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Introduction to Internal Audit

Introduction to Internal Audit
Introduction to Internal Audit
Introduction to Internal Audit

Understanding the background, standards, frameworks and leading practices in Internal Audit is fundamental to the success of any internal audit professional. The course covers the fundamentals and building blocks for the internal audit profession including key definitions, profession background and code of ethical conduct, international internal audit standards and leading risk and control frameworks such as COSO and ORCA.

Introduction to Internal Audit

Understanding the background, standards, frameworks and leading practices in Internal Audit is fundamental to the success of any internal audit professional. The course covers the fundamentals and building blocks for the internal audit profession including key definitions, profession background and code of ethical conduct, international internal audit standards and leading risk and control frameworks such as COSO and ORCA.

Introduction to Internal Audit

Using practical examples, exercises and quick quizzes will ensure participant’s understand the underlying theories and will enable them to imbed them in their daily work. Participants’ will also gain the confidence in engaging management wit fruitful discussions on internal audit, internal control and other relevant topics which will reflect positively on the professionalism of your internal audit function.

Introduction to Internal Audit

The topics included in this course are the necessary building blocks for a professional career in internal audit. This course is a must for junior and senior internal auditors who are relatively new to the internal audit profession. This course is also ideal for senior internal audit professionals who want to refresh their knowledge and stay up-to-date with the applicable standards and frameworks.

  • By the end of this course, participants will gain an understanding of:
  • Background and reasons why the internal audit profession exists
  • Definition, mission and key performance and attribute standards for the internal audit practice
  • Role of an internal auditor towards his organisation and acceptable behaviors 
  • Proper governance structure of internal audit functions
  • COSO Internal Control, ERM and Fraud Risk Management
  • Relation between objectives, risks and controls.  
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Course structure

Day 1 - History, evolution and prospects of profession

  • Background
  • Historical prospective
  • Modern IA practice
  • Profession prospects 

International Professional Practices Framework (IPPF)

  • Definition and history of framework
  • 2017 updates
  • Mission of internal audit
  • Definition of internal audit
  • Attribute Standards
  • Performance Standards

Internal audit function

  • Position and reporting lines
  • Relation of IA function with internal and external stakeholders
  • Key governance documents
    • Internal Audit Charter
    • Audit Committee Charter
    • Internal Audit Manual
    • Code of Ethics

Day 2 - Introduction to COSO

  • COSO- Internal Control
  • COSO- ERM
  • COSO- Fraud Risk Management
  • COSO based internal audit
  • The three lines of defence

Principals and attributes of COSO Internal Control

  • Control environment
  • Risk assessment
  • Control activities
  • Monitoring activities principles
  • Information and communication

ORCA Principle

  • Objectives
  • Risk
  • Control
  • Alignment and Audit
  • ORCA application 

Schedule

There are no scheduled dates for this course. Fill out the form to check future dates or deliver the course in-house

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