Internal Audit Standards 7 Credits 7 Credits
Internal audit is a very crucial part of the audit process. It has a standardized procedure that provides essential backbone support to the main audit. A value oriented internal audit is the requirement that lends the essential efficiency to the audit. Understanding and adherence to the standards provides a stronger chance of effective internal audit execution. This webinar takes into account the need of the standards, the standards, and how to execute the standards in the different sessions. It also touches precisely on what could be the risks of if the negligence in the standards. The details covered in the sessions are as follows:
Session: Internal Auditor Standards Part 1
Corporate management personnel often are not aware that internal auditors have standards and guidelines defined by the profession. Internal Audit (IA) is not always seen as those who must follow established professional standards. Internal auditors don’t have a “license to practice”. So why do we need Standards?
A value oriented IA function will have an understanding of the International Professional Practices Framework (IPPF) Standards and be able to articulate their importance to management. Absence of acknowledgement of the Standards infers the group is a quality assurance function. That may be what the organization wants, but they should be able to differentiate.
This session will delve deeper into the major components of the Standards and their meaning to the profession.
Session: Internal Auditor Standards Part 2 - Managing Internal Audit Work
As a profession, internal auditors look to the Institute of Internal Auditors (IIA) Standards to provide guidance on how to most effectively execute their fiduciary role. Part One of this series introduced the overall Standards, Mandatory Guidelines, Core Principles, Code of Ethics and Attribute Standards. These are important concepts that internal auditors, management and the board should understand. These guidelines provide the foundation for the profession and are written to ensure effectiveness and consistency in the execution of internal auditing.
This segment will focus on two elements of the Performance Standards which include: managing the internal audit function and the nature of work considered within the realm of internal auditing. Each of these components are critical to the effective execution of internal audit’s responsibilities.
Requirements for managing internal audit extend far beyond managing a specific project or individual audit. It includes management of the entire audit process from development through to execution and reporting. It also includes:
When examining the nature of work of internal audit, the Institute of Internal Auditors Standards outline three very critical areas that internal auditors should be engaged with.
These include:
Inherently, most individuals within management understand the requirements around internal audit’s evaluation of controls, but many struggle with how or if internal audit should be involved in risk management and governance activities.
This course delves deeper into managing the internal audit activity and the challenges that may be faced along with properly identifying internal audit's nature of work. The participant will come away with an appreciation for the intent of the Standards and a recognition of alternatives to promoting the value oriented activities internal audit can provide to an organization.
Session: Internal Auditor Standards Part 3
Sessions One and Two covered important aspects internal auditors should be aware of in relation to the Institute of Internal Auditors (IIA) Attribute Standards and the elements of the Performance Standards that related to managing the internal audit function and the nature of work for internal audit. The final elements of the Performance Standards provide internal auditors with a relevant framework to properly execute engagements. It is critical internal auditors have an understanding of the various aspects of the audit and the framework outlined by the IIA.
Although the Standards do provide specific templates on the elements that should be evaluated in each stage of the audit, they provide critical guidance on requirements internal auditors should consider during the various phases. Understanding and following this guidance will ensure audit engagements are executed consistently and effectively. This segment is designed to delve deeper into the Performance Standards as they relate to conducting internal audit projects. This includes:
| License details | Credits | Status |
|---|---|---|
| Auditing for Certified Public Accountants (CPA-US) | 7 CPE | Approved |
| Accounting & Auditing for Certified Internal Auditors (CIA) | 7 CPE | Eligible |
| Certified Fraud Examiner (CFE) | 7 CPE | Eligible |
| Internal Audit Practitioner (IAP) | 7 CPE | Eligible |
| Certified Wealth Strategist (CWS) | 7 CE | Eligible |
| Certification in Risk Management Assurance (CRMA) | 7 CPE | Eligible |
| Certified Fiduciary and Investment Risk Specialist (CFIRS) | 7 CE | Eligible |
| Qualification in Internal Audit Leadership (QIAL) | 7 CPE | Eligible |
| Certified Government Auditing Professional (CGAP) | 7 CPE | Eligible |
| License details | Credits | Status |
|---|---|---|
| Auditing for Certified Public Accountants (CPA-US) | 7 CPE | Approved |
| Accounting & Auditing for Certified Internal Auditors (CIA) | 7 CPE | Eligible |
| Certified Fraud Examiner (CFE) | 7 CPE | Eligible |
| Internal Audit Practitioner (IAP) | 7 CPE | Eligible |
| Certified Wealth Strategist (CWS) | 7 CE | Eligible |
| Certification in Risk Management Assurance (CRMA) | 7 CPE | Eligible |
| Certified Fiduciary and Investment Risk Specialist (CFIRS) | 7 CE | Eligible |
| Qualification in Internal Audit Leadership (QIAL) | 7 CPE | Eligible |
| Certified Government Auditing Professional (CGAP) | 7 CPE | Eligible |
Credits
7
Course Level
Basic
Instructional Method
QAS Self Study
Group Internet Based
Pre-requisites
None
Advance Preparation
None
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.
Lynn Fountain has over 39 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.
Ms. Fountain is currently engaged in her own consulting and training practice. She has successfully executed on several consulting assignments spanning areas of accounting, risk, ERM and internal audit. She is a highly sought-after trainer and international speaker and has produced hundreds of courses delivered through seminars, conferences and on-demand training. She is the author of three separate technical books.
Ms.
Fountain obtained her BSBA from Pittsburg State University and her MBA from
Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.
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Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.
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To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
How can I access my webinar completion certificates?
After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
How are credits reported to governing bodies?
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
AB
The webinar is very complete and the presenter provides great examples.
ED
lengthy but worth it to solidify basic knowledge.
May 09, 09:00 AM ET
May 09, 12:30 PM ET
May 09, 12:30 PM ET
May 09, 03:00 PM ET
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May 09, 04:00 PM ET
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