• 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 Eric Lim is the Head of Internal Audit of a research and development company in Singapore. He has over 20 years of management, financial and public sector experience. He was instrumental in setting up the Internal Audit Department and believes the effectiveness of Governance Risk and Control processes to enhance the value of organisations. His projects include reviewing ERM and operational efficiency. He has conducted courses and seminar on Tools and Techniques for Beginners, Risk Based Auditing, Operational Auditing, Applying Management Concepts in Internal Audit Workplan and Using Management Tools in Internal Auditing to Identify Risks and Secure Solutions to Enhance Efficiency.
Mr Eric Lim is a Certified Public Accountant Singapore and holds an accreditation in Internal Quality Assessment. He graduated with an MBA in Accountancy at NTU and MA in Economics at University of Saskatchewan, Canada. Over the past years, he gave talks and shared experiences with MBA students and organisations relating to internal audit and governance issues. He was a Governor with IIA Singapore for many years and also served as the President from 2012 to 2015. He was a member of Global Public Sector Committee and is also a Board member of the Shared Services for Charities since 2015. He is now IIA Singapore’s Immediate Past President.
Payment by PayNow/PayLah! transfer
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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. 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.
3. All registrations must "Proceed to Payment" to complete registration. Full payment must be received prior the course commencement.
4. Contact Person will be notified VIA EMAIL upon successful registration of the course.
5. Complimentary parking will be provided 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.
A system generated email will be sent upon successful registration of the mentioned seminar.
Once the course is confirmed, an email confirmation will be sent to the registrants’ contact email addresses 1 week prior to the course commencement date
If you do not receive any email notification regarding your course registrations, please call IIA Academy at 6324 9029