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AccountingSkills of Auditing and Internal Control


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  • United KingdomLondon
  • 13 - 17 Mar 2023
  • 20 CPD hours
  • $4,500.00
  • Overview
  • Course Outline
  • Scheduled Dates

Course Overview

Learning Objectives

    Define internal auditing and internal control.
    Identify “high-risk” processes—and build control systems that mitigate the risk.
    Develop control-based internal auditing recommendations that effectively help management meet tactical and strategic objectives.
    Focus on the Investment in Internal Audit.
    Document and Evaluate Internal Control Systems.
    Audit Evidence and Audit Sampling.

Objective:

By the end of this program, participants will be able to:

  • Define internal auditing and internal control.
  • Identify “high-risk” processes—and build control systems that mitigate the risk.
  • Develop control-based internal auditing recommendations that effectively help management meet tactical and strategic objectives.
  • Focus on the Investment in Internal Audit.
  • Document and Evaluate Internal Control Systems.
  • Audit Evidence and Audit Sampling.
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Course Outline

Internal Auditing

  • Define Internal Auditing.
  • Identify the Components of an Effective Internal Audit Function .
  • Define Management Responsibilities of an Internal Audit Function.
  • Discuss the Similarities and Differences Between Internal Auditing and External Auditing.
  • Define the Various Types of Internal Audits.

The Road Map to Effective Internal Audits

  • Discuss the Principles of Effective Audits.
  • Define Alpha and Beta Audit Risk.
  • Perform Compliance, Substantive, and Operational Tests.
  • Calculate Audit Risk.
  • Define the Relationship Between the Internal and Control Environment and Audit Testing.

Focusing the Investment in Internal Audit

  • Relate the Concept of Internal Audit Strategies to the Audit Planning Process.
  • Develop a Long-Term Audit Plan for the Internal Audit Department Using Internal Control-Based Risk Assessment.
  • Design the Audit Plan and Prepare an Audit Planning Memorandum for an Individual Internal Audit Project Assignment.

 Documenting and Evaluating Internal Control Systems

  • Understand the Work Process.
  • Document the Work Process.
  • Develop Process Flow Diagrams and Process Maps.
  • Complete the Audit Internal Controls Documentation Matrix.
  • Finalize the Audit Objectives.

Audit Evidence and Audit Sampling

  • Discuss the Basic Concepts of Audit Evidence and Their Impact on the Development of Audit Work papers.
  • Document Analytical Reviews.
  • Test and Gather Audit Evidence.
  • Complete and Document Compliance and Substantive Tests.
  • Select the Appropriate Testing Method.
  • Discuss Statistical Sampling Techniques.
  • Determine the Objectives of the Sampling Plan.
  • Develop the Sampling Plan.
  • Apply Attribute Sampling Techniques.
  • Extrapolate the Sample Results.
  • Ensure That Audit Work papers Support Audit Conclusions and Recommendations.

 Planning and Conducting Successful Audit Interviews

  • Plan Interviews.
  • Discuss a Framework for Planning, Conducting and Evaluating the Results of Interviews.
  • Manage Conflict with Management.
  • Listen Effectively.
  • Talk effectively in a Non-Threatening Environment.
  • Understand the Nature of Confidentiality of Information.
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Schedule & Fees

2+1Offer

Get the most out of group training with our special discount! Register 3 of your participants together on the same course and only pay for 2.

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London

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Skills of Auditing and Internal Control

  • United KingdomLondon
  • 13 - 17 Mar 2023
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