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Internal Auditor 101:
Internal Audit Principles and Techniques

Offered weekly on Tuesday-Wednesdays in two four hour CPE events

 

Internal audits are an important requirement for effective corporate governance.

 

The internal auditor is at the front line in evaluating management's internal control, assessing the accuracy of financial information, and ensuring compliance with laws and regulations. Learn how to perform these important duties and comply with the professional auditing standards.

Internal Auditor 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 the following topics:

 

  • Audit planning and risk assessment

  • Conducting fieldwork, interviews, walk throughs and tests of controls

  • Audit reporting and follow-up

  • Key Audit terminology

  • Audit work paper documentation​

  • Marketing your audit to clients

  • Effective communication of audit results

CCS provides the latest guidance for a risk-based, top-down audit approach. Ideal for auditors who want to ensure that they follow approved, prescribed audit standards and apply the appropriate audit tools and techniques. Attendees will receive an overview of the professional standards (IIA, ISACA, AICPA), frameworks (COSO, COBIT), and soft-skill competencies an auditor needs to become competent.

The cost of this internal audit training seminar is $495.00 for the first attendee from a single organization.

 

Each attendee will receive 8 Auditing CPE Hours (YB). A certificate of completion will be provided.

Program Level of Understanding: Basic
Prerequisites: None
Advance Preparation: None
Delivery Format: Group Internet Based
NASBA Field(s) of Study: Auditing
CPE Credits: 8, based on 50 minutes of instruction per hour

CPE Event Highlights

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?

Learning Objectives

Attendees will:

  • discuss interpersonal and team-building skills

  • learn how to identify audit risks and plan fieldwork

  • understand how an audit fieldwork is conducted

  • learn how to evaluate and document internal controls

  • discover the best techniques for gathering audit evidence

  • understand the audit communication process

Key Concepts on the Agenda


Introductions

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

  • Responsibilities

  • 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

  • Examples

  • Workpaper characteristics

  • Workpaper review


Section 8 - Using Audit Software

  • Data analysis

  • Audit management

  • Flowcharting

  • 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