Global Internal Audit Standards Training

Global Internal Audit Standards Short Course

Course Overview

Internal auditing is essential for promoting governance, managing risks, and ensuring organizational compliance. In today’s rapidly changing global business environment, coupled with technological advancements, it is crucial for internal auditors to remain informed about current standards and best practices. The International Standards in Auditing training course seeks to provide participants with skills and knowledge needed to perform the vital function of the audit program and subsequent reporting in compliance with international standards. Participants will add value to their organization by formalizing and updating their skills and learning the most up-to-date processes and a number of applicable best practices pertaining to the audit process.

Expected Learning Outcomes

• Knowledge of the technical detail of the standards
• Understanding the practical implementation of the standards
• Skill to confidently apply the standards in their audit planning and engagement
• Compliance to audit regulations
• Understanding the role and responsibilities of the external auditor
• Skills to draft audit and management reports
• Understanding the Internal Controls environment
• Appreciating the impact of the control’s environment on the external audit

Training Modules

Defining and Developing the Internal Audit Process and Establishing Roles, Functions, and Responsibilities for the Internal Audit Department

• Defining, developing, and implementing an internal audit function.
• Defining the distinctions and responsibilities between internal and external auditors.
• Identifying the internal audit staff positions.
• Developing the audit committee charter for a board of directors.
• Review of statements on international auditing standards update and general auditing practice issues, emphasizing international accounting standards training.
• Identifying internal audit staffing requirements.

Examining and Understanding the Differences Between Various Types of Audits, Including Risk Factors

• Operational audits.
• Financial audits, focusing on financial accounting and international financial reporting standards.
• Compliance audits.
• Fraud and forensic audits.
• Information systems audits.
• Review of current year U.S. audit risk alerts.

Selecting, Procedural Planning, and Commencing Internal Audit Examinations

• Developing streamlined processes for conducting internal audit examinations.
• Identifying effective audit programs for the various types of audits.
• Evaluating and selecting internal audit methodologies.
• Notify the internal audit examination’s internal auditee and supervisors and promote cooperation and assistance in achieving common goals.
• Assess internal control systems and access network and computer files and folders.
• Effecting changes to an in-process internal audit examination.

Managing and Monitoring Internal Audit Examinations and Methodologies of Ensuring Credibility for the Internal Audit Team

• Planning the audit commencement conference meeting.
• Accumulating relevant documentation during the internal audit process.
• Professional standards and responsibilities associated with internal auditing documentation.
• Tools and methods for ensuring a smooth audit process.
• Techniques for ensuring credibility for the internal audit team.

Issuing Reports of Audit Findings

• Conducting exit conferences.
• Implementing sound corporate governance policies to achieve adequate internal controls.
• Communicating audit findings and suggestions for areas of improvement.
• Planning the audit exit conference meeting.
• Distributing the final internal audit report within the organization.
• Conducting post-audit reviews.
• Internal control update for boards of directors
• Audit risk developments and projects on the near-term horizon.

Way forward After the Training

Participants will develop a work plan through the help of facilitators that stipulates application of skills acquired in improving their organizations. ASPM will monitor implementation progress after the training.

Training Evaluation

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