The Developing Internal Auditor
Benefits
Why you should attend
- Completing an audit assignment has become a much more demanding role.
- Internal Auditors have now to expand their role as facilitators and advisors at the same time demonstrating that they are adding measurable added value.
- The course is designed to enable participants to develop the key skills of a modern auditor – communication, teamwork, negotiation, planning and time management – to name but a few
- You will also be introduced to the new ideas in the IA profession and how to apply them
After completing this course you will be able to:
- PERFORM a self- analysis of your skills and techniques
- PLAN assignments effectively
- COMPLETE more audits on time
- DEVELOP more effective working papers
- INFLUENCE management more effectively
- NEGOTIATE more successful outcomes
- APPLY computer assisted audit techniques with confidence
- ENHANCE the value added
Who should attend
Who should attend
- This course will be particularly useful for delegates that have previously attended our Essentials to Internal audit course
- It will also be very valuable for auditors who now have to supervise assignments
- It will also benefit other assurance professionals who want to enhance their knowledge of modern Internal audit practices
Course Details
Course Level
- This is a basic/intermediate level course and delegates should have more than 12 months experience in internal audit
- No advance preparation is required
- Delivery method – On-line-live (with exercises and role-plays to simulate audit scenarios and situations that new auditors will encounter)
CPE credits
Participants will earn 15 CPE credits (in the Management Advisory Services field of study).
Modules
Day 1: Challenges of the Internal Auditor role
The need for Internal Audit to add measurable value
- New IIA Code of Conduct
- Helping the Board to protect the assets, reputation and sustainability of the organisation.
- Internal audit should have the right to attend and observe all or part of executive committee meetings
- Internal audit’s should review post-mortem and ‘lessons learned’ analysis if a significant adverse event has occurred
- New IIA Audit Executive guidance
- Internal Audit needs to add measurable value
- The function needs to enhance organisational value by providing stakeholders with risk-based, objective and reliable assurance, advice and insight.
- New IIA paper on models of effective IA will be shared
- Key messages from the IIA Body of Knowledge survey
- ECIIA research paper – making the most of the IA function
- Gaining assurance regarding the quality of the function’s work.
- Exercise 1 – The new challenges facing IA
How can a better understanding of the role be gained?
- How can the profile be enhanced?
- What does management think of the IA service?
- Ways to promote your function better
- Communication strategies
- New IIA guidance ‘What every Director should know about IA’
- Opportunities for Internal audit
- Exercise 2 – Marketing the evolving IA role
The developing audit skill set
- Why auditors need leadership skills
- The need for the ability to influence experts
- The IIA competency framework
- Diplomacy
- Open -mindedness
- Persuasiveness
- Negotiation ability
- Self-motivation and self confidence
- Decision making ability
- Flexibility and ability to co-operate
- Effective Time management
- Flexibility and ability to co-operate
- Self- control
- Practicality
- Results focus
- Investigative skills
- Building trust
- New IIA paper on influencing skills will be shared
- Exercise 3 - Performing a self-analysis
The different requirements and challenges facing IA
- Sector challenges
- The need to adapt quickly to new regulatory requirements
- Ensuring governance risk is recognised
- Smarter use of technology
- The move to continuous auditing
- Making IA a more strategic partner
- Thinking and acting more creatively
Initial Planning
- The importance of planning
- Stages in planning
- Constraints to effective planning
- 20 questions to aid planning
- Preparing for an audit engagement
- The need to engage audit customers
- Exercise 4 - Planning an audit assignment
The audit manual
- Outline of the key elements
- Assignment planning
- The audit file
- Working papers
- Personal learning planner
- Guest auditors
- Post audit questionnaire
- A 64 page manual will be provided to all delegates
- Exercise 5 - The audit manual
Day 2: Delivering an Audit Assignment
Organising the assignment
- The key issues in assignment planning
- Developing a planning memo for the assignment
- Determining an effective time budget
- Determining the business process using a model
- Determining sources of information
- Getting management input
- Deciding on the audit team
- Allocating the roles
- Getting the most out of the team
- Determining the potential difficulties
- Process analysis
- Preventative, detective, directive and corrective controls
- Strategies for improving time management
- Exercise 6 – How to complete more audits on time
Teamwork
- Determining sources of information
- Getting management input
- Deciding on the audit team
- Allocating the roles
- Team work and the challenges faced
- How to hold an effective team meeting to plan the assignment
- Getting the most out of the team
- Exercise 7 – Teamwork
Audit programmes
- Developing effective audit programmes
- What makes a good programme?
- Mistakes to avoid
- The dangers of re-inventing the wheel
- Assigning tasks
- Staffing factors
- The need for regular updates for standard programmes
- Example audit programmes will be shared
- Exercise 8 – Preparing an audit programme
Fieldwork techniques
- Types of fieldwork
- Compliance
- Transaction testing
- Analytical review
- Statistical sampling
- Process reviews
- Flowcharting
- Questionnaires
- Workshops
- How to decide what techniques to use
- How to determine the depth of testing required
- New IIA advice on audit sampling
- Audit testing
- Working papers
- Exercise 9 – The challenges of audit testing
Use of Computer assisted audit techniques
- The benefits of ACL and IDEA
- CAAT’s and data mining
- Opportunities
- Types of test ideal for CAAT’s applications
- Cash monitoring
- Stock control
- Payroll
- Revenue
- Cost comparisons
- External comparisons (with external databases)
- Branch or business comparison
- Worked examples of the use of CAAT’s will be provided
- Advice from ISACA will be shared
- Exercise 10 – Use of CAAT’s – group exercise using audits chosen by the delegates
Consultancy and investigations
- Consultancy assignments
- The difference in approach
- How to document these assignments
- Audit by workshop
- Facilitation –do’s and don’ts
- Investigations – the differences between standard audits
- Which investigations should you accept?
- The investigation process
- Records required
About Phil Griffiths
Phil Griffiths, FCA
Phil Griffiths is founder and Managing Director of Business Risk Management Ltd.
A Chartered Accountant, he has over 30 years experience in risk management, Corporate Governance, internal audit and fraud prevention as practitioner, professional adviser, facilitator and trainer.
His areas of specialism are:
- Assisting Senior Management to identify, manage and then exploit the risks within their business via facilitated business risk management programmes
- Helping Internal Audit functions to implement world class standards.
- Developing fraud prevention, detection and investigation programmes
- Training both private and public sector organisations in all the above disciplines.
He has extensive experience of the European, Asian, Middle Eastern, and African markets having trained professionals from over 1000 organisations in these regions during the past 15 years
He has extensive experience of managing and auditing major International projects. He has also direct experience of negotiating major contracts (including the largest mobile telecommunications contract in the world at the time)
Phil has developed strategic alliances with professional bodies and world renowned training companies, to deliver training and consultancy services across Europe, Asia, the Middle East and Africa.
He has developed over 300 training courses on all aspects of internal audit, risk management and fraud and delivered them across the globe.
He has led risk management programmes for more than 120 private and public sector clients tailored specifically to include facilitated workshops, development of risk strategies and assistance with implementation
He is an accomplished author. His book ‘Risk Based Auditing’ is an international best seller and his new book ‘Enterprise Risk Management – the key to business success’ is receiving much acclaim
Phil has published research into many aspects of internal audit and risk management best practice, including “Strategic Risk management” “The Need to Co-ordinate Assurance Providers” and “The Expectations of Chief Executives towards Internal Audit and its future”
He is recognised as an accomplished and charismatic facilitator, trainer and lecturer and is in continual demand to speak at the most prestigious events on risk management, internal audit and fraud.
Schedule Overview
Course Fee and Timings
The fee for the 2-day course is GBP 500 (US$ 650) which includes comprehensive course materials. The course will consist of three 1.5 hour sessions each day.