Managing the Internal Audit Department - OAM401

Managing the Internal Audit Department

Managing the Internal Audit Department - OAM401
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Upcoming Dates & Locations

Managing the Internal Audit Department - OAM401

CPE:24


Price: $1833.00


Overview

This course is for audit directors and focuses on ways to meet the demands of stakeholders. It covers developing the audit plan, setting goals, methodology changes, structuring and marketing the department, and co-sourcing. Students get a list of over 200 best practices, have an opportunity to adapt some of these best practices to their unique circumstances and develop their own list of tips, tools and techniques that can be used in their organizations right away.


Who Should Attend

Internal Audit Managers, Directors and Supervisors


Prerequisites

  • Fundamentals of Internal Auditing (OAG101)
  • Advanced Auditing for In-Charge Auditors (OAG201) or equivalent experience

What You’ll Learn

You will learn about the critical role of the audit director, how to develop and implement an effective mission, vision and strategy, stakeholder management and best practices to improve productivity and develop your staff.


Objectives

The Critical Role of the Audit Director/Manager:

  • traditional roles
  • being a manager in a department that addresses significant risk
  • strategically acceptable organizational reporting
  • attributes of a world-class department

Developing an Effective Mission/Vision Statement:

  • maintaining professional standards
  • building flexibility into the plan to allow Audit’s role to evolve
  • incorporating consulting, business unit initiatives and pre-implementation teams
  • incorporating governance and ethics roles
  • knowing your organizations' ERM process

Developing Strategic and Risk-Based Annual Business Plans:

  • concentrating on significant risks
  • identifying emerging and strategic risks
  • ensuring your plan is flexible enough to quickly respond to ERM changes
  • creating plans that address senior management’s and the Audit Committee’s goals
  • ensuring your ERM strategy addresses fraud, IT and SOX and compliance risks
  • applying the roll-forward concept to your annual plan

Corporate Governance:

  • the impact of Sarbanes-Oxley and PCAOB on managing the IA department
  • role of IA in fraud prevention
  • proactive and strategic roles for IA
  • maintaining the tone at the top
  • global compliance
  • FCPA, UK Bribery Act
  • impact of updated COSO

Building Relationships: Marketing and Selling Internal Audit:

  • making sure IA isn't the organization's best-kept secret
  • more than 100 proven strategies for selling IA
  • making marketing a departmental effort

Audit Committee Relationships

  • best practices
  • education new members
  • 10 pitfalls to avoid

Attracting and Keeping the Right People with the Right Stuff:

  • innovative ways to find new talent
  • strategies for managing and balancing turnover
  • retaining and motivating talented staff

Co-sourcing:

  • getting the most out of resources within the rest of the organization
  • building a co-sourcing team
  • fee vs. recovery agreements
  • domestic vs. international coverage
  • managing costs

Minimizing Departmental Administration:

  • eliminating inefficient and outdate procedures
  • taking a zero-based approach

Improving the Productivity of the Audit Process:

  • planning smarter
  • testing less
  • thinking report from day one
  • making individual audits risk-based

Incorporating Best Practices Throughout the Department

IA’s Role in High-Profile Situations and What Went Wrong - Lessons Learned:

  • Enron
  • WorldCom
  • Madoff
  • HealthSouth
  • others

Why You Should Attend

You should attend because the demands on the internal audit function has never been higher and this course provides tips, tools, techniques and best practices that you can use immediately in your organization.

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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