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Internal Audit and Control Workshop

By: Sandhills Consulting Nigeria Ltd

Lagos State, Nigeria

12 - 14 Feb, 2017  3 days

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NGN 115,000

This course offers a thorough review of all aspects of Internal Audit, from the theoretical attribute and performance standards issued by the Institute of Internal Auditors (IIA) up to the implementation of these standards in the day-to-day operation of the internal audit Department.

Topics covered in detail, include

  • IIA standards required to be implemented
  • Managing the internal audit function
  • Risk assessment and evaluation of internal controls, design and testing their operating effectiveness
  • We will be covering details of the documentation process while conducting Internal Audit assignments,
  • Various elements that need to be included in the working papers and how the findings are being reflected in the audit report

In addition to the distribution list of the audit report the course also reviews important challenges that internal auditors face on daily basis including Fraud cases and Information Technology issues. The course further examines how to structure an Internal Audit Department and the various skills needed with the regular changes in the global business environment.

Workshop Schedule and Course Content

Day One

  • Opening and Introduction
  • Pre-course Assessment
  • Definition of Internal Control
  • Components of Internal Control
  • Effects of IT on internal Control
  • Risks associated with an entity’s Internal Control.
  • Planning an Internal Audit Strategy
  • Substantive Strategy
  • Reliance Strategy                                       
  • Understanding an entity’s Internal Control
  • The Control Environment
  • Risk Assessment Process.
  • Documenting and understanding Internal Control
  • Assessing the level of Control Risk
  • Tests of Control
  • Internal Audit definition
  • Understanding Audit Strategies
  • Self-assessment exercise

Day Two

  • Responsibility of the Internal Auditor
  • Fraud                                             
  • Types of Fraud
  • Red Flags
  • Internal Audit Report
  • IT and Internal Audit
  • IT Control
  • Internal Auditor Skills
  • Audit Committee
  • Flow Charting Techniques
  • Using Cross-word Puzzles in studying Internal Control
  • Auditing Internal Control over financial reporting in conjunction with an Audit of Financial Statements
  • Self-assessment exercise

Day Three

  • Understanding the auditor’s responsibilities for reporting on Internal Control under section 404 of the Sarbanes-Oxley Act
  • Management’s Documentation of Internal Control
  • Auditor’s Documentation Requirements
  • Special Considerations for an Audit of Internal Control
  • How to obtain Assurance on Controls
  • Computer Assisted Audit Techniques
  • Generalized Audit Software
  • Custom Audit Software
  • Test Data
  • Audit Sampling
  • An Application, Assurance, Attestation and Internal Auditing services
  • Types of Assurance Services
  • Types of Engagement Services
  • Attestation Standards compared to generally accepted     
  • Auditing Standards
  • Engagement Planning
  • Post-Course Evaluation

Teaching Methods

  • Live group instruction in a workshop format
  • Review all the IIA Standards and understand the principles
  • Extensive use of real-world samples, documents, case studies and exercises
  • High level of attention to individual participants
  • Interactive participation will be encouraged

All participants will receive a comprehensive binder containing copies of the presentation slides, hand-outs and other course material

Workshop Outcomes

On completion of the workshop, participants should have

  • Gain in-depth knowledge of Internal Audit concepts
  • Learnt the details of Internal Audit engagements
  • Understood the importance of Internal Audit in business organization
  • Understood the application of Computer-Assisted Audit Techniques
  • Been capable of documenting and understanding Internal Control
  • Been capable of assessing the level of Control Risk
  • Been capable of implementing the Tests of Control
  • Understood Audit Strategies
  • Understood engagement services and how to plan and manage them
  • Been capable of Auditing Internal Control over Financial Reporting
  • Been capable of documenting Internal Audit Processes
  • Been capable of implementing Computer Assisted Audit Techniques
  • Been capable of assessing generalized audit software
  • Been able to utilize custom Audit Software
  • Been capable of carrying out basic fraud examinations
  • Been capable of defining fraud and identifying a potentially fraudulent extortion and more
6,Segun Gbele Close, Off Lola Holloway Street, Omole Phase 1, Ojodu-Ikeja Feb 12 - 14 Feb, 2017
NGN 115,000.00(VAT Inclusive)
(Convert Currency)

08185131363, 08061277967