INTRODUCTION

The management of a business receives a variety of crucial services from internal audit. These include identifying and preventing fraud, evaluating internal controls, and ensuring that an organization's policies, procedures, and laws are being followed. By providing a systematic, disciplined approach to review and enhance the efficacy of risk management, control, and governance procedures, internal audit assists a business in achieving its goals. The functions, significance, and role of internal audit for any organizational structure are all covered in-depth in this comprehensive training program.

COURSE OBJECTIVES

By the end of the course the participant should be able to:

• Those with an educational background in internal auditing who want to pursue a career in the field;
• Junior or aspiring auditors who want to gain a deeper understanding of the internal audit function;
• Professionals in finance who want to understand internal audit;
• Career internal auditors who want to increase their professional knowledge and understanding.

DURATION

5 Days

WHO SHOULD ATTEND

This training course is the best suite for:

• Those with a background in internal auditing who want to pursue a career in the field;
• Junior or aspiring auditors who want to understand internal auditing more thoroughly;
• Finance professionals who want to understand internal audit;
• Career internal auditors who want to improve their professional knowledge and understanding.

COURSE CONTENT

Risk and internal audit overview

• Definition of risk & Types of risk in an organization
• Functions of management: planning, organizing, implementing and controlling
• Defining internal audit
• Internal audit as a function of corporate governance
• Distinguishing internal from external auditing
• Scope of internal auditing: the internal audit charter
• Staffing the internal audit function
• Role of an audit committee.

Internal audit standards

• Attribute standards
• Performance standards.

Types of internal auditing

• Performance & Operational auditing
• Financial auditing: accounting cycles audited by the internal audit function
• Compliance auditing.

Internal audit implementation: fieldwork guidelines

• Information gathered by internal auditors
• 4 qualities of information
• Sources and nature of information
• Assessing the degree of persuasiveness
• Types of engagement procedures
• Internal audit test tools
• Observing, interviewing and examining records
• Internal audit working papers
• Best practices for managing working papers
• Retention policies
• Communicating fieldwork results and recommendations
• Legal considerations for communicating results
• Attributes of an observation or recommendation
• Disseminating results and exit meetings.

The fieldwork: risk-based auditing

• Defining management assertions
• Risk assessment process

• Reason for risk based audit planning
• Evaluating risks
• Techniques to identify the auditable units
• Criteria for selecting auditable units
• Scoring and weighing risks
• Prioritizing risk and developing audit plan
• Methods to generate list of risks

• Identifying entity level controls to mitigate risks

• Broad definition for types of controls
• Essential components of effective internal control system: ‘COSO’ model
• Criteria for unsatisfactory rating for control components
• Methods to generate list of controls
• Insights on flowcharting for understanding cycles and controls

• Testing of internal controls

• Design and implementation of an internal control
• Operating effectiveness of an internal control

• Tips and tools for audit sampling.

Fraud

• Definition and characteristics of fraud
• Internal auditor’s role in a fraud case.

GENERAL NOTES

• Our seasoned instructors, who have years of experience as seasoned professionals in their respective fields of work, will be teaching this course. A combination of practical exercises, theory, group projects, and case studies are used to teach the course.
• The participants receive training manuals and supplementary reading materials.
• Participants who complete this course successfully will receive a certificate.
• We can also create a course specifically for your organization to match your needs. To learn more, get in touch with us at training@dealsontrainers.org.
• The training will take place at DEALSON TRAINERS IN NAIROBI, KENYA in Nairobi, Kenya.
• The training fee includes lunch, course materials, and lodging for the training session. Upon request, we may arrange for our participants' lodging and transportation to the airport.
• Payment must be made to our bank account before the training begins, and documentation of payment should be emailed to training@dealsontrainers.org