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Finance & Accounting Training Course

Essential Skills for Internal Auditors

The Structure

This comprehensive training course consists of two modules which can be booked as a 10 Day Training event, or as individual, 5 Day training courses.

Module 1 - Fundamentals of Internal Auditing
Module 2 - Report Writing and Communication Skills for Auditors

The Course Content

Module 1 - Fundamentals of Internal Auditing

Day One: Internal Audit in the Context of Corporate Governance

  • Corporate Governance; Definition, Concept, Rules, Principles
  • What are the obstacles and barriers to implement effective governance?
  • The Risk, Compliance & Internal Audit Triangle
  • Role of Audit Committee in checking audit notes (internal/external) among Board’s important committees’ roles and responsibilities
  • Using internal and external audit standards to audit Governance activities
  • Key components, practices and activities to audit processes and relations by which corporations are controlled and governed

Day Two: Fundamentals and Basics of Audit; Evolution of Auditing towards Risk-Based Auditing

  • Definition and objectives of internal audit with understanding of Internal Audit Methodology
  • Auditors Tools, Techniques, roles and responsibilities
  • Report results of the audit via Field Memorandum
  • The transition from system-based to risk-based internal auditing
  • Risk-Based Audit Approach and Risk-Based Audit Methodology
  • How and why audit units move into risk-based audit programs

Day Three: Preparing and Executing a Successful Risk-Based Audit Plan

  • Developing risk-based audit plan
  • Preparation of a clear plan to be approved by Audit Committee
  • Efficiency in the non-recurrence of Audit Notes
  • Identification and classification of audit risk
  • Writing Audit Report; how to impress reader and how to address challenges
  • How to structure effective audit report

Day Four: Relationship Between Internal Audit & Risk Management

  • Fundamental Concepts of Enterprise Risk Management
  • Identifying different types of Risk Taxonomies
  • Risk Control Self-Assessment (RCSA)
  • What is operational risk management framework?
  • Definition and objectives of internal controls; roles and responsibilities
  • Latest trend in Auditing: Auditing the Control Environment

Day Five: The Evolution of Compliance Towards Risk-Based Compliance

  • What is risk-based Compliance?
  • What are the roles and responsibilities of the Compliance Head?
  • International Standards for Anti-Money Laundering / Combatting Terrorism Financing (AML/CTF)
  • Money Laundering Threats and Methods
  • Terrorist Financing Threats and Methods
  • International Case Study: HSBC in USA and Mexico - Case Study on Money Laundering Threats and Methods

Module 2 - Report Writing and Communication Skills for Auditors

Day Six: Audit Reports – Your Shop Window

  • The challenges of audit reporting
  • The main problems with audit reports
  • The need to create impact
  • Analysis of 4 actual reports
  • Evaluation of your own reports – using a proven method
  • The Executive summary

Day Seven: Best Practice Audit Reports

  • The psychology of audit reports
  • Writing reports with impact
  • The need to make reports more positive
  • How to simplify the content
  • Highlighting the issues that really matter
  • Improving the review process

Day Eight: Keeping the Report as Simple as Possible

  • The main report
  • Writing a clear, concise report
  • Forming and expressing the audit opinion
  • Recommendations and action plans
  • Finalising the report
  • The need for follow-up – should this be carried by IA?

Day Nine: Effective Communication – the Key Audit Goal

  • The challenges for auditors
  • The characteristics of effective communication
  • The impact on productivity of clear communication
  • Interpersonal skills for auditors
  • Influencing
  • The power of senior management and stakeholder engagement

Day Ten: Negotiation and Listening

  • The power of Effective negotiation
  • Negotiating during each audit phase
  • The need for win-win solutions
  • Listening - the most important audit skill?
  • Types of listening and the importance for IA
  • Time Management

The Certificate

  • AZTech Certificate of Completion for delegates who attend and complete the training course

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All rights reserved. Any unauthorized copying, distribution, use, dissemination, downloading, storing (in any medium), transmission, reproduction or reliance in whole or any part of this course outline is prohibited and will constitute an infringement of copyright.


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© 2021. Material published by Aztech shown here is copyrighted.

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