Developing, Improving and Monitoring the Internal Audit Function

The development, monitoring, and continuous improvement of a highly-integrated, internal audit function are essential for the continued financial success, stability, and growth of world-class business entities. A well designed and effective internal audit system will provide verification and support that accounting and financial policies, procedures, and controls are working adequately and will spotlight any significant matters that need attention.

During this program, you will learn how to:

• Understand and recognize the purpose and design of an internal audit function along with practical methodologies in establishing departmental policies and procedures
• Develop a comprehensive internal audit structure, including departmental staffing positions and lines of responsibilities
• Plan an internal audit examination and communicate the findings and conclusions to an Internal Audit Committee and senior management
• Implement the functions of an internal audit department, review various internal control processes and understand the objectives of preparing and presenting findings reports within an organization
• Ensure that an internal audit function meets or exceeds best practices in terms of a peer group or industry standards

• Understand the role and functioning of an Internal Audit Department compared to the role and responsibilities of external auditors
• Develop an Audit Committee Charter for a Board of Directors
• Create personal descriptions and job requirements of an internal audit staff
• Acquire knowledge of the different types and purposes of various audits as to applicability and function, including risk factors
• Planning, notifying and implementing internal audit examinations for selected types of audits to be performed
• Evaluate the effectiveness of in-place internal controls and security policies for organizational networks and information technology frameworks
• Planning for an audit commencement conference meeting
• Understanding relevant documentation as it pertains to professional standards and responsibilities as well as best practices
• Understanding the need of establishing credibility for an internal audit team
• Communicating audit findings and reports and addressing areas needing improvement
• Planning audit exit conference meetings and distributing internal audit reports within an organization
• Conducting post-audit reviews and compiling internal control updates for Boards of Directors
• Developing audit risk and other risk-related assessments

• Internal auditors and audit managers seeking to enhance their professional capabilities
• Audit supervisors and team leaders responsible for planning and executing internal audit engagements
• Members of internal audit departments across public and private sector organizations
• Risk management, compliance, and governance professionals involved in control and assurance functions
• Finance and accounting professionals who support audit activities or interact with audit functions
• Senior officers and executives responsible for internal control systems and organizational governance
• Professionals preparing for roles in internal audit or aiming to transition into audit-related careers
• Members of audit committees and those involved in oversight and regulatory compliance responsibilities