Internal Audit: Planning, Monitoring, and Communication

Learning Objectives

• To explain the fundamental principles outlined in the Institute of Internal Auditors (IIA) Attribute Standards and Performance Standards.
• To develop the skills necessary for effective engagement planning, including the ability to meticulously formulate and document audit plans.
• To review the critical role of work programs in the execution of audit engagements, gaining proficiency in creating and utilizing these detailed sets of instructions to facilitate planning, execution, and supervision of audit work.
• To enhance communication skills within the context of internal audit, with a focus on accurately, objectively, clearly, and promptly conveying audit results.

Course Description

In the realm of internal auditing, adherence to professional standards is not just a best practice but a fundamental necessity. Part 3 of our "Standards for Internal Auditors" series delves into the core elements that underpin the effectiveness, credibility, and value of the internal audit function. 

This CPE Auditing Course emphasizes the significance of careful consideration during planning, stressing that one checklist may not fit all audit scenarios. It further provides a sample planning checklist, offering guidance on factors like purpose, scope definition, system overview, contacts, and identification of relevant policies and procedures.

In this CPE webinar, we cover the significance of communication, urging auditors to convey results accurately, objectively, clearly, and promptly. The quality of communications is deemed essential, ensuring they are accurate, objective, clear, concise, constructive, and complete. It emphasizes the importance of effective planning, thorough execution, and clear communication in ensuring the success of audit engagements. The guidelines and checklists offered serve as practical tools for auditors to adhere to standards while adapting to the unique characteristics of each audit.

Major Topics covered:

• Explore elements of planning the audit engagement. 
• Examine methods for appropriately executing the audit engagement. 
• Identify methods of communicating results to management and the board. 
• Examine the requirements for monitoring audit issues. 
• Evaluate methods of communication on acceptance of risk.

Join this online CPE webinar and explore the crucial elements to master internal audit standards for enhanced success in your engagements.

Overview

• Engagement planning

  6 mins
• Engagement objectives may be initially established at a high level

  20 mins
• Engagement scope

  37 mins
• Performing the engagement

  55 mins
• Characteristics of good workpapers

  69 mins
• Exit conference

  86 mins
• Monitoring and communicating risk acceptance

  93 mins