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- About Us
A highly interactive training course on
Fundamentals of Internal Auditing
Training course overview
The Fundamentals of Internal Auditing training course is expertly designed to ensure a comprehensive understanding of the International Professional Practices Framework, along with the essential tools and processes of the Internal Audit function. This course aims to educate participants on the fundamental components of internal auditing and its practical applications.
Over the span of five days, this course will provide valuable insights into internal auditing, risk management, corporate governance, and related activities across various industries. Key topics include:
- Understanding Corporate Governance: Benefits, Challenges, and Key Principles
- The Risk-Based Audit Approach and its implications for Compliance
- Identifying Organizational Risks, Risk Appetite, and Risk Tolerance
- Integrating Risk Management into Internal Audit Planning
- Managing Relationships Among Internal Audit, Risk Management, and Compliance Functions
- Aligning Internal Audit with the Organization’s Mission, Vision, and Values
What are the goals?
By the end of this Coventry Academy training course, participants will be able to:
- Comprehend and foster their audit skills and knowledge, assimilating the fundamentals of the audit role so they can carry out their audit assignments and report it in a highly professional manner
- Learn how to assess the Governance aspects of the control environment in each audit assignment
- Learn how to develop skills and knowledge in relation to the advanced risk-based internal auditing to effectively carry out the audit duties proficiently and report it in a highly professional style to management
- Improve performance and accountability in the internal audit function as well as acquire more knowledge on neighbor control departments such as Compliance
- Understand fundamental concepts of Governance and how to implement it practically to reduce the financial risk while achieving the organization’s goals
Who is this training course for?
This Coventry Academy training course is designed for those with an interest in the internal audit and other control roles within corporate governance environment. It targets all sectors employees involved in the process of internal auditing and internal control departments.
This training course is suitable to a wide range of professionals but will greatly benefit:
- Audit managers
- Risk Managers
- Compliance Officers
- Operational risk managers
- Internal Control Middle level management
- Managers and Officers involved in the process of Governance Departments
- CFO’s
How will this training course be presented?
This Coventry Academy training course will utilise a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented. This includes group discussions, facilitated case studies, presentations and team-based exercises. It will also include case examples of situations in which the instructor has been personally involved. A variety of training methods to reach the participants will be applied in a diverse manner. A number of methods will include brainstorming, lecturing, exercises, group discussion and sharing experiences.
Course Outline
Day One: Internal Audit in the Context of Corporate Governance
- Corporate Governance; Definition, Concept, Rules, Principles
- What are the obstacles and barriers to implement effective governance?
- The Risk, Compliance & Internal Audit Triangle
- Role of Audit Committee in checking audit notes (internal/external) among Board’s important committees’ roles and responsibilities
- Using internal and external audit standards to audit Governance activities
- Key components, practices and activities to audit processes and relations by which corporations are controlled and governed
Day Two: Fundamentals and Basics of Audit; Evolution of Auditing towards Risk-Based Auditing
- Definition and objectives of internal audit with understanding of Internal Audit Methodology
- Auditors Tools, Techniques, roles and responsibilities
- Report results of the audit via Field Memorandum
- The transition from system-based to risk-based internal auditing
- Risk-Based Audit Approach and Risk-Based Audit Methodology
- How and why audit units move into risk-based audit programs
Day Three: Preparing and Executing a Successful Risk-Based Audit Plan
- Developing risk-based audit plan
- Preparation of a clear plan to be approved by Audit Committee
- Efficiency in the non-recurrence of Audit Notes
- Identification and classification of audit risk
- Writing Audit Report; how to impress reader and how to address challenges
- How to structure effective audit report
Day Four: Relationship Between Internal Audit & Risk Management
- Fundamental Concepts of Enterprise Risk Management
- Identifying different types of Risk Taxonomies
- Risk Control Self-Assessment (RCSA)
- What is operational risk management framework?
- Definition and objectives of internal controls; roles and responsibilities
- Latest trend in Auditing: Auditing the Control Environment
Day Five: The Evolution of Compliance Towards Risk-Based Compliance
- What is risk-based Compliance?
- What are the roles and responsibilities of the Compliance Head?
- International Standards for Anti-Money Laundering / Combatting Terrorism Financing (AML/CTF)
- Money Laundering Threats and Methods
- Terrorist Financing Threats and Methods
- International Case Study: HSBC in USA and Mexico - Case Study on Money Laundering Threats and Methods
The certificate
- Coventry Academy Certificate of Attendance will be provided to delegates who attend and complete the course