Better, Faster, Cheaper: Streamlining your Internal Audit

Internal Audit

Overview

An effective audit will produce the desired or intended result. It is built on a broad and deep assessment of an area, process, or system. It “begins with the end in mind” and creates a meaningful plan an auditor or audit team will follow. An efficient audit is one where we work productively with minimum wasted effort or expense. Audit leadership sets in motion themes and expectations based on risk assessment and communication with stakeholders inside and outside internal audit.

Effective auditing means having a firm grasp of the scope, budget, resources, personnel, and timeline dedicated to a project. Auditors need to be able to manage unplanned issues while moving forward on audit goals and tasks in progress. An efficient audit requires focus and discipline to stay the course. This course explains and provides examples of who, what, why, and how to structure and manage a more in-depth and meaningful process and produce great results for both the client and auditor.

Why you should take this course.

For users with an introductory knowledge of this topic, and are searching for additional information and its application.

Here are the learning objectives we'll cover.

  • Identify how to incorporate Agile methodologies in the preliminary audit planning process.
  • Distinguish audit roles based on skill and will matrices and explain how to develop a communication cadence with your audit team based on the needs of the audit.
  • Identify and utilize different tools to help your audit team visualize and capture real-time audit progress and challenges.
  • Explain the importance of iteration in the Agile audit process.
  • Discuss Agile best practices at the various stages of the audit engagement process.

Here are the topics we'll cover.

  1. Preliminary Planning

    • The Triple Threat of Infrastructure
    • Articulate Schedule and Resources
    • How Agile Do We Want to Be?
    • Drawing the Outlines of the Audit Project
  2. Initial Schedule

    • Project Roles
    • Skill and Will
    • Communication Protocols
    • First Phase Cornerstones
  3. Opening Stand-Up

    • A3 Thinking
    • Shared Ground Rules and Routines
    • Kanban Boards
    • A3 Thinking in Practice
    • A3 Thinking and Creating Visual Control Boards
    • Methodology Pros and Cons
  4. Initial Research

    • Work Breakdown Structure (WBS)
    • Digging Into the Area, Process, or System To Be Audited
    • Applied Research and Discussions with Leadership
  5. Walkthroughs

    • Planning Workshops
    • Taking a Gemba Walk and Choosing Your Tools
  6. Risk Assessment

    • Beginning of the Engagement
    • Iterative Risk Assessment
    • Visual Risk Assessment
  7. Risks, Control Objectives, and Control Activities

    • Risk-Control Matrix
    • Identifying and Documenting Controls
    • Creating a Risk-Control Matrix
  8. Iterations

    • Iteration Size and Organization
    • Testing Approaches
    • Workpapers
  9. Refining Scope and Performance Measures

    • Defining Success
    • Updating Documents to Reflect Audit Prioritization
    • Communicating With the Client(s)
  10. Managing Oneself and the Team

    • Understanding Staff Skills
    • Stakeholder Management
    • Supervision
    • Changing Focus Periodically
    • Self-Management
  11. Analyzing Audit Quality Requirements

    • Documentation Standards: Workpaper Preparation
    • Documentation Standards: Workpaper Review
  12. Managing Fieldwork

    • Fieldwork Methods
    • Creating Complete and Accurate Workpapers
    • Creating a Client-Focused Report Draft
  13. Written Communication

    • Timely Observations and Communication
    • Systematic, Disciplined Report-Writing
    • IIA Standards 2420 -Primary and Secondary Readers
  14. Closing the Audit

    • Definition of Done
    • Getting Feedback From Audit Clients
    • Project Retrospective
  15. Following Up on Corrective Actions

    • Confirmation Check

Learning Style

On Demand

Level

Intermediate

Includes

Assessment

Who this course is for

Internal Auditors, Compliance Experts, and leaders in Internal Audit departments.

NASBA Certified CPE

24 credits

Field of Study

Auditing

Length of course

24h

Prerequisites

Fundamentals of Internal Auditing
or equivalent experience

Advanced Preparation

None
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ACI Learning is registered with NASBA

ACI Learning is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: https://www.nasbaregistry.org/