Advanced Auditing for In-Charge Auditors - OAG201

Description

In this three-day session you will learn all of the elements involved in leading risk-based audits from the unique perspective of the in-charge position. Through discussion and exercises, participants will review such concepts as audit program development and changes, performing risk assessments, setting priorities while assigning tasks, managing staff performance during fieldwork, and reviewing workpapers. Since internal auditors are expected to have sufficient knowledge to evaluate the risk of fraud, this course also provides participants with an overview to: enhance fraud awareness, improve fraud risk-assessment capabilities and identify high-risk areas and the indicators of fraud. This course will also equip participants with the techniques to communicate effectively with team members and clients, including ways to get client buy-in through the effective preparation, documentation and communication of issues and recommendations.

The course provides a solid foundation on how to leverage fundamental internal audit concepts, practices, trends, and focus areas to achieve quality audits. It also provides strategies on how to market and sell internal audit effectively to the client. Audit clients expect the work done to meet high quality standards, so this class examines ways to measure performance, increase efficiency and improve effectiveness. As the liaison between the audit team and the client, the in-charge auditor has a large responsibility that requires effective planning and flawless execution of the audit plan using project management techniques appropriately.

Team leaders face many challenges from the time the audit program is developed and the budget is set until the final report is issued. Failing to plan, anticipate or correct any of the management, technical or communication aspects of their role could lead to a failed project that reflects negatively on the auditor-in-charge or the entire department. This class provides the necessary skills and techniques to help you avoid such negative outcomes.

What you will learn

You will learn how to perform your duties as the in-charge so you can lead and manage the project and the team, set and manage expectations, communicate more effectively within and outside your department, and guide your team to success.

Objectives

Audit Concepts:

• definition of internal audit
• responsibilities of the audit department
• reasons audit must provide more value
• internal audit capability model

Auditing Concepts: The In-Charge's Perspective:

• The Changing Control Environment
• hard and soft controls
• changes since SOX
• evolution of governance, risk & compliance (GRC)
• FCPA/UK Bribery Act
• COSO 2013

The In-Charge’s Perspective:

• audit lifecycle—no two audit departments are identical
• ten important roles of the in-charge
• new skills required for in-charge
• leadership competencies
• workpaper review
• performance evaluations

Preliminary Fieldwork & Program Development:

• the importance of preliminary work
• allocating/estimating time
• fieldwork methodology selection and tools
• data analytics/data mining
• considerations for more productive audits
• the audit program

Risk Assessment Strategies:

• what is risk assessment
• types of risks
• criteria for effective risk assessment
• identifying emerging risks earlier
• trends in risk management
• enterprise risk management (ERM)

Fraud Awareness:

• impact of SOX in assessing fraud
• ACFE Report to the Nations
• PCAOB impact
• areas of fraud occurrence
• anti-fraud programs: creating value

Effective Communications:

• I IIA Standard 2420—effective communications
• successful meeting—do’s and don’ts
• audit report trends
• executive summary options
• issue more timely audit reports
• closing conference strategies

Marketing Internal Audit: Brand Ambassadors:

• key factors in marketing and selling the audit function

T Applying Project Management to Internal Audit:

• three themes of project management
• five phases of the project lifecycle
• three s’s of planning
• monitoring & control
• what to do when you fall behind
• project approaches to audit teams
• key factors to successful audit/project management
• time estimates
• examples of good audit/project management

Improving Productivity:

• measuring internal audit productivity
• planning, fieldwork, reporting and wrap up
• potential productivity decreases
• continually improving audit productivity
• samples of old rules now routinely broken
• winning departmental strategies
• structuring your department
• increasing auditor productivity

Best Practices in Internal Audit:

• compendium of best audit practices
• High Profile Events – Learning Opportunities:
• learn from recent headline events, such as Wells Fargo, Madoff, Equifax, etc.