Globally, most of organizations nowadays are facing new problems due to changing environmental, operational, legislations and financial issues. This led to an increased focus on internal audit's role in good governance, management, and an assurance of the quality of its own activities. An internal audit provides the organization with opportunities to fulfilling a business requirement and the credibility with stakeholders. The internal auditors need to assess the activity’s conformance with the international Standards for the Professional Practice of Internal Auditing and its effectiveness in providing assurance/consulting services to the Organization’s board of directors, senior executives, and other interested parties.
This Coventry Academy training course is designed to provide you with the guidance to assesses the efficiency and effectiveness of the internal audit activity and identifies opportunities for improvement conform to the International Standards for the Professional Practice of Internal Auditing through a Quality Assurance and Improvement Program,
This Coventry Academy training course will feature:
The international Standards that make up the International Professional Practices Framework
The building of an effective Quality Assurance and Improvement Program
The best practices guidance in the consultancy role of internal audit
The external assessment requirement that an internal audit activity must have conducted
Knowledge and Skills Development to ensure tangible benefits for your organization
What are the goals?
This training course covers the internal audit quality assurance and provides auditors with an understanding of the necessary knowledge and skills to enhance internal audit function.
By the end of this Coventry Academy training course, participants will be able to:
Provide an overview regarding standards which require quality assurance focus
Identify how to establish a Quality Assurance and Improvement Program
Enhance use of ‘Conformance with International Standards for the Professional Practice of Internal Auditing’
Provide guidance on using the Manual programs to conduct a self-assessment with independent external validation
Determine the efficiency of your internal audit function
Identify and practice facilitation skills and issues in your own environment
Who is this training course for?
This Coventry Academy training course is suitable to a wide range of professionals but will greatly benefit:
Auditors / Auditing Managers
Accounting Executives / Managers
Financial Reporting Managers
Financial Executives / Managers / Controllers
Budgeting Officers / Executives / Managers
Business / Investment Analysts & Managers
Regulatory Compliance Officers
How will this training course be presented?
This training course will utilize a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented. The training methodology includes case studies, group discussion, group work and interactive exercises and videos, pre & post course assessments will also be given to enhance learning outcomes for participants and to measure the effectiveness of this training. The instructor will also facilitate learning by encouraging the delegates to test and critically appraise any theories and concepts on the training course.
Course Outline
Day One: Internal Audit, Quality & Performance
Concept of Internal Audit
Types of internal audit function
The Principles of Conduct of the Code of Ethics
The International Standards for the Professional Practice of Internal Auditing (Standards)
Meaning of Quality and performance
Measuring performance
Day Two: Quality Assurance & Improvement Program
The framework for quality assurance
Requirements of the Quality Assurance and Improvement Program
Evaluation of the conformance with relevant policies, procedures, and standards
The application of the Code of Ethics
Assess the efficiency and effectiveness of the internal audit activity
Identifies opportunities for improvement
Day Three: Internal Assessments
Ongoing monitoring of performance of the internal audit activity and staff.
Periodic self-assessment and review
Assess internal audit activity’s charter
Evaluate the applicable legislative and regulatory requirements
Establish benchmark of the internal audit activities
Establish metrics to indicate improvement in organization
Day Four: External Assessments
Importance of external assessment
Form of external assessment
Frequency of external assessment
Internal audit and audit committee function
Assessment of conflict of interest
Following up the results & recommendation of external assessments
Day Five: Using the Quality Assessment Manual to Conduct Self-Assessment
The effectiveness of using the resources
The best successful practices
The organization’s risk management
Reporting on the Quality Assurance and Improvement Program
Disclosure of non-conformance
Compliance with the regulatory requirements
Case studies in each day activity
The certificate
Coventry Academy Certificate of Attendance will be provided to delegates who attend and complete the course