The workshop will highlight current trends and practices in corporate internal auditing. Issues to be discussed include:
- The wider scope of roles and responsibilities of modern internal auditor.
- Audit Planning Methods.
- Systems documentation review and upgrading.
- How to write an effective audit report.
- How an Internal Auditor should relate to managers in other departments as well as external Auditors.
- Financial Investigations.
- The vexed issue of corporate fraud: Types, Causes, Detention and Management.
- The Internal Auditor.
- Challenges of the future.
Fundamentals of Por-Active Internal Auditing
- Widened scope of duties and responsibilities of today’s internal auditor
- Relationship of the internal audit department and auditors
- Relationship between internal auditor and external auditors
- Peculiarities of Public account committee, the alarm system, and the auditor general’s roles.
- The audit committee and internal auditor
- Internal auditing as a cost control tool
- Independence of the internal auditor
Audit Planning Methods
- Principles governing an audit; objectivity, independence, confidentiality etc.
- Assessment of existing controls and inherent risks
- Preparation of the audit program
- Audit working papers; audit manuals program documents etc
- Adequate staffing for the audit functions
- The audit supervision train
Enthroning A Fraud Preventive Internal Control System
- Definition of internal control system
- Internal control system and procedures
- System documentation process
- System review methods; to detect loopholes in the internal control process and to plug identified loopholes
- System upgrade; to cover anticipated areas of deficiencies
- Emerging trends and challenges
- Definitions of risk and risk management
- Components of risk
- Risk propensities
- Risk management plan elements
- Risk preferences
- Types of audit reports
- Qualities of a good report: relevance, complete, reliable, timely, precise, simple, accurate, consistent, unbiased, good language, appropriately channelled, etc
- Getting fact into logical sequence and writing persuasively
- Structure and layout of audit report
- Witch- hunting, favouritism, sensationalism, and professionalism in audit reporting
- Management action and follow up reports
The Role of Human Psychology in Auditing and Fraud Management
- Audit concepts: auditor’s perception
- Psychological barriers in effective auditing
- Psychological strategies for enhancing auditing
- Personal qualities of auditors
- Interpersonal strategies
- Emerging trends and challenges
Financial Investigations and Defences Against Corporate Fraud
- Definition of an investigation, events necessitating an investigation
- Corporate Fraud: causes, types, detention and management
- Investigation in the event of fraud or negligence i.e. misappropriation of cash wages defalcations, cross firing of financial instrument, manipulation of stock figures, defalcation of sales and purchases, theft of fixed assets, etc
- Investigation by government (Nigeria experience) probe panels, committees, tribunals, etc including the role of law enforcement agencies.
- Fraud detention and responsibilities of internal/external auditors.
- Corporate fraud in the 1980’s and 1990’s
Computer Audit Techniques
- Objective of computer auditing
- Computer audit terminologies: auditing round and through the computer etc.
- Computer installation control checklist i.e. environmental, personnel, hardwires, software, communications and administrative controls.
- Maintaining the audit train in a computerized system
- Controls in online and real time systems.
- Common computer fraud
- Use of computer software in computer auditing (CAATS)
- Emerging trends and challenges, threats and vulnerabilities.