Essentials of Internal Audit and Enterprise Risk Management

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 and Enterprise Risk Management” 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 improves its sustainability and leverage its ability to face future challenges. By the end of the workshop, participants will be able to:

• Define Internal audit, its scope and function within the Organization
• Describe the internal audit fieldwork guidelines and apply techniques for risk identification, controls identification and controls testing
• Distinguish the types of internal audit assignments related to operational, compliance or financial internal audit
• Recognize fraud and express internal auditor’s responsibility upon fraud

Content

Risk and Internal Audit Overview

• Definition of Risk and Types
• Scope of Internal Auditing
• Staffing the Internal Audit Function
• Role of Audit Committee

Internal Audit Implementation

• Information Gathered by Internal Auditors
• Types of Engagement Procedures
• Internal Audit Working Papers
• Communicating Fieldwork Results
• Selling Your Recommendations 

Risk-Based Auditing

• Defining Management Assertions
• Risk Assessment Process
• Identifying Entity Level Controls to Mitigate Risks
• Testing of Internal Controls

Enterprise Risk Management and Components

• Business and Internal Environment
• Information and Communication
• Risk Assessment and Monitoring
• Compliance and Process

Fraud

• Definition and Characteristics of Fraud
• Internal Auditor’s Role in a Fraud Case
• Creating Environment for Dealing with Fraud
• Anti-Fraud Policy

Types of Internal Auditing

• Performance Auditing
• Operational Auditing
• Financial Auditing
• Compliance Auditing

For Whom: Risk Managers, Internal Auditors, External Auditors, Directors, CFOs, Supervisors/ Managers and Others who are interested in updating, upgrading, and refreshing their knowledge in internal audit.