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Three Day Seminar: Tools & Techniques III: Audit Manager

CPE Hours: 24
 
UTAP APPROVED COURSE
NTUC members enjoy 50% unfunded course fee support for up to $250 each year when you sign up for courses supported under UTAP (Union Training Assistance Programme). Terms and conditions apply.
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SSG Approved (Funding for Employer Sponsored Training)
Funding for self-sponsored or Eligible employer-sponsored training is available under the SSG Training Grant for participants who are Singaporeans and PRs.
Click here for more details on various schemes.
 
INTRODUCTION
Master the skills necessary to manage audit teams with efficiency. This course provides new managers with the tools needed to effectively manage audit teams, while exploring the life cycle of an audit from an audit manager’s perspective.
 
During this course, you will examine and practice the skills needed to lead as a manager by learning how to supervise and develop an audit team, manage change, and effectively manage relationships with not only your team, but also with the CAE, executive management, and the audit committee.
 
WHO SHOULD ATTEND
This course is designed for internal auditors with more than 5 years’ experience and/or those developing into becoming a Audit Manager
 
LEARNING OUTCOMES
  • Identify the mission of internal audit and the audit model as they relate to the audit manager role.
  • Identify the internal control environment and risk in the control environment.
  • Compare the roles and responsibilities of the board of directors and the audit committee, and executive management and management-level committees.
  • Identify the audit engagement responsibilities of an audit manager.
  • Identify audit manager responsibilities for audit planning, including defining the audit plan, setting the audit budget, resources, and schedule, project management tools, and reviewing the risk assessment, risk matrix, and internal controls.
  • Identify audit manager responsibilities for audit fieldwork, including effective monitoring and feedback, and root cause analysis.
  • Identify audit manager responsibilities as they relate to audit reports and audit wrap up.
  • Identify the QAIP Framework and the formal quality assurance standards that the internal audit function is required to follow.
  • Identify key concepts necessary to supervising and developing staff.
  • Identify leadership skills necessary for audit managers
  • Identify strategies necessary for managing change effectively.
  • Identify strategies necessary for managing relationships and marketing the internal audit function from an audit manager perspective.
  • Identify innovative problem solving techniques.
 
COURSE OUTLINE
Overview of the Audit Model
  • Mission of internal audit
  • The audit model
 
Overview of the Internal Control Environment
  • Control terms
  • COSO Framework
  • SOX overview
  • Risk in the control environment
  • Enterprise risk management
 
Audit Governance, Roles & Responsibilities
  • Governance
  • Audit governance roles and responsibilities
  • Qualifications of audit team members (by level)
  • Mission statement, vision statement, and audit charter
  • Audit manager responsibilities during the engagement
  • Independence and reporting relationships
 
The Audit Cycle – Audit Planning
  • Defining the audit plan
  • Applicable Standards
  • Setting the audit budget, resources, and schedule
  • Project management tools
  • Reviewing the risk assessment, risk matrix, and internal controls
 
The Audit Cycle – Audit Fieldwork
  • Workpapers and workpaper attributes
  • Applicable Standards
  • Standardized workpapers
  • Audit review steps
  • Effective monitoring and feedback
  • Root cause analysis
  • Strategy for presenting audit finding
 
The Audit Cycle – Audit Report & Wrap Up
  • Preparing and reviewing the audit report
  • The exit conference
  • Reviewing and closing out the audit project
  • Feedback from audit customers
  • Common audit survey questions
 
Quality Assurance & Improvement Program
  • What is a QAIP?
  • Applicable Standards
  • The QAIP Framework
  • Five characteristics of a successful QAIP
  • Reporting the results of a QAIP
  • Balanced scorecards
 
Supervising and Developing Staff
  • The hierarchy of needs
  • Motivation and the outcome of human interaction
  • Manipulators vs. motivators
  • Managing conflict
  • Changing behavior
  • Effective monitoring and feedback
  • Performance reviews
  • Mentoring to provide guidance
 
Leadership Skills
  • Becoming a leader and a manager
  • Leadership skills for managers
  • Managing vs. leading
  • Characteristics of an effective leader
  • Challenges of a leadership role
  • What type of leader are you?
  • Leadership identification tools
 
Managing Change
  • The Change Model
  • The effects of change
  • The TACTFUL Approach
  • Dealing with change
  • Communicating change to the client
  • Communicating results and criteria
  • Communicating change – Additional concepts
 
Managing Relationships and Marketing Internal Auditing
  • Internal auditing’s role in an organization
  • Typical internal audit functions
  • Internal audit and external auditors
  • Internal auditing and outsourcing, co-sourcing, and partnering
  • Promoting the internal audit function
  • Communicating with the audit committee
 
Innovative Problem Solving
  • Defining innovative problem solving
  • Innovative thinking
  • The innovation process
  • Steps in the innovation process
  • Creative problem solving
 
Assessment
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.