• Identify the core elements of the International Professional Practices Framework (IPPF) as they relate to the lead auditor role.
• Describe the components of the audit model.
• Identify the components of the COSO Internal Control Framework as they relate to the lead auditor role.
• Compare the roles and responsibilities of audit management, lead auditor, auditee, and auditee management.
• Identify the roles and responsibilities of team members involved in QAIP.
• Identify key concepts necessary to becoming an effective leader.
• Identify key concepts necessary to leading and mentoring staff.
• Identify the components of the audit planning and opening conference.
• Identify best practices for conducting an audit risk assessment, walkthrough, and audit program development.
• Identify the components required for auditing fieldwork and testing.
• Identify best practices for audit observations and findings and recommendations.
• Identify the components of effective audit reporting and the exit conference.
• Demonstrate the steps necessary to wrap up the audit after the report is issued.
• Identify the key metrics and performance indicators necessary to measuring internal audit productivity.
• Recognize the formal quality assurance standards that the internal audit function is required to follow.
The International Professional Practices Framework (IPPF)
• Overview of the new IPPF
• Overview of the audit model
Understanding the Control Environment
• COSO Internal Control Framework
• SOX overview
• Enterprise risk management (ERM)
• Risk management frameworks
• Risk and control terminology
• Internal audit risk assessment and audit plan development
• IIA guidance on governance
• The board, audit committee, and CAE
• Executive management and management-level committees
• Internal audit, external audit, other assurance providers, and regulators
Roles and Responsibilities
• Roles of internal auditors
• Internal audit customers and stakeholders
• Audit team roles
• Definition of integrated auditing
• Mission statement, vision statement, and audit charter
• Sample internal audit organizational charts, job descriptions, audit charters, etc.
• Audit management, lead auditor, auditee, and auditee management responsibilities
• Becoming a leader
• Characteristics of an effective leader
• Leadership styles
• Challenges of a leadership role
• What type of leader are you?
• Leadership identification tools
Leading and Mentoring Staff
• Outcomes of human interaction
• Manipulating versus motivating
• Managing conflict
• Changing behaviors
• Performance reviews
• Preparing to be a mentor
Audit Planning & Opening Conference
• Preliminary client survey
• Lead auditor’s role in audit planning
• Communicating and conducting an interview
• Defining audit scope and objectives, hours, resources, and key activities
• Preparing and submitting an audit planning memo to the client
• Reviewing existing internal control documentation, assurance work, policies, and procedures applicable to the function
• Reviewing and creating process flow documentation
• Best practices for narratives and flowcharts
• Conducting an effective audit opening conference
Audit Risk Assessment, Internal Controls, and Walkthrough
• Performing a risk assessment
• Risk assessment concepts and terms
• Application of risk assessment concepts and terms
• Internal control overview
• Control concepts and terms
• Evaluation of control adequacy
• Test of effectiveness – Performing a walkthrough of internal controls
• Documenting the walkthrough
Audit Program Development
• Preparing a value-added audit program
• Tailoring audit programs
• Your role in developing audit programs
• Identifying standard test procedures applicable to the function
Audit Fieldwork & Testing
• Audit evidence
• Standards for audit evidence
• Types of audit evidence
• Evaluating audit evidence
• Data analysis in fieldwork
• Sampling and testing terms
• Sampling and testing approaches
• Documentation of results
• Reviewing testing workpapers
Audit Findings & Recommendations
• Preparing point sheets to document audit observations
• Communicating observations and components of audit reporting
• Audit reporting components
• Approaches to audit write-ups
• Developing recommendations
• Guidelines for rating audit observations and findings
• Presenting audit findings and recommendations
Audit Reporting & Exit Conference
• Preparing an audit report
• Report-reader assessment
• Developing the audit report
• 10 Things Not to Say in an Internal Audit Report
• Guidelines for overall audit ratings
• Conducting an effective audit exit conference
• Best practices for exit conferences
Audit Wrap-Up & Workpaper Review
• Typical wrap-up activities to completion of the audit
Audit Findings: Follow-Up, Validations, and Resolution
• Follow-up on remediation activity
• Monitoring after the audit
• Elements of the monitoring plan
Quality Assurance & Improvement Program (QAIP)
• Quality assurance
• QAIP framework
• Applicable guidance and sample QAIPs
There will be an assessment component towards the end of Day 3 to assess participants’ understanding of the concepts through a sit-down test.
For participants who do not achieve an overall pass will be able to request for a re-assessment within 14 working days from the last day of the course. Re-assessment will only be allowed once.
ABOUT THE TRAINER
Mr. Sia Nam Chie began his career as an external auditor in a Big 4 accounting firm before moving into internal audit in a telecommunication company and financial institutions. He has also taken up leadership roles in various functions in the first and second lines of defence in leading financial institutions. He is an active volunteer taken up various positions, such as Treasurer and Audit Committee member in not-for-profit organizations. He was a member of the International Internal Auditing Standards Board from 2016 to 2018. Mr Sia is currently the Vice-President of the Institute of Internal Auditors Singapore.
Academically, Mr Sia has MBA (Distinction) and Bachelor degree (Hons) in Accountancy. Professionally, he has obtained CA, CIA, CFA, CFE & CISA qualifications. With his diverse experiences, he is able to use practical examples to illustrate concepts in an easy to understand manner. Since conducting CIA courses in 2006, Mr Sia has consistently received positive feedback for using practical examples to illustrate internal audit concepts.
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Register as a group of 4 or more participants for the same course and enjoy a 10% group discount!
Applicable for participants from the same company registered within the same day. Discount will be indicated and processed on a single invoice.
Terms and Conditions
1. Group discount is available for employers not eligible for SSG funding. Please contact IIA Academy for more details.
2. All participants will be liable for the full course fee upfront, even in the case of non-attendance.
3. A processing fee of $100 will be imposed for any cancellation. Cancellation must be submitted in writing 7 days prior to the event date and subject to IIAS’s approval. Substitutions will be permitted and conditions will apply.
4. Participant/contact person will be notified via email on the outcome of the application for enrolment within three working days after the registration deadline.
5. Registration is on a first-come-first-served-basis and complimentary parking will be provided only on a first-come-first-served-basis.
6. IIAS reserves the right to revise the programme as necessary.
7. IIAS reserves the right to cancel or postpone the training should the minimum class size is not met.
Important: Individuals who have signed up for an SSG-funded course are required to provide IIA Singapore with their name, NRIC no, personal email address and mobile number to facilitate the conduct of Training Quality and Outcomes Measurement (TRAQOM) surveys as required by Skillsfuture Singapore. Individuals are strongly encouraged to complete the TRAQOM quality and/or outcomes surveys. Click here for FAQ.
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