• Planning and Conducting a Fraud Examination
• Questioned Documents Examination
• Data Analytics in Fraud Prevention and Detection

Audit Evidence, Working Papers & Reporting

• Collecting sufficient and appropriate evidence
• Structuring audit working papers
• Writing audit reports in line with World Bank guidelines
• Constructive communication of findings and follow-up mechanisms

Use of ICT and Data Analytics in Internal Auditing

• Introduction to CAATs in World Bank project audits
• Real-time monitoring using audit software and spreadsheets
• Data mining for anomaly detection

  Ethics and Professional Conduct in Public Sector Auditing

• Auditor independence in donor-funded settings
• Dealing with confidentiality, conflicts of interest, whistleblowing and reporting obligations

Training Evaluation:

Participants will undertake a simple assessment before the training to gauge prior knowledge and skills and another assessment will be done after the training in-order to demonstrate knowledge gained through the training.