Internal Audit and Control

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

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


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.

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