Mastering Internal Auditing and Internal Controls.
What you will learn
Understand the core principles and standards of internal auditing.
Assess risks, controls, and compliance effectively.
Conduct audits and report findings accurately.
Improve governance through actionable recommendations.
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- Discover the strategic role of internal audit in safeguarding organizational assets and enhancing operational efficiency, moving beyond traditional compliance checks.
- Develop a robust framework for identifying and evaluating significant business risks across diverse operational areas, from financial reporting to cybersecurity.
- Explore advanced techniques for testing the design and operating effectiveness of internal control systems, ensuring they are both relevant and resilient.
- Gain proficiency in planning and executing comprehensive audit engagements, from scoping and fieldwork to documentation and follow-up procedures.
- Learn to communicate audit findings and recommendations in a clear, concise, and compelling manner, tailored to various stakeholder audiences.
- Understand the ethical considerations and professional responsibilities that underpin the practice of internal auditing, fostering integrity and objectivity.
- Analyze the impact of emerging technologies and industry trends on the internal audit function and its evolving scope.
- Examine the interplay between internal audit, external audit, and management in fostering a strong control environment and good corporate governance.
- Appreciate the importance of risk-based auditing in prioritizing audit resources and maximizing the value proposition of the internal audit department.
- Cultivate the ability to adapt audit methodologies to different organizational structures, industries, and regulatory landscapes.
- Master the art of interviewing stakeholders to gather crucial information and gain insights into control effectiveness and operational challenges.
- Understand the principles of data analytics and their application in modern internal auditing for enhanced testing and fraud detection.
- Learn to identify opportunities for process improvement and provide constructive advice to management for strengthening control frameworks.
- Gain insights into the quality assurance and improvement program (QAIP) for internal audit activities, ensuring adherence to professional standards.
- Develop a deeper understanding of fraud risk assessment and the auditor’s role in detecting and preventing fraudulent activities.
- PROS:
- Provides a holistic view of internal auditing, equipping participants with both theoretical knowledge and practical skills.
- Enhances career prospects for individuals aspiring to or currently working in internal audit, risk management, or compliance roles.
- CONS:
- May require prior exposure to basic accounting or business principles for optimal comprehension, though not explicitly stated as a prerequisite.
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