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Internal Audit and Control

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*Fees + VAT as applicable(including coffee breaks and a buffet lunch daily)

*EWT reserves the right to alter dates, content and venue.

Overview
Course Outline

Overview

Why attend?

This course is designed for professionals who have responsibilities or seek to acquire skills in internal control and risk management in their organizations. Internal control is fundamental to the successful operation and day-to-day running of a business and it assists the company in achieving its business objectives. It encompasses all controls incorporated into the strategic, governance and management processes, covering the company’s entire range of activities and operations, and not just those directly related to financial operations and reporting.

Course Methodology:

The course is based on presentations and examples by the instructor. Participants will also be required to present the results of case studies and exercises.

Target Audience:

Internal Audit professionals, Internal Audit Managers, risk and control experts, business consultants, directors, new or experienced Internal Auditors, Internal Audit consultants, risk managers who wish to enhance their knowledge in the areas of Governance, Risks, Controls and Internal Auditing and / or wish to apply for the Certified Internal Auditor (CIA), Certified Internal Controls Auditor (CICA) or Certified Internal Controls Specialist (CICS) professional qualifications.

Target Competencies:

Understanding through theoretical and practical review of the study material the application of Risks, Controls and Internal Auditing best practices in all industries.
Improving Risks and Controls identification, evaluation and reporting skills.
Improving Internal Auditing skills for the main transaction cycles.

Course Objectives:

The course will assist participants to:

Acquire basic knowledge in relation to the theory and practice in the areas of Risks, Controls and Internal Auditing.
Be able to sit Certified Internal Auditor (CIA) exams organized by the Institute of
Internal Auditors (IIA) multiple times per year with success or apply for the Certified Internal Controls Auditor (CICA), or Certified Internal Controls Specialist (CICS) qualifications (The Institute for Internal Controls).
Enhance their knowledge in specialized Risks and Controls sessions, as well as Internal Auditing practices for a range of business processes in all industries based on a best practice methodology.

The training syllabus provides both theoretical and practical knowledge to the participants for the implementation of the above practices.

Course Outline

Module 1: Introduction to Audit, Risk and Governance

Overview o Corporate Governance update
Business Risk Management current trends
Internal Audit modern approaches
Summary of key points

Module 2: Business Risk Management Principles, Tools and Methodologies

Categories of risk and business risk models
Business risk assessment
Risks external to the company Risks per business cycle.
Tools of measuring and assessing business risks.
Strategy and methodology for managing business risks.
Internal Control Systems and systems for business risk management.
Case Studies.
Summary of key points.

Module 3: Introduction to Internal Audit Methodology

Internal Audit Principles and Modern Practices.
Systems of Internal Controls.
Key Controls.
Summary of Key points.

Module 4: Internal Audit Methodology Practice

Risk Based Audit planning
Audit questionnaires, programs and checklists
Testing and sampling process
Control matrices and Flowcharts
Communication and negotiation techniques - Interviews Audit reports and Follow Up
Summary of key points.

Module 5: Operational Auditing & Major Business Cycles

Introduction to Operational Auditing.
Overview and evaluation of the major internal controls of a company.
Essentials of the major business cycles.
Risks & Controls Checklists.
Specialized operational auditing practices Summary of Key points.

Module 6: Inventory Management, Marketing & Credits

Audit on the operational cycle of Inventory Management.
Audit on the operational cycle of Personnel and Payroll
Audit on the operational cycle of Marketing and Sales
Audit on the operational cycle of Credit Policy
Audit on the operational cycle of Purchases and Expenses
Summary of Key points.

Module 7: Significance of Financial Auditing

The Need & Introduction to Financial Auditing
Financial Auditing Methodology
Work Programs, Questionnaires, Checklists & Other Tools
Computer Assisted Audit Techniques
Planning, Staffing & Preparation of the Audit Team Execution of the Audit Work & Audit Evidence.
Audit Planning & Scoping Considerations

Module 8: Software and Spread Sheets

Is software necessary?
Is software needed?
Selection process
Spread-sheets
It is just a spread-sheet
Certain spread-sheets must be considered applications
Development LifeCycle Controls.
Access Control (Create, Read, Update, Delete)
Integrity Controls
Change Control
Version Control
Documentation Controls
Continuity Controls
Segregation of Duties Controls
Spread-sheets – Errors
Spread-sheets and material weaknesses.