Internal Audit Course

Internal Audit Course can run as an online or classroom training (Available also for Customised Training by Duration, Venue and Fee)

Course Contents

Day One

Review and Appraisal of Operations 

• Compliance with policies, plans and procedures

• Safeguard of assets

• Detection and prevention of frauds

• Economical and efficient use of resources

• Accomplishment of established objectives and goals for operation

• Internal auditing and the maintenance of a sound system of internal control  

• Responsibility for the system of internal control – auditor or management

• Internal Audit Charter   

• Understanding the nature and context of internal control.

Day Two

Internal Audit Systems

• Roles of Directors and Management

• Policy formulation
• Quality of accounts information and preparation
• Safeguarding the assets
• Fraud’s prevention and detection

• Manual System

• Computerised and Information Technology System

• Comparative costs of internal control systems

• Audit Procedures

• Regulatory requirements
• An understanding of the accounting systems
• Accounting system adequacy
• Integrity of financial statements
• Assessment of transaction complexity
• Capital structure
• Involvement of directors
• General effectiveness of the internal control system

• Design and Selection of Appropriate Audit Tests

• Compliance with International Standards.

Day Three

Auditing MSME Operations

• Peculiarities of Owner Management Entities

• Personnel Limitations

• Segregation of Accounting and Control Functions

• Interpreting and Applying Auditing Standards

• Components of Risks in Internal Control and Audit:

• Inherent risk
• Control risk
• Detection risk.

Day Four

Operational Confidence 

• Personnel Quality and Standards

• Management Quality and Standards

• Peculiarities of Transactions Processing

• Applicable and Adopted Accounting Standards

• Diligence with Appropriate Corrective Actions.