Internal Auditing - Taking it to the Next Level: Ensuring Effective Planning, Fieldwork & Reporting

The Institute of Internal Auditors (IIA) defines internal audit activity as:

"A department, division, team of consultants, or other practitioner(s) that provides independent, objective assurance and consulting services designed to add value and improve an organization's operations. The internal audit activity helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of governance, risk management and control processes."

This definition allows for a lot of flexibility as to how an internal audit function is established and operates. However, IIA standards are widely recognized as the guiding hand in the United States for effective internal auditing activity. Topics include:

• Logic of the IIA's Three Lines of Defense model
• The IIA's International Professional Practices Framework (IPPF)
  • Mission of Internal Audit
  • Core Principles
  • Practice Advisories
  • IPPF standards
• Internal audit process phases
  • Planning
  • Fieldwork
  • Reporting
• Linkage between objectives, risks and controls
• Analysis and evaluation of findings
• Measuring risk
  • Inherent risk
  • Control risk
  • Detection risk
• Communicating Results
• Review and examples of current tools
• Risk-ranking techniques & exercise
• Monitoring progress
• Resolution of senior management's acceptance of risks
• Audit committee communications

This is a great session for internal auditors to grasp and apply practical ideas for success.  Many scenarios and actual stories are shared with participants to simulate familiar challenges in planning, conducting fieldwork and reporting internal audit results.