IA-109 BEST PRACTICES IN INTERNAL AUDIT TODAY

IA-109 BEST PRACTICES IN INTERNAL AUDIT TODAY

DESCRIPTION

As responsibilities and expectations for today’s auditor increase and budgets and resources continually shrink, understanding the latest methodologies, tools, and techniques being used in the audit industry can be critical to the success of an audit team. This course will introduce, review, and evaluate the leading best practices being utilized to help auditors become highly effective and efficient. Each area of the audit process—risk assessment, planning, interviewing, process documenting, sampling and testing, and reporting—will be examined. We will also cover marketing and selling the audit function capabilities to the business and best practices for audit teamwork.

 

This interactive course incorporates practice exercises, case studies, and demonstrations to ensure concepts are thoroughly understood and can be immediately applied in the workplace.

LEARNING OBJECTIVES:

  • Understanding today’s most relevant audit skills, techniques and methodologies
  • Understanding the continually evolving expectations of the BOD and executives
  • Identifying which techniques to use and when to use them
  • Understanding the tools and technology available for use in today’s audit world
  • Learning how to sell internal audit’s capabilities and results
  • Enhancing teamwork and the team environment

 

COURSE OUTLINE

Internal Audit Today

  • Best practices for auditing today
  • Common opportunities for improvement and growth for audit
  • BOD and Executive expectations of today’s auditor
  • IIA CBOK Study: Core Competencies for Today’s Internal Auditor
  • Identifying where value-added opportunities exist in your organization
  • Identifying stakeholders and understanding their needs
  • Today’s audit model | Types of audit engagements

Risky Business: Risk Assessments and Risk Management

  • Identifying and understanding business objectives
  • Risk management concepts and terms
  • Identifying, evaluating and prioritizing potential risks to the business objectives
  • Process Risks, Fraud Risks, Internal vs. External, Technology, Audit Risk
  • Heat Maps, Value Maps, Risk Ranking, Impact and Likelihood
  • Identifying and evaluating existing controls for known risks
  • COSO Framework for controls and control issues
  • Evaluating and addressing residual risk

Planning the Audit: Plan the Work, Work the Plan!

  • Aligning audit objectives with business objectives while addressing risk
  • Creating the audit plan—scope and objectives
  • Staffing needs and roles and responsibilities
  • Audit approach and process | Time and budget
  • Utilizing IPPF guidance for audit planning
  • Leveraging formal Project Management methodologies for audits
  • Involving the business in the initial planning
  • Kicking off the audit—planning memos, audit announcement, opening conferences
  • Audit planning best practices from leading audit functions

Interviewing Tips, Techniques, and Styles

  • Understanding how interviewing is used for an audit
  • When to use an interview rather than other audit methods
  • Avoiding pitfalls during follow-up interviews
  • Best practices for planning and conducting interviews
  • Interviewing practice exercises

Process Documentation Options and Methods

  • Formally document a process
  • Flowcharts | Narratives | Questionnaires | Walkthroughs | Risk Matrices
  • RACI Charts | Spaghetti Diagrams | Snagit and capture tools
  • Using narratives, flowcharts, and walkthroughs to identify gaps and potential risks
  • Understanding types of controls—preventive vs. detective and automated vs. manual

Audit Programs Methods and Models

  • Why an audit program?
  • Determining what to test—key controls, high-risk processes
  • Determining the testing objectives—aligning with business objectives
  • Changes in scope, scope limitations, and running out of time
  • Review and evaluation of the programs during execution

Automated Tools: Auditing at the Speed of Light!

  • Data Analytics and software tools
  • Understanding the potential for automation, data analytics, and audit software
  • Interpreting data and using it in the audit process
  • Continuous Auditing and Monitoring

Plans, Methods, and Approaches for Testing, Sampling, and Evidence Gathering

  • Testing methodologies—manual, automated, and others
  • Gathering audit evidence to support objectives
  • Determining the appropriate sampling and testing approach to use for each audit objective
  • Workpapers and why we need them
  • Exercises for planning and testing approaches
  • IIA/GASB/ISACA Standards for evidence

Bringing It All Together: Reporting

  • The 5 Cs of Audit Reporting
  • Bad, good and excellent reports
  • Determining the readers of audit reports
  • Report organization and layout and why it matters
  • Using Appendices—why, when, how, and what
  • The two-page audit report—your readers will thank you
  • Tying evidence to audit objectives to business objectives
  • Getting the report out the door quickly

Selling the Results: If You Don’t Do This, the Rest Doesn’t Matter!

  • Methodologies for “selling” audit findings to stakeholders
  • Factors that help or hinder selling audit findings and recommendations
  • Why timing is crucial
  • Exit conferences and why successful ones are critical to your success
  • Follow-up, Monitoring, and Action Plans
  • Post-Audit surveys and questionnaires
  • Getting the business to ask for audits!

The Audit Team—Yes, You

  • Why working as a cohesive team is critical
  • How teamwork increases your perceived value as an audit group
  • Suggestions for creating a team environment and improving teamwork
  • Performance metrics and when to use them
  • Staying within budget and on time: How to make it happen
Duration

CPE

Delivery

Field

Level

Who Should Attend

Prerequisites

Advanced Preparation

4 Days

32

Group-Live

Auditing

Advanced

Internal auditor staff and management of all levels

Auditors with at least 2 years of experience

None