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Internal Auditor 201:

Advanced Auditing Principles

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

 

Small group leadership is the key to the day to day effectiveness of the Internal Audit Department. This one-day CPE training seminar focuses on the skills that need to be exercised by the Audit Senior or Manager.

As a follow-up to Auditor 101, Auditor 201 helps professionals in becoming Senior Auditors and leaders for their audit teams. A small audit group leader must supervise so that every project meets audit managements expectations.

This CPE training seminar gives audit leaders insight into how to review a file, manage a project and drafting audit reports. Additionally, this course will cover the interpersonal skills to supervise the audit team and interactions with the auditee's, even audit management. Auditors should not get promoted without taking this training seminar.

This timely, one-day CPE training seminar is designed for the internal auditor moving up to a team leadership position and others who have to create and lead small audit teams.

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: Internal Auditor 101
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

- Attendees will understand how an audit is conducted
- Attendees will learn how to identify risks
- 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 workpapers
- Attendees will understand the audit communication process

Learning Objectives

- Develop knowledge and understanding of The IIA Standards for successful performance of internal audits.
- Learn the International Professional Practices Framework (IPPF) critical to performing internal audits in all organizations and passing the CIA exam.
- Be able to assist management of organizations being audited to have the most successful receipt of an internal audit.
- Learn the practices and skills for the successful performance of internal audits. Understand how to use technology to support the internal auditor.
- Become familiar with ways in which an organization can adapt to better compete in the global marketplace.
- Understand The IIA Code of Ethics and the importance of the actions of internal auditors in performance of audits.
- Be able to correctly evaluate and suggest improvements to the effectiveness of risk management, control, and governance processes throughout the organization.

Key Issues on the Agenda


Introductions

Section 1 - What are the Senior-Level Internal Auditor Responsibilities?
- What is "Internal Auditing"?
- What Shouldn't an Internal Auditor Do?
- Managing the Audit
- Analytical Review
- New Audit Focus is on RISK!

Section 2 - What Guidance is Available?
- Auditor Guidance Sources
- What are Internal Controls?
- IIA International Professional Practices Framework (IPPF)

Section 3 - What is the COSO 2013 Update and What Should I Do About It?
- Guidance from COSO
- Summary of 2013 COSO Updates
- Advice to Implement the New COSO

Section 4 - How Do We Manage the "Audit Life Cycle"?
- Division of Responsibilities
- The "Internal Audit Life Cycle" Manager's Perspective
- Dissecting the Internal Audit
- Audit Project Time Allocation
- How Do We Plan the Internal Audit?
- risk-based Audits

Section 5 - Should Internal Auditors Conduct Financial Audits?
- External Auditing Differ from Internal Auditing?
- How Do We Test the Financial Transactions?
- Methods of Internal Control Testing?
- Is the Sample Size Appropriate?

Section 6 - "Frauditing" - Are We Supposed to Audit for Fraud?
- Fraud Risk Assessment
- Where is Fraud Most Like to Occur?
- Behavioral Red Flags
- Categories of Fraud
- Anti-Fraud Controls

Section 7 - How Do We Conduct an Operational Audit?
- How Do We Manage Operational Audits?
- Examples of Operational Audits
- Assess the Segregation of Duties

Section 8 - Do Performance and Compliance Audits Add Value?
- Should We Perform Compliance Audits?
- Auditor Guidance: Federal Legislation
- Internal Control for Public Companies
- Sarbanes-Oxley "Raised the Bar"

Section 9 - Do We Need to Conduct IT Auditing?
- IT Auditing
- "General Computer Controls"
- "Application Computer Controls"
- Recommended IT Controls

Section 10 - Can We Improve the Audit with Software?
- Data Analysis/ Monitoring
- Audit Management
- Risk Management


Section 11 - How Do We Conclude the Internal Audit?
- Audit Manager Assessment of Findings
- Examples of Categorized Findings
- Audit Manager Review
- Quality of the Audit Report


Section 12 - Summary