Effective Internal Auditing in the Public Sector

Course Overview

With businesses under closer scrutiny, it’s more important than ever that your company’s internal auditing meets standards requirements. This course will help you ensure that your company’s internal auditing systems fully comply with these standards. More than that, however, this course goes beyond the boundaries of accounting to provide real insight into the managerial, political, and technical dynamics of internal auditing.

Course Coverage:

Topic 1: Internal Auditing and the International Business Environment:

Define Internal Auditing
Identify the Components of an Effective Internal Audit Function
Define Management Responsibilities of an Internal Audit Function
Discuss the Similarities and Differences Between Internal Auditing and External Auditing
Define the Various Types of Internal Audits
Unit 2: The Road Map to Effective Internal Audits:
Discuss the Principles of Effective Audits
Define Alpha and Beta Audit Risk
Perform Compliance, Substantive, and Operational Tests
Calculate Audit Risk
Define the Relationship Between the Internal and Control Environment and Audit Testing

Topic 2: Focusing the Investment in Internal Audit:

Relate the Concept of Internal Audit Strategies to the Audit Planning Process
Develop a Long-Term Audit Plan for the Internal Audit Department Using Internal Control-Based Risk Assessment
Design the Audit Plan and Prepare an Audit Planning Memorandum for an Individual Internal Audit Project Assignment

Topic 3: Documenting and Evaluating Internal Control Systems:

Understand the Work Process
Document the Work Process
Develop Process Flow Diagrams and Process Maps
Complete the Audit Internal Controls Documentation Matrix
Finalize the Audit Objectives
Unit 5: Audit Evidence and Audit Sampling:
Discuss the Basic Concepts of Audit Evidence, and Their Impact on the Development of Audit Work papers
Document Analytical Reviews
Test and Gather Audit Evidence
Complete and Document Compliance and Substantive Tests
Select the Appropriate Testing Method
Discuss Statistical Sampling Techniques
Determine the Objectives of the Sampling Plan
Develop the Sampling Plan
Apply Attribute Sampling Techniques
Extrapolate the Sample Results
Ensure That Audit Work papers Support Audit Conclusions and Recommendations

Topic 4: Planning and Conducting Successful Audit Interviews:

Plan Interviews
Discuss a Framework for Planning, Conducting and Evaluating the Results of Interviews
Overcome Resistance
Manage Conflict with Management
Listen Effectively
Talk Effectively in a Non-Threatening Environment
Get to "Yes"
Understand the Nature of Confidentiality of Information

Topic 5: 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

Topic 6: Issuing Reports of Audit Findings:

Conducting Exit Conferences
Implementing Sound Corporate Governance Policies to Achieve Effective 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 Controls Updates for Boards of Directors
Audit Risk Developments and Projects on the Near Term Horizon

Targeted Participants

Quality Assurance Staff
Internal Audit Managers
Senior Internal Auditors
Persons who want to gain new skills to improve their career