Developing, Improving and Monitoring The Internal Audit Function
On going

This course provides a deep dive into the internal audit function, focusing on its development, enhancement, and ongoing monitoring. Participants will gain a thorough understanding of the internal audit's role in organizational governance, risk management, and control processes. The course emphasizes practical skills for building a robust audit function, implementing continuous improvements, and establishing effective monitoring mechanisms to ensure the audit function's sustained relevance and effectiveness.

At the end of this training, participants

• Understand the role and function of an Internal Audit Department.
• Evaluate the effectiveness of the existing internal audit function
• Recommend improvements to the existing audit function
• Monitor the effectiveness of policies, procedures and financial transactions to international standards
• Understand audit risk and efficiently plan, control and record an audit assignment
• Conduct post-audit reviews and compile internal control updates for Boards of Directors

CONTENT

• Developing an Internal Audit Department
• Identifying Internal Audit Staffing Requirements and the Techniques for Ensuring the Credibility for the Internal Audit Team
• The Evaluation of different Types of Audit (Operational; Financial; Compliance; Forensic; IT etc)
• Planning and conducting the Audit Commencement Conference Meeting, Audit Exit Conference Meeting and Post-Audit Reviews
• Efficient Planning, Controlling and Recording of an Audit
• Developing Streamlined Processes for Conducting Internal Audit Examinations
• Evaluating and implementing Control and Substantive Procedures
• Review International Auditing Standards and General Auditing Practice Issues
• Accumulating Relevant Documentation during the Internal Audit Process
• Communicating Audit Findings and Suggestions for Areas of Improvement

TRAINING METHODOLOGY

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.