Fundamentals of Internal Auditing - OAG101

Fundamentals of Internal Auditing

Fundamentals of Internal Auditing - OAG101
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Upcoming Dates & Locations

Onsite - Amsterdam
Jul 12th, 2021 - Jul 14th, 2021
Onsite - Dallas
Sep 13th, 2021 - Sep 15th, 2021
Onsite - New York
Oct 18th, 2021 - Oct 20th, 2021
Onsite - Orlando
Dec 6th, 2021 - Dec 8th, 2021

Fundamentals of Internal Auditing - OAG101

CPE:24


Price: $1833.00


Overview

In this course you will learn traditional and operational auditing concepts, gaining proven tools and techniques for performing effective audits. This course provides insights for conducting internal audits effectively from the initial risk assessment, through planning, fieldwork, and reporting. Learn key techniques like flowcharting, preparing risk-control matrices and writing narratives.


Who Should Attend

Internal and IT auditors with 0-3 years of experience looking for a comprehensive understanding of the process of internal audit. This foundational course can be used to onboard rotational internal auditors, and other experienced professionals starting their career in internal audit. This course will provide the information needed for those tasked with starting an internal audit department.


Prerequisites

  • None

What You’ll Learn

You will learn how to perform internal auditing from risk assessment, through planning, fieldwork, and reporting. Also, how to conduct interviews and key techniques like flowcharting, preparing risk-control matrices, and writing narratives.


Objectives

Internal Audit Life Cycle and Key Concepts:

  • definition of internal audit
  • fundamental questions of internal audit
  • three lines of defense
  • lifecycle/steps in the internal audit process
  • identifying areas to be audited
  • types of internal audits
  • internal control frameworks
  • sample job description: role/level expectations

Risk Assessment Strategies:

  • performance standards for risk assessment
  • what is risk anyway?
  • effects of risk
  • different levels of risk assessment
  • key questions in risk assessment
  • balance between risk and control
  • examples of risks and risk assessment approaches

Audit Project Planning:

  • performance standards on planning
  • audit equals project
  • planning risks, stages, strategies
  • planning resources and key questions
  • stakeholder awareness
  • preliminary meetings
  • early deliverables
  • performance standard on governance

Documenting Internal Controls:

  • performance standards for documenting controls
  • evaluating and documenting internal controls
  • cost/benefit considerations
  • types of controls
  • the control environment
  • other barriers/blocks to good control
  • methods of documenting control
  • group exercises

Audit Programs:

  • performance standards for audit programs
  • audit program as guide and fence evaluating and documenting internal controls
  • audit program examples
  • criteria for audit programs
  • audit objective
  • audit scope
  • audit test steps
  • sample audit program

Fieldwork Techniques:

  • performance standards for fieldwork
  • definitions related to evidence
  • nine fieldwork techniques
  • reliability of audit evidence
  • types of audit evidence
  • handling sensitive evidence

Audit Interviews, Walkthroughs, Meetings:

  • communication overview
  • active listening
  • audit interviews and walkthroughs
  • purpose, preparation and planning
  • interview structure: five phases
  • face-to-face meetings: five reasons
  • question types
  • probing skills and questions
  • creating a work product from notes

Workpapers:

  • performance standards for recording information
  • performance standards for engagement supervision
  • purposes of audit workpapers
  • workpapers should stand alone
  • workpapers’ completeness and accuracy
  • workpaper techniques/templates
  • electronic workpapers
  • tick marks
  • sample workpaper
  • quality assurance and improvement programs

Audit Findings:

  • performance standards on evidence
  • attributes of audit findings
  • selling audit findings
  • template for audit findings

Audit Reports and Written Communication:

  • why do auditors write reports?
  • performance standards on communication
  • report trends, contents, timeliness, persuasiveness
  • who is/are your reader(s)?
  • in writing, words are all
  • overview of the writing process
  • increase readability and logical flow, reduce wordiness
  • editing yourself and others

Sampling and Data Analysis:

  • audit testing
  • sampling terminology
  • sampling methodologies
  • sampling for sox compliance
  • data analysis definition, impact
  • a simple data analysis model
  • kdd process model
  • challenges in implementing data analysis

Events Which Have Helped to Create Growth in Internal Audit

  • Foreign Corrupt Practices Act
  • COSO
  • COSO Enterprise Risk Management
  • CoCo
  • federal sentencing guidelines
  • fraudulent financial reporting
  • blue ribbon panel
  • Sarbanes-Oxley Act
  • more recent regulatory matters

Why You Should Attend

You should attend to acquire the essential skills to conduct audits effectively, work effectively with colleagues, and add value immediately in your interactions with audit clients.


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: www.nasbaregistry.org.

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