Course Methodology

This course is based on open discussions, question and answer sessions, group exercises, activities, videos, case studies and presentations based on best practices, case studies and core principles.

Course Objectives

By the end of the course, participants will be able to:

• Differentiate between modern and traditional audit practices
• Develop methods to promote the internal audit function
• Build a flexible internal audit plan
• Lean on anti-fraud detection and prevention techniques and incorporate them into the audit programs
• Formulate horizontal audit methodologies to assess a specific process, ensuring a more thorough and comprehensive audit scope and coverage

Target Audience

This course is suitable for anyone within the Internal Audit function, including, but not limited to, Internal Auditors, internal controllers, risk officers, external auditors and compliance officers from all levels.

Target Competencies

• Analytical skills
• Risk assessment
• Communication skills
• Writing skills
• Critical thinking

The Internal Audit Function

• Internal Auditing defined
• Purpose, authority and responsibility
• Assurance, insight and objectivity
• Standards and proficiency
• Internal Auditing vs. accounting – external audit and internal control
• The nature and scope of modern internal audit services
• The internal audit charter and the audit committee; the importance and role of having them
• The Internal Audit Roles – how the role of the Internal Audit has evolved to become a key element in each organization
• Types of internal audit engagements

Promoting the Internal Audit Function

• The evolving role of Internal Audit
• Marketing the audit function and internal auditors
• Educating stakeholders on the services internal audit can provide
• Demonstrating internal audit's understanding of the culture of the organization
• Demonstrating internal audit’s understanding of the needs of key stakeholders
• Shifting the audit function from the “last” to the “first” resort
• Top tips on how to raise the profile of internal audit
• Encouraging stakeholders to use internal audit services

Agile Auditing

• Defining Agile auditing
• Agile auditing benefits and constraints
• Deciding to go Agile
• The Scrum Framework
• Implementing Agile auditing using Scrum
• Agile auditing mindset shift

Horizontal/Transversal Audit

• Horizontal audits defined
• Activities to include in Horizontal audits
• Horizontal vs. vertical audits, the pros and cons
• Using the right style of audit
• Reporting the horizontal audit results

Sampling Techniques

• Discuss the basic concepts of sampling techniques
• Document analytical reviews
• Test and gather audit evidence
• Complete and document compliance and substantive tests
• Select the appropriate testing method
• Discuss statistical sampling techniques
• Determine the objectives of the sampling plan
• Develop the sampling plan
• Apply attribute sampling techniques
• Identify the sample results

Building the Flexible Internal Audit Plan

• Building your audit universe
• Performing a risk assessment
• Obtaining stakeholders' insights
• Preparing your audit plan

Audit Mission Cycle

• Planning the engagement
• Performing the engagement
• Supervising the engagement
• Communicating the results of the mission
• Following up on audit missions

Internal Audit’s role and responsibility towards fraud

• Fraud risk management process
• Prevention techniques to avoid potential fraud risk events
• Detection techniques that should be established
• Supplier and outsourcing fraud
• Fraud risk matrix and fraud scenarios
• Fraud risk questionnaire
• The top 30 fraud indicators
• How to spot the danger signals
• Fraud detection and legal aspects
• Fraud investigation - managing the investigation
• Incorporating fraud detection techniques into audit programs

Writing skills and reporting styles

• New methods to report audit findings
• Recognizing “reporting bombs”
• Executive summaries Vs. Detailed reports
• Distinguish barriers to effective written communication and identify ways to overcome them
• Identify the target audience and adapt writing accordingly
• Structure the audit report for greater impact
• Present audit findings in a clear and concise manner
• Produce a concise and compelling executive summary