Risk Based & Internal Auditing in the Public Sector

Course Overview:

The development, monitoring, and continued improvement of a highly integrated, internal audit function is essential for the continued financial success, stability, and growth of excellent business entities. A well-designed and effective internal audit system will provide verification and support that accounting and financial policies, procedures, and controls are working adequately and will spotlight any significant matters that need attention.

Course Objectives:

• Who ought to be consulted together with whether or not there is a hazard you're consulting too widely?
• Tackle questions and comply with inquiries to assist make certain that you don't get too many' turkeys' at the plan
• Learn approaches to link the IA plan to key hazard areas, while handing over centre guarantee areas
• How to aspect in price and upload it into the making plans technique
• How to deal with variations among Senior Management and the Audit Committee in terms of what they would really like IA to do
• How to efficiently deal with the question "Do you've got sufficient resources"? in a manner that receives an optimistic debate going, without being a too overt plea for resource
• Round long run making plans horizons, the yearly plan and advert hoc audit work
• Apply the making plans technique as a way of deepening the connection between the pinnacle of audit and senior stakeholders
• Uncover the way to undertake a hazard primarily based totally technique to inner auditing
• Review company hazard control and the way to efficiently set up a framework for your organization
• Evaluate the inner audit's readiness to undertake a hazard primarily based total technique
• Develop a plan for conducting risk-based audits

Course Coverage:

Topic 1. Business & Process Understanding

• How to Understand Auditee's Business/Process

Topic 2. Risk Assessment

• How to Perform Risk Assessment

Topic 3. Audit Performance

• Setting up of the Engagement File
• Development of Information Request List
• Preparation of Information Request List
• Business Process Analysis ("BPA")
• Audit Testing
• Compliance with Laws & Regulations
• Internal Audit And/or Benchmarking
• Documenting Working Papers

Topic 4. Preparing Internal Audit Report

• Content of Internal Audit Report
• Issuance of Draft Report
• Finalization of Internal Report

Topic 5. Follow-up Audit

• How to perform a follow-up audit