Innovation in Internal Audit: Part 1 - OAG225

Innovation in Internal Audit - Part 1

Innovation in Internal Audit: Part 1 - OAG225
ENROLL IN THIS COURSE

Upcoming Dates & Locations

Onsite - Amsterdam
Jul 12th, 2021 - Jul 14th, 2021
Onsite - Seattle
Aug 16th, 2021 - Aug 18th, 2021
Onsite - Orlando
Dec 6th, 2021 - Dec 8th, 2021
Onsite - Dubai
Dec 12th, 2021 - Dec 14th, 2021

Innovation in Internal Audit: Part 1 - OAG225

CPE:24


Price: $1833.00


Overview

This course explores how innovation can enhance the planning and execution of audits to enhance and protect value. You will learn and practice ways to be more creative in the planning, fieldwork, and reporting stages of internal audits. Many tools will be used to show how to use data analytics, be more agile, embed qualitative practices in your quantitative techniques and in general, how to audit faster, cheaper, and better.


Who Should Attend

Internal auditors, compliance experts, and leaders in their internal audit departments who want to develop new audit approaches, expand their current skills, re-energize the focus of their audit activities and who want to learn tips, tools and techniques to embed innovation in their internal audit methodology.


Prerequisites

  • Fundamentals of Internal Auditing - OAG101
  • Internal Audit School - OAG301 or Equivalent experience

What You’ll Learn

You will learn how to use innovation to increase the value provided by every audit and consulting engagement. The course examines the application of creativity from planning to creative testing approaches to report preparation and delivery.


Objectives

Introduction:

  • definition and uses in internal audit
  • uses and value proposition for auditors

The Role of Innovation in Internal Audit:

  • trends and the need to change the approach to auditing
  • innovation and risk-based auditing
  • developing more valuable, effective and useful audit programs

Improving Agility:

  • Moving at the speed of the organization
  • creative ways to remain aware of business changes and get a seat at the table
  • auditing change initiatives and other strategic risks

Embracing Innovation:

  • recruiting and promoting a different mindset among auditors
  • rewarding innovation
  • innovation and critical thinking: a great partnership

Risk Assessments:

  • identifying new and emerging risks
  • different ways to measure impact and likelihood
  • re-thinking the risk register, how it is completed and analyzed
  • using different approaches to communicate results, consequences and getting buy-in

Innovation and GRC:

  • back to basics: what GRC is all about and how internal audit got confused
  • helping the organization improve GRC beyond publishing more policy documents

Audit Plan Development:

  • developing multi-year audit plans that are flexible and adapt to changing conditions
  • becoming more agile
  • changing expectations of the audit committee, management and the impact on internal auditors’ mindset
  • auditing what has never been audited before

Planning:

  • revamping audit programs so they address new organizational dynamics
  • moving away from the “same as last year” mindset
  • re-examining the testing methodology: from sampling to population testing
  • exploring different ways to test risks, not only controls
  • creative ways to develop better time estimates

Fieldwork:

  • testing smarter
  • modifying our communication approach to connect with audit clients
  • building real-time innovation during the testing process to address field conditions
  • tools to perform better root cause analysis

Reporting:

  • re-energize audit reports so they are read, understood and acted upon
  • communicate intent, tone and presentation more effectively
  • innovative ways to report audit findings that resonate with management and the board
  • using audit reports to show a more modern internal audit department

Follow-up:

  • re-testing smarter
  • maximizing internal audit efforts so action items are addressed as expected
  • creative ways of using key risk indicators (KRIs) for continuous auditing and monitoring

Why You Should Attend

Traditional audit concepts and practices are inadequate to address today’s challenges. Auditors need to be creative identifying and assessing risks, planning and testing in a dynamic world, and helping to improve GRC in their organizations.

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.

ENROLL IN THIS COURSE