Effective Internal Auditing

Day 1: Internal Auditing and the International Business Environment

• Define Internal Auditing

• Identify the Components of an Effective Internal Audit Function

• Define Management Responsibilities of an Internal Audit Function

• Discuss the Similarities and Differences Between Internal Auditing and External Auditing

• Define the Various Types of Internal Audits

Day 2: The Road Map to Effective Internal Audits

• Discuss the Principles of Effective Audits

• Define Alpha and Beta Audit Risk

• Perform Compliance, Substantive, and Operational Tests

• Calculate Audit Risk

• Define the Relationship Between the Internal and Control Environment and Audit Testing

Day 3: Focusing the Investment in Internal Audit

• Relate the Concept of Internal Audit Strategies to the Audit Planning Process

• Develop a Long-Term Audit Plan for the Internal Audit Department Using Internal Control-Based Risk Assessment

• Design the Audit Plan and Prepare an Audit Planning Memorandum for an Individual Internal Audit Project Assignment

Day 4: Documenting and Evaluating Internal Control Systems

• Understand the Work Process

• Document the Work Process

• Develop Process Flow Diagrams and Process Maps

• Complete the Audit Internal Controls Documentation Matrix

• Finalize the Audit Objectives

Audit Evidence and Audit Sampling

• Discuss the Basic Concepts of Audit Evidence, and Their Impact on the Development of Audit Work papers

• 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

• Extrapolate the Sample Results

• Ensure That Audit Work papers Support Audit Conclusions and Recommendations

Day 5: Planning and Conducting Successful Audit Interviews

• Plan Interviews

• Discuss a Framework for Planning, Conducting and Evaluating the Results of Interviews

• Overcome Resistance

• Manage Conflict with Management

• Listen Effectively

• Talk Effectively in a Non-Threatening Environment

• Get to "Yes"

• Understand the Nature of Confidentiality of Information