Essentials of Internal Audit Workshop (Classroom Training)

As defined by the Institute of Internal Auditors, "Internal Auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes."

Changes in the regulatory and corporate governance environment have significantly increased the expectations that many stakeholders place on the internal audit function. 'Essentials of Internal Audit' guides internal auditors through the required standards for performing the internal audit. It covers up-to-date tips and tools to accomplish the audit in an efficient, flexible, and results-based manner in order to support the organization's strategic objectives, improve its sustainability and leverage its ability to face future challenges

Course Methodology

The course uses a mix of interactive techniques, such as brief presentations by the consultant, case studies, live demonstration of sampling methodologies and group exercises to apply the knowledge acquired throughout the course.

Course Objectives

By the end of the course, participants will be able to:

• Define internal audit, its scope and function within the company
• List the internal audit standards constituting the framework of the internal audit activity
• Distinguish the types of internal audit assignments related to operational, compliance or financial internal audit
• Describe the internal audit fieldwork guidelines and apply techniques for risk identification, controls identification and controls testing
• Select the appropriate internal audit test tools and list the advantages and disadvantages of each
• Identify best sampling techniques in an internal audit assignment in terms of sample size or sample selection
• Recognize fraud and express internal auditor’s responsibility upon fraud detection