• Identify the core elements of the International Professional Practices Framework (IPPF).
• Describe the components of the audit model.
• Identify the components of the COSO Internal Control Framework.
• Identify the requirements of annual audit planning.
• Compare the roles and responsibilities for governance including that of internal auditors.
• Identify the components of interviews and how interviewing is used within an audit.
• Describe best practices for conducting and documenting interviews.
• Identify the common forms used during process documentation.
• Identify risks and key controls during the risk assessment process.
• Apply the methods for obtaining and presenting audit evidence.
• Identify the best practices for selling audit results to stakeholders.
• Demonstrate the steps necessary to wrap up the audit after the report is issued.
• Conduct the follow-up and validation of resolutions to audit recommendations.
• 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
• Mandatory guidance
• Applying the Code of Ethics
• Overview of the audit model
Understanding the Control Environment
• COSO Internal Control Framework
• SOX overview
• Enterprise risk management (ERM)
• COSO ERM Framework
• Commonly used internal control resources
• Definitions of risk and risk management
• 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
• Qualifications of audit team members, by level
• Mission statement, vision statement, and audit charter
• Sample internal audit organizational charts, job descriptions, audit charters, etc.
Audit Planning & Opening Conference
• Preliminary audit planning
• Your role in audit planning
• Conducting an interview
• Types of interviews and best practices for conducting interviews
• Interview practices to avoid
• Best practices for documenting interviews
• Defining audit scope and objectives, hours, resources, and key activities
• Preparing and submitting an audit planning memo
• Reviewing existing internal control documentation and assurance work
• Reviewing 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-add 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, Validation, 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 Chng Seh Chong was employed in Shell for 20 years where he assumed various finance positions including roles in internal audit, SOX and SAP implementation projects. He was chief audit executive responsible for internal audit and risk management at Millennium & Copthorne International and STATS ChipPAC Limited. He reported to the audit committees of these companies which are listed on the London Stock Exchange and SGX respectively.
He was a governor of IIA Singapore in 1996 - 1998 and elected vice president in 1998 - 2000 and then president in 2000 - 2002. He is a fellow member of the Institute of Chartered Accountant (England & Wales). He is also a member of the national working groups for ISO 31000 on risk management and ISO 19600 on compliance management system standards.
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Terms and Conditions
1. Registered participants will be liable for the full fee even in the event of non-attendance.
2. 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.
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5. Complimentary parking will be provided on a first-come-first-served-basis.
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7. IIAS reserves the right to cancel or postpone the training should the minimum class size is not met.
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