Innovation for Internal Auditors

Internal Audit

Overview

The amount, speed, and impact of change have accelerated significantly, and all indicators point to more change in the future. Organizations are expected to innovate and become creative in pursuing business objectives, managing risks, and implementing appropriate controls that increase the likelihood of short-term and longer-term success. Internal Auditors must understand the dynamics driving these changes, how innovation is being used in modern organizations, and how it affects the efforts to provide reasonable assurance to the Board of Directors, management, and other stakeholders. Internal audit must understand change and innovation and embrace, adopt, thrive with it, and promote it.

This course shows participants where and how innovation can work in their organization’s favor, protecting and enhancing value while risks are appropriately managed. Internal audit must understand change and innovation and embrace, adopt, and promote it. Part one of this two-part series of courses will explore where and how innovation can work in the planning and execution of audit assignments to enhance and protect value while risks are managed.

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 topics we'll cover.

  1. Introduction

    • Definition of Innovation and Internal Audit
    • Managing Expectations and Emerging Trends
    • Modern Internal Auditing
    • Twenty Key Questions
    • Impact of Data Analytics
    • Types of Projects
  2. The Role of Innovation in Internal Audit

    • Trends in Internal Audit
    • The Progression Toward Continuous Auditing
    • Key Developments Over Time
    • Attributes of World-Class Audit Departments
    • Seven Actions to Remain Relevant
  3. Improving Agility

    • Limitations of the Traditional Audit Process
    • Essentials of Agile Auditing
    • Agile Auditing: The Process
    • Eight Areas of Waste
  4. Embracing Innovation

    • The Internal Audit Hierarchy
    • The Critical Thinking Process
    • Pragmatism: Critical Questions for Solving Problems
    • SIPIC Maps and Control Charts
    • RPA/AI/ML and Sampling
  5. Risk Assessments

    • The Risks and Controls Matrix
    • Good and Bad Risk: Identifying New and Unusual Risks
  6. Innovation and Governance, Risk and Compliance (GRC)

    • Understanding and Improving GRC
    • GRC Matrices
    • Auditing Corporate Culture, Ethics, and Whistleblowing Programs
  7. Audit Plan Development

    • Building and Completing the Audit Plan
    • Audits Compatible with Data Analytics
    • COSO-Based Auditing
  8. Planning

    • Criteria for Audit Programs
    • Essential Steps for Effective Planning
  9. Fieldwork

    • Communicating Issues
    • Narratives: Writing Them Better
    • Internal Control Questionnaires: Making Them Better
    • Flowcharts: Drawing Them Better
    • Five Whys and Is/Is-Not Matrix
    • Documenting and Selling Audit Findings
    • Cause and Effect Diagram
    • Prioritization Matrix
    • Process Analysis Using the Capability Maturity Model (CMM)
  10. Reporting

    • Effective Communications and Promoting Change
    • Affinity Diagram and Force Field Analysis
    • Issuing More Timely Reports
  11. Follow-Up

    • RACI Diagrams
    • Using Key Risk Indicators (KRIs) and Key Performance Indicators (KPIs)

Learning Style

Instructor Led

Level

Intermediate

Who this course is for

Internal Auditors, Compliance Professionals, and leaders in Internal Audit departments who want to develop new audit approaches, expand current skills, re-energize the focus of audit activities, and learn innovative tips, tools, and techniques.

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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Here are the learning objectives we'll cover

  • Explore ways to use innovation in the planning, fieldwork, and reporting phases of internal audits.
  • Learn how to improve the internal audit methodology.
  • Discover ways to be more responsive to client needs.
  • Adapt effectively to an ever-changing risk and controls environment.
  • Understand management’s actions and how innovation impacts an organization’s programs, processes, products, and services.
  • Build stronger relationships with the Board and Management by demonstrating resilience, adaptability, and forward-thinking.

Attendance policy for on-site and online instructor-led training

Students are expected to arrive on time for classes with the proper materials and attitude. An overall attendance rate of 100% is expected to fully absorb the materials and to complete labs. If you have an expected absence, please email support@acilearning.com or your instructor ahead of time. The number of CPEs awarded will be equivalent to the number of hours attended.

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/