Internal Audit: From Planning to Execution

Course overview

Course outline

1. 1Day 1: Foundations of Internal Audit

   • Introduction to Internal Audit
   • Understanding the role and importance of internal audit in Governance, Risk, and Compliance
   • Differentiating between internal and external audits
   • Key principles and standards for internal auditing
   • Planning the Audit
   • Defining audit objectives, scope, and criteria
   • Identifying risks and assessing their significance
   • Building an effective audit plan and timeline
2. 2Day 2: Audit Methodologies and Techniques

   • Audit Methodologies and approaches
   • Overview of different audit methodologies (e.g., risk-based, control-based)
   • Selecting the appropriate methodology for different audit scenarios
   • Integrating technology and data analytics into the audit process
   • Data collection and evidence
   • Techniques for collecting relevant and reliable audit evidence
   • Sampling strategies and statistical methods in internal audit
   • Documenting findings and maintaining audit trails
   • Execution and Fieldwork
3. 3Day 3: Conducting fieldwork

   • Interviewing techniques for gathering information
   • Performing walkthroughs and testing controls
   • Addressing challenges and obstacles during fieldwork
   • Communication and reporting
   • Art of effective communication with auditees
   • Structuring audit reports for maximum impact
   • Presenting findings and recommendations to stakeholders
4. 4Day 4: Advanced Topics in Internal Audit

   • Fraud detection and investigation
   • Recognizing red flags and signs of fraud
   • Conducting fraud risk assessments
   • Investigative techniques and legal considerations
   • IT audits and cybersecurity
   • Auditing IT systems, networks, and applications
   • Evaluating cybersecurity controls and vulnerabilities
   • Ensuring compliance with data protection regulations
5. 5Day 5: Audit Quality Assurance and Continuous Improvement

   • Quality assurance in internal audit
   • Establishing an effective internal audit quality assurance program
   • Peer reviews, self-assessment, and external assessments
   • Incorporating feedback and enhancing audit processes
   • Continuous improvement and future trends
   • Leveraging audit findings for organizational improvement
   • Keeping up with evolving GRC regulations and standards
   • Embracing technology trends in internal audit