Internal Audit 101
About the course
"Internal Audit 101" is the perfect CPE course to introduce internal auditing to someone new to the field or to someone who has not had formal training. This course provides an overview of the "audit life cycle", including audit planning and risk assessment, conducting fieldwork, interviews, walkthroughs and tests of controls, and audit reporting and follow-up. CCS provides the latest guidance for a risk-based, top-down audit approach, key audit terminology, audit work-paper documentation, and "selling" the benefits of the audit.
This event presents an overview of the professional standards (IIA, ISACA, AICPA), frameworks (COSO, COBIT), and soft-skill competencies an auditor needs to become competent. This seminar walks the participants through the basics of being an internal auditor. It is ideal for auditors who want to ensure that they follow approved, prescribed audit standards and apply the appropriate audit tools and techniques.
This timely, eight hour CPE internal audit training event covers the basics of how to create an effective audit plan, perform the audits, generate work-papers, and effectively communicate the results.
The seminar reviews and answers the following questions:
- What is internal auditing and what are auditing standards?
- How to approach audit risk assessment and individual audit planning?
- What are the best practices in conducting audit fieldwork?
- What are the key sections in internal audit reports?
- Attendees will discuss interpersonal and team-building skills
- Attendees will learn how to identify audit risks and plan fieldwork
- Attendees will understand how an audit fieldwork is conducted
- Attendees will learn how to evaluate and document internal controls
- Attendees will discover the best techniques for gathering audit evidence
- Attendees will see the importance of preparing work-papers
- Attendees will understand the audit communication process
Key Issues on the Agenda
Section 1 - Overview of Internal Auditing
- Myths about auditing
- What is internal auditing?
- What is internal control?
- How can auditors manage risks?
- Accounting vs auditing
Section 2 - Internal Auditing - Yesterday, Today and Tomorrow
- History of internal auditing
- Today's internal auditor
- Tomorrow's challenges
Section 3 - Auditor Guidance
- Auditor's guidance sources
- IIA International Professional Practices Framework (IPPF)
- How to use the "Code of Ethics"
- COSO 2013 guidance
- Sarbanes-Oxley Act
- Guidance for the external auditor
Section 4 - Role of the Audit Team
- Increasing responsibilities
- Auditor skills
- Auditor personality profile
Section 5 - Internal vs. External Auditing
- Financial audits
- Materiality and misstatements
- Financial statement assertions
Section 6 - Planning the Audit and Assessing Audit Risk
- Internal Audit "Life Cycle"
- Internal Audit "Risk Assessment"
- The focus on risk management
- Money In
- Money Out
- Risk - Control - Objective
- Planning the individual audit
- Audit procedures
Section 7 - Conducting Audit Fieldwork
- Recognize the important internal controls
- Conducting an "audit walkthrough"
- "Fieldwork" skills
- Audit interviewing
- Effective questioning technique (S.P.I.N.)
- Active listening skills
- Audit evidence
- Testing internal controls
- Sample size
- Work-paper characteristics
- Work-paper review
Section 8 - Using Audit Software
- Data analysis
- Audit management
- Risk management
- Reporting and content management
Section 9 - Concluding the Audit
- Document the exceptions and findings
- Documents in the audit reporting process
- Audit exit meetings
- Building rapport
Section 10 - Summary