Strategic audits are examinations and evaluations of strategic management processes, including measuring corporate performance against the company’s strategy. It involves comparing
- The state of the business as it exists on the day of the audit to
- The state the business would have looked and operated had it achieved its goals.
In other words, the strategic audit report evaluates each functional unit of the organization/business and grades it according to its alignment (or misalignment) with its goals.
It is the only audit approach that moves organizations towards achievement of the goals set in the strategic plan thereby ensuring critical value addition by the internal audit function.
Participants attending the course will:
- Understand the drivers of change to strategic auditing
- Understand the requirements for carrying out successful strategic auditing
- Appreciate the advantages of Strategic auditing over the traditional operational and compliance audit
By developing the competences of Internal Audit staff to conduct strategic auditing, the Audit Department will be contributing meaningfully in moving the organization and its Business Units and the towards the achievements of their mandate.
Participants will be able to:
- Explain the concept of Strategic Planning, its six elements and the 3Cs for successful strategy implementation
- Understand the concept of Strategic risks
- Explain the concept of Strategic auditing and the main drivers
- List the requirements for successful strategic auditing
- Conduct specific categories of strategic auditing.
- The TOWS Matrix
- Strategic risks distinguished from operational and financial risks
- Measuring internal audit expectations gap
- Requirements for strategic auditing
- Risk based Audit planning
- KoB, ERM and the Internal Auditor
- Customer satisfaction audit
- Corporate and Program Performance audit
- VAL IT Audit