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BEST PRACTICE INTERNAL AUDITING
There
is no doubt that the role of the internal auditor is changing
and becoming more demanding – and more rewarding, for those
who respond to the challenges from within and outside their
organisations. The scope of work continues to expand. Today’s
internal auditors are expected to contribute to the development
and improvement of corporate risk management programmes,
and to have a full understanding of the business and its
environment, not just in terms of financial and other
conventional risks, but total risk. The Turnbull Report, regulatory
requirements and recent high profile events have raised internal
audit’s profile, especially at board level. And with
business facing its own challenges in a global market, auditors
are being expected to increase their business-wide knowledge,
help the organisation balance the competing demands of business
performance and social responsibility, and actively aid line
management - whilst at the same time challenging, probing
and providing independent assurance.
Further, since 1 January 2004, professional internal audit
functions have been expected to demonstrate their compliance
with the revised and demanding Standards of the Institute
of Internal Auditors. Other standard-setters in public and
private sectors around the world have similarly up-dated and
strengthened their requirements for internal audit.
Further, as from 1 January 2002, professional internal
audit functions are expected to demonstrate their compliance
with the latest Standards of the Institute of Internal
Auditors. Other standard-setters in public and private
sectors around the world have similarly revised and strengthened
their requirements for internal audit.
This interactive seminar is specially designed to help you
to address these challenges and to have the confidence to
grasp the opportunities of auditing in today’s tough and changing
world.
Who should attend?
This course is aimed at those
in any sector who wish to learn about the latest developments in internal
auditing and its immediate environment, to acquire new knowledge and skills, and
to benchmark their own internal audit approach and activities against
international best practice.
Course Objectives
Through
real-life examples, down-to-earth presentations, exercises and discussion
groups, it aims to:
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give authoritative guidance
on latest developments and how to maximise internal audit’s contribution
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show how expectations and
standards can be met in practice
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explain the elements and
techniques of the risk-based approach to audit work
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provide advice on the means
and implications of “re-engineering” the audit function: advancing the
frontiers, increasing its influence and adopting innovative approaches to the
provision of audit services
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demonstrate how internal
auditors can contribute to the development and embedding of enterprise-wide risk
management programmes
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develop participants’ skills
in auditing governance issues, evaluating ethical frameworks and facilitating
workshops
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explore the benefits and
consequences of auditors offering consultancy-style services
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bring participants up to
speed on other aspects of leading edge audit work
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Course
Programme
DAY ONE:
Registration and coffee
The Current
Audit and Business Environment
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Issues of the moment and latest developments
(this will depend on matters that are
topical at the time of the
course, and will be tailored in light of the
background of course participants) |
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From Watergate to watershed: recent developments in governance, economic
activity, business risk, etc |
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The impact of such events and issues on internal
audit: challenges and opportunities |
Coffee
Internal
Audit in the New
Millennium
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The development and changing role and influence of
internal audit: evolution or revolution? |
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Defining ‘best practice’; ways
of providing an internal audit service |
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How do
we measure 'success'? |
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Traditional auditing: the age of the dinosaur |
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Conventional auditing: what most auditors do – but is it enough? |
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Leading edge auditing: what you are here to learn about |
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Off-the-edge auditing: a step too far? Are there any boundaries? |
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Up-dating your audit charter; preparing development plans |
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New approaches to audit services, structures, staffing
and skills: virtual auditing |
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Knowing your limitations |
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Expectations and perceptions |
Lunch
International Expectations and
Practices
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The new Institute of Internal Auditors
(IIA)
Standards:
- professional demands
- the components
of the Professional Practices Framework
- what do the
Standards mean? What's new?
- significant issues arising
- guidance on their
adoption and implementation |
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Other external developments and requirements
(selected according to the audience: e.g. Basel Best Practice
Principles, FSA requirements, Local Government
IA Code of Practice, new
Standards for Central Government IA, EU demands, etc) |
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Comparative practices: profile of a typical 'leading
edge' internal audit unit |
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Turning demands and opportunities into strategies and plans |
Governance Auditing
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What does it mean? |
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Starting at the top: auditing corporate
and strategic issues; nature and scope |
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Corporate governance developments |
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Impact on internal audit: IA as a governance component |
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Opportunities for internal audit: roles in promoting and evaluating
governance systems |
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How to change hearts and minds |
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Gaining acceptance at the top – and bottom |
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Working with boards, prima donnas and audit committees |
Tea
Risk-Based Auditing
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The three components:
- using risk in
audit planning; new approaches; is long term audit planning dead?
- assessing risk
in business process audits of strategic and operational systems
- audit
participation in risk management programmes |
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Audit involvement in risk management systems:
- options – are
the various possible roles compatible?
- helping to
establish formal risk management systems; how important
is independence?
- evaluating and
improving risk management systems: approaches and techniques |
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Risk management standards
- the
Australia/New Zealand standard
- the UK
and other standards |
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How to audit an organisation’s reputation and other significant corporate
issues and risks |
DAY
TWO:
The Auditor as Catalyst and
Facilitator
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Facilitation and change agent roles |
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The auditor as educator, guide and trainer |
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Acquiring and deploying facilitation skills |
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Running risk, CSA and other workshops |
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Audit
hats |
Coffee
The Auditor as Consultant
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The meaning of ‘consulting’ and the range of consultancy services |
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Are the ‘assuring’, ‘consulting’
and 'facilitating' roles compatible? |
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Marketing one’s wares: a business-like approach to auditing |
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Developing products,
services and skills |
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Internal audit competences: using the CFIA and other competency-based
approaches |
Controls Assurance
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Relationship between confidence, assurance and audit |
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Responsibilities of the various parties in providing
internal and external assurance |
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Roles for internal audit: assurer, co-ordinator, validator;
the range of audit assurance services |
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Forms of audit assurance: positive, annual and future-oriented assurances |
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Has control self assessment had its day? |
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Using control frameworks such as COSO |
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Auditing ‘soft’ issues and the control environment |
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Innovative approaches to audit reporting |
Lunch
Objectives-Based Auditing
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You heard it first here |
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Auditing goals, policies and goal-setting processes |
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Moving the goal-posts; balancing conformance and
performance |
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‘Performance auditing’ – concentrating on outcomes |
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Opportunities, limits and techniques |
The
Auditor and the Social Conscience
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Developments in social and ethical accountability, accounting, reporting and
auditing |
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Standards, e.g. Accountability 1000 |
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The renewed focus on business behaviour, culture,
transparency and responsibility |
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How to audit business integrity, ethics,
values and accountabilities |
Tea
The Way Forward
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Consolidation: doing what we do well |
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Improvement; quality assurance; learning from others |
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Advancement: bravely going … |
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Practicalities: resource and other
implications; getting the message over to others.
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