Fundamentals of Internal Auditing

About the Course

This 5-day highly interactive Fundamentals of Internal Auditing training course gives the delegates an up-to-date perception of the domain of not only internal auditing but also risk management, corporate governance, and interrelated activities in any industry. It is designed to enable full recognition and assimilation of the leading International Professional Practices Framework, tools, and processes of the Internal Audit function. It aims to educate and coach the Internal Audit occupation's fundamental components from all aspects and know-how. 

Thus, it will cover Corporate Governance, Enterprise Risk Management, Risk-based Auditing Approach, and Risk-based Compliance functions to understand the whole process fully, learn how to achieve full cooperation among these governance functions, and improve the CG process and harmony within the organisation.

Core Objectives

The delegates will achieve the following objectives:

• Understand the auditing skills and knowledge, assimilating the fundamentals of the audit role to carry out the audit assignments and report in a highly professional manner
• Assess the Governance aspects of the control environment in each audit assignment
• Know how to develop skills and knowledge about advanced risk-based internal auditing to effectively carry out the audit duties proficiently and report it in a highly professional style to management
• Expand the performance and accountability in the internal audit function 
• Acquire knowledge of neighbor-control departments such as Compliance and other related divisions
• Understand the fundamental concepts of Governance 
• Know how to implement practices to reduce financial risk while achieving the organisational goals

Training Approach

This training course focuses on structured content, real-life implication, and interactive feedback. The topics and subtopics of the course are selected and ordered to support the sequential buildup of knowledge. It focuses on case studies, readings, and discussions to connect to practical implementation. Additionally, the delegates' feedback is sought regarding their needs, experiences, and acquired knowledge throughout the course.  

The Attendees

This training course is intended for professionals interested in internal audit and other control roles within the corporate governance environment. It targets all sectors employees involved in internal auditing and internal control departments.

Likewise, it will be valuable to the professionals but not limited to the following:

• CFO’s
• Risk Managers
• Audit Managers
• Compliance Officers
• Operational Risk Managers
• Internal Control Middle-Level Management
• Managers and Officers involved in the process of the Governance Department

Daily Discussion

DAY ONE: INTERNAL AUDIT IN THE CONTEXT OF CORPORATE GOVERNANCE

• Corporate Governance: Definition, Theories, Rules, and Principles
• What are the difficulties and barriers to implementing effective governance?
• The Risk, Compliance, & Internal Audit Triangle
• Role of Audit Committee in Checking Audit Notes: Board Committees’ Roles and Responsibilities
• Using Internal and External Audit Standards to Audit Governance Activities
• Key components, practices, and activities to audit processes and relations by which corporations are controlled and governed

DAY TWO: FUNDAMENTALS OF AUDIT - EVOLUTION OF AUDITING TOWARDS RISK-BASED AUDITING

• Definition and Objectives of Internal Audit: Understanding of Internal Audit Methodology
• Auditors’ Tools, Techniques, Roles, and Responsibilities
• Report Results of the Audit via Field Memorandum
• The Transition from System-based to Risk-based Internal Auditing
• Risk-Based Audit approach and Risk-Based Audit Methodology
• How and why do audit units move into risk-based audit programmes?

DAY THREE: PREPARING AND IMPLEMENTING A SUCCESSFUL RISK-BASED AUDIT PLAN

• Developing a Risk-based Audit Plan
• Preparation of a clear plan to be approved by the Audit Committee
• Efficiency in the Non-recurrence of Audit Notes
• Identification and Classification of Audit Risk
• Writing Audit Report: How to impress the reader and how to address challenges?
• How to structure an effective audit report?

DAY FOUR: RELATIONSHIP BETWEEN INTERNAL AUDIT & RISK MANAGEMENT

• Fundamental Concepts of Enterprise Risk Management
• Identifying different types of Risk Taxonomies
• Risk Control Self-Assessment (RCSA)
• What is an operational risk management framework?
• Definition and Objectives of Internal Controls: Roles and Responsibilities
• Latest Trends in Auditing: Auditing the Control Environment

DAY FIVE: THE EVOLUTION OF COMPLIANCE TOWARDS RISK-BASED COMPLIANCE

• What is risk-based Compliance?
• What are the roles and responsibilities of the Compliance Head?
• International Standards for Anti-Money Laundering and Combatting Terrorism Financing (AML/CTF)
• Money Laundering Threats and Methods
• Terrorist Financing Threats and Methods