IA-110 ADVANCED AUDITING METHODS AND TECHNIQUES FOR 2020

IA-110 ADVANCED AUDITING METHODS AND TECHNIQUES FOR 2020

DESCRIPTION

Expectations for Internal Audit are higher today than ever before. Auditors are expected to evoke positive change in their organizations, be trusted advisors, and deliver added value with every engagement. While internal auditors are uniquely positioned to meet and deliver on these expectations, audit work today requires an expanded skill set that was not required very long ago. The auditors of today are expected to possess a wide variety of analytical and technical skills, including critical thinking, exceptional communication skills, fraud detection and root cause analysis abilities, data analytics, and advanced risk assessment insight. This in-depth course will deliver insights into the best practices found today in world-class audit functions and help provide a practical approach to embracing, implementing, and developing the practices and skills necessary for today’s internal auditor.

 

This interactive course will use lecture, group exercises, real-life case studies, and examples to enhance the learning experience.

LEARNING OBJECTIVES:

  • Learn today’s best practices and skills for improving audit
  • Understand critical thinking skills and how they can improve audits
  • Learn multiple root cause analysis techniques and when to use them
  • Understand the benefits of data analytics in audit
  • Learn fraud detection basics and techniques
  • Understand the importance of effective communication and learning useful techniques
  • Learn project management skills to run audit like a business

 

COURSE OUTLINE

The Evolution of Internal Audit and Today’s Stakeholder Expectations

  • Then and now | Setting and managing stakeholder expectations
  • Building credibility and confidence | Understanding the business

Using the International Professional Practices Framework (IPPF) and Related Standards

  • Core principals | Code of ethics
  • Definition of Internal Auditing | IPPF standards

Communication Skills

  • Overcoming the biggest challenge: “You just don’t understand my business!”
  • Ensuring business perspective—interviewing, root causes, recommendations, and reporting
  • The 5 Cs | Communicating effectively with clients | Establishing rapport

Risk–based Auditing

  • Proper planning for an audit
  • Understanding the business—business objective, business environment, rules, and culture
  • Sources of information—documents, systems, people | Best practice interviewing skills
  • Identifying, evaluating, and prioritizing risk
  • Scoping audits properly | Executing effectively

Assessing Processes, Testing and Evidence Gathering

  • Identifying what to test, how to test, and when to expand testing
  • Determining sufficiency of testing evidence
  • Keeping the focus on the objective
  • Methods of gathering evidence
  • Evidence—Sources | Quality | Reliance

Critical Thinking

  • Critical thinking and intellectual traits
  • Biases, fallacies, and inferences in the thinking process
  • How critical thinking can help improve the audit process
  • Embedding critical thinking in the internal audit process

Root Cause Analysis: Using Entity-Wide Audit Results

  • Root Cause Analysis (RCA) basics
  • When to utilize RCA in Internal Audit
  • Common challenges when using RCA
  • Overview of methodologies: 5 whys, Pareto, Kipling, Fishbone

Fraud Detection and Prevention

  • Fraud basics and fundamentals—Fraud Tree | Fraud triangle
  • Common fraud schemes and scenarios
  • Characteristics of fraudsters
  • Fraud risk assessments
  • Implementing fraud auditing techniques in an audit

Data Analytics

  • How continuous monitoring and auditing help an organization
  • Evolving from continuous auditing to continuous monitoring
  • Potential challenges and pitfalls and how to plan for and avoid them
  • Using analytics with audits, fraud detection, investigation, SOX, and business reviews

Running Audit like a Business: Project Management Skills

  • Professional planning and approach—scoping, sequencing, overlap, and timing
  • Maintaining credibility—setting realistic expectations and meeting them
  • Internal metrics—on time and in budget
  • Feedback mechanisms—internal and external
Duration

CPE

Delivery

Field

Level

Who Should Attend

Prerequisites

Advanced Preparation

2 Days

16

Group-Live

Auditing

Intermediate

Internal auditor staff and management of all levels

Auditors with at least 2 years of experience

None