How to Conduct A Successful Internal Audit

Course Properties

Course date: 17-09-2017
Course End Date: 21-09-2017
Location Sharm El-Sheikh

Course Objective:
               By the end of the course, participants will be able to:
               • Learn proven internal auditing and professional standards that leave no room for error.
               • Go beyond the boundaries of accounting and gain real insight into the managerial, political and
technical dynamics

                    of internal auditing.

               • Identify those “high-risk” processes—and build control systems that mitigate the risk
               • Develop control-based audit recommendations that truly help management meet tactical and strategic objectives

 Also, participants will:
               • Learn the Professional Standards Set for Internal Auditors
               • Elicit Accurate and Timely Information with Proven Interviewing Techniques
               • Develop Defined, Practical Audit Objectives and Proven Methods for Achieving Them
               • Ensure That Records Are in Full Accord with GAAP, IRS Guidelines, Regulatory Mandates,

                  and Company Policies
               • Learn How to Audit Automated Environments
               • Develop Control-Based Audit Recommendations to Help Management Meet Corporate

                 Objectives
               • Conduct Audit Closing Meetings That Achieve Positive Results

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Who Should Attend:
         Financial, operational and MIS auditors, controllers and financial managers, new staff accountants and those responsible for safeguarding company assets.

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Course Contents:
               • The Internal Audit Environment
                                  o The Definition of Internal Auditing
                                  o The Components of an Effective Internal Audit Function
                                  o The Management Responsibilities of an Internal Audit Function
                                  o The Effective Organizational Placement of a Successful Internal Audit Function
                                  o The Standards for the Professional Practice of Internal Auditing
                                  o The Similarities and Differences between Internal Auditing and External Auditing
                                  o The Various Types of Internal Audits
 
               • The Principles of Effective Internal Auditing
                                  o The Principles of Effective Audits
                                  o Alpha and Beta Audit Risk
                                  o Compliance, Substantive, and Operational Tests
                                  o Calculation of Audit Risk
                                  o Analytical Review, Confirmations, Re-performance, Observation and Inquiry,

                                      Inspection, and Other Types of Audit Evidence
                                  o Relationship between the Internal Control Environment and Audit Testing

               • Developing Achievable Audit Objectives
                                  o Relating the Concept of Internal Audit Strategies to the Audit Planning Process
                                  o Developing a Long-Term Audit Plan for the Internal Audit Department Using Internal Control-Based

                                       Risk Assessment
                                  o Designing the Audit Plan and Preparing an Audit Planning Memorandum for an Individual Internal Audit

                                      Project Assignment
 
               • Principles of Internal Control
                                  o The Relationship between Internal Controls and the Audit Process
                                  o The Requirements to Ensure Compliance with Statement on Internal Auditing

                                     Standard No. 1 Control: Concepts and Responsibilities

               • Documenting and Evaluating Internal Control Systems
                                  o The Basic and Detailed Information Gathering Phase of the Audit Process

                                    (BIG and DIG)
                                  o Planning the Audit
                                  o Gathering Background Information (BIG)
                                  o Understanding the Work Process
                                  o Documenting the Work Process
                                  o How to Develop Process Flow Diagrams and Process Maps
                                  o Completion of the Audit Internal Controls Documentation Matrix
                                  o Finalizing the Audit Objectives
 
               • Audit Evidence and Audit Work papers
                                  o Discuss the Basic Concepts of Audit Evidence, and Their Impact on the Development
of Audit Work papers

                                  o Performing Analytical Reviews
                                  o Testing and Gathering Review Evidence
                                  o Compliance and Substantive Testing
                                  o Selection of Appropriate Testing Method
                                  o Overview of Statistical Sampling Techniques
                                  o Determining the Objectives of the Sampling Plan
                                  o Developing the Sampling Plan
                                  o Attribute Sampling Techniques
                                  o Extrapolating the Sample Results
                                  o Ensure That Audit Work papers Support Audit Conclusions and Recommendations

               • Conducting Audit Interviews
                                  o Planning Interviews
                                  o Framework for Planning, Conducting, and Evaluating the Results of Interviews
                                  o Overcoming Resistance
                                  o Conflict Management
                                  o Effective Listening
                                  o How to Take Effective Notes in a Non-Threatening Environment
                                  o Getting to "Yes"
                                  o Confidentiality of Information

               • Selling Your Recommendations to Management
                                  o Developing Control-Based Audit Recommendations
                                  o Effectively Using Interim Audit Memorandum
                                  o Issuing Audit Reports That Comply with Statements on Internal Auditing Standards No. 2

               • Providing the Reader of the Audit Report with the Necessary Information to Make an

                  Informed Management Decision
                                  o Providing the Reader with a "Balanced" Audit Report
                                  o Structuring the Audit Report to Be Used as an Effective Management Tool

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