CPE Packages (Incl. Ethics) for Multiple States and Qualifications Available. Price $4/credit - CLICK HERE to view.

Internal Audit Standards

4.3 (6)

Lynn Fountain, CRMA, CPA (US), CGMA, MBA

Lynn Fountain Consulting and Training

Friday, May 28, 2021 | 10:00 AM EDT

  • CRMA
  • CGAP
  • CIA
  • CPA (US)
  • IAP
  • QIAL

7 Credits

$70

Subject Area

Auditing or Auditing(Governmental)

Webinar Qualifies For

7 CPE credit of Auditing for all CPAs

7 CPE credit for Certified Internal Auditors (CIA)

7 CPE credit for Internal Audit Practitioner (IAP)

7 CPE credit for Certified Government Auditing Professional (CGAP)

7 CPE credit for Certified Fraud Examiners (CFEs)

7 CPE credit for Certification in Risk Management Assurance (CRMA)

7 CPE credit for Qualification in Internal Audit Leadership (QIAL)

7 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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This Course is Also Available in Self Study (On-Demand)

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Additional Dates

Aug 17, 2021 | 10:00 AM EDT Register

Course Description

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 a requirement that lends essential efficiency to the audit. Understanding and adherence to the standards provide a stronger chance of effective internal audit execution. This online webinar takes into account the need of the standards, the standards, and how to execute the standards in the different sessions. This continuing education course also touches precisely on what could be the risks of if the negligence in the standards. The details covered in this online CPE webinar are as follows:

Session  1  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. The absence of acknowledgment 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 2: 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 responsibilities.

Requirements for managing internal audits 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:

  • Ensuring the team has the relevant knowledge and expertise for engagement assignments
  • Appropriate resourcing and budgeting exists to support the Mission of the function
  • Establishing the right communication protocols with management and the board.

When examining the nature of the work of internal audit, the Institute of Internal Auditors Standards outlines 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 an 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 the internal audit's nature of work. The participant will come away with an appreciation for the intent of the Standards and recognition of alternatives to promoting the value-oriented activities internal audit can provide to an organization.

Session 3: 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:

  • Engagement Planning
  • Performing the Engagement
  • Communicating Results
  • Monitoring Progress
  • Communicating the Acceptance of risks

Learning Objectives

  • To explore the mission of Internal Audit (IA) as defined by the Institute of Internal Auditors (IIA)
  • To explore the Mandatory Guidance and core principles as identified by the Institute of Internal Auditors Standards
  • To explore the IA Code of Ethics as defined by the Institute of Internal auditors and to discover the many facets to effectively managing the internal audit function
  • To identify the challenges and alternative solutions internal auditors can consider when attempting to manage the function in line with the Standards while also balancing management expectations.
  • To discover the nature of work outlined by the Institute of Internal Auditors (IIA) Standards which internal auditors are directed to be involved with including: control reviews, risk management and governance

Who Should Attend?

  • Accountant
  • Accounting and audit managers/practitioners
  • Accounting Firm
  • Accounting Managers
  • Auditors
  • Certified Fraud Examiner
  • Certified Valuation Analysts
  • Chief Accounting Officer
  • Cloud Accountants
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial Accountant
  • Senior Accountant
  • Staff of Accounting Firm
  • Tax Accountant (Industry)
  • Young CPA

Testimonial

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    [no_of_record] => 6
    [average] => 4.3333
)
 

4.3

(6)
50%
33%
17%
0%
0%

SL

This presentation was excellent and the presenter was very knowledgeable and very easy to listen to. I found that I was answering her out loud through the presentation, which doesn't happen often. Please review this program, however, as it was a 3 phase 7-hour presentation. Phase 1 and 2 were perfect but there was a technical glitch for Phase 3. Phase 3 starts but there was a blip in the video and it returned to Phase 2. I reported it multiple times through the presentation but did not receive feedback. It will become more of a problem if this is presentation is repeated, especially as an on-demand seminar.

GL

Only issue - I could not find the ending time of the webinar anywhere, and it went an hour longer than I expected. Would be nice to know ahead of time when the webinar will end.