Description
The amount, speed and impact of change has accelerated significantly, and all indicators point to more change in the future. Organizations are expected to innovate and become creative in the pursuit of business objectives, the management of risks and the implementation of appropriate controls that increase the likelihood of success in the short and longer terms.
Internal auditors must understand the dynamics driving these changes, how innovation is being used in modern organizations, and how it affects the efforts to provide reasonable assurance to the board of directors, management and other stakeholders. Internal audit must not only understand change and innovation, but must embrace, adopt, thrive with it and promote it.
This course will teach you where and how innovation can work in your organization’s favor, so value is protected and enhanced while risks are appropriately managed. Internal audit must not only understand change and innovation, but must embrace, adopt and promote it.
Part one of this two-part series of courses will explore where and how innovation can work in the planning and execution of audit assignments to enhance and protect value while risks are managed.
Key learning objectives in this seminar:
• How to use innovation in the planning, fieldwork and reporting stages of internal audits
• Identify ways of improving internal audit methodology
• Discover techniques to be more responsive to your clients’ needs
• Adapt effectively to an ever-changing risk and controls environment
• Understand management’s actions and how innovation impacts your organization’s programs, processes, products and services
• Build stronger relationships with the board and management by demonstrating resilience, adaptability and forward-thinking
Prerequisite: Fundamentals of Internal Auditing (OAG101) or equivalent experience.
Advance Preparation: None
Learning Level: Intermediate
Field: Auditing
Delivery Method: Group-Live
What you will learn
1. Introduction
• definition and uses in internal audit
• uses and value proposition for auditors
2. The Role of Innovation in Internal Audit
• trends and the need to change the approach to auditing
• innovation and risk-based auditing
• developing more valuable, effective and useful audit programs
3. Improving Agility
• Moving at the speed of the organization
• creative ways to remain aware of business changes and get a seat at the table
• auditing change initiatives and other strategic risks
4. Embracing Innovation
• recruiting and promoting a different mindset among auditors
• rewarding innovation
• innovation and critical thinking: a great partnership
5. Risk Assessments
• identifying new and emerging risks
• different ways to measure impact and likelihood
• re-thinking the risk register, how it is completed and analyzed
• using different approaches to communicate results, consequences and getting buy-in
6. Innovation and GRC
• back to basics: what GRC is all about and how internal audit got confused
• helping the organization improve GRC beyond publishing more policy documents
7. Audit Plan Development
• developing multi-year audit plans that are flexible and adapt to changing conditions
• becoming more agile
• changing expectations of the audit committee, management and the impact on internal auditors’ mindset
• auditing what has never been audited before
8. Planning
• revamping audit programs so they address new organizational dynamics
• moving away from the “same as last year” mindset
• re-examining the testing methodology: from sampling to population testing
• exploring different ways to test risks, not only controls
• creative ways to develop better time estimates
9. Fieldwork
• testing smarter
• modifying our communication approach to connect with audit clients
• building real-time innovation during the testing process to address field conditions
• tools to perform better root cause analysis
10. Reporting
• re-energize audit reports so they are read, understood and acted upon
• communicate intent, tone and presentation more effectively
• innovative ways to report audit findings that resonate with management and the board
• using audit reports to show a more modern internal audit department
10. Follow-up
• Follow-up
• re-testing smarter
• maximizing internal audit efforts so action items are addressed as expected
• creative ways of using key risk indicators (KRIs) for continuous auditing and monitoring
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