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Internal Audit Standards

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

Published: November, -0001

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • Faq

Course Description

Overview

  • Mission of Internal Audit
    5 mins
  • Alternatives for the use of Competence
    33 mins
  • Considerations in an internal Auditing
    58 mins
  • Definition of Internal Auditing
    82 mins
  • Summary Code for conducting Internal Auditing
    106 mins
  • Alternatives for Effective Management of Internal Audit Function
    139 mins
  • Challenges in Internal Audit Planning
    166 mins
  • Identifying the Nature of Work
    212 mins
  • Risk Management & Control
    233 mins
  • Engagement Planning
    249 mins
  • Scope Considerations
    260 mins
  • Communicating Results of an Internal Audit
    313 mins

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 CPE webinar on internal audit takes into account the need of auditing standards, and how to execute those 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. 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: 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 is 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 exist to support the Mission of the function.
  • Establishing the right communication protocols with management and the board.

When examining the nature of 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 struggles 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: 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 and while also balancing management expectations.
  • To discover the nature of work outlined by the Institute of Internal Auditors (IIA) Standards with which the internal auditors are directed to be involved with including control reviews, risk management, and governance.
  • To identify the challenges and alternative solutions that internal auditors may face and use respectively when attempting to execute on the various forms of control reviews, risk management projects, and governance reviews.
  • To explore elements of planning the audit engagement.
  • To identify methods for appropriately executing the audit engagement and methods of communicating results to management and the board.
  • To discover the requirements for monitoring audit issues.
  • To recognize methods for communicating the acceptance of risk.

Recommended For

This online CPE course is recommended for CRMA, CFE, CGAP, CIA, CPA (US), IAP, QIAL, and other auditing professionals who are engaged in the internal audit function and want to execute an effective internal audit.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Auditors
  • 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

Course Qualification

Webinar Qualifies For

  • 6.5 CPE Credit for Certification in Risk Management Assurance (CRMA)
  • 6.5 CPE Credit for Certified Fraud Examiner (CFE)
  • 6.5 CPE Credit for Certified Government Auditing Professional (CGAP)
  • 6.5 CPE Credit for Certified Internal Auditors (CIA)
  • 6.5 CPE Credit for Certified Public Accountants (CPA-US)
  • 6.5 CPE Credit for Internal Audit Practitioner (IAP)
  • 6.5 CPE Credit for Qualification in Internal Audit Leadership (QIAL)

Presenter

About Presenter

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

Owner Lynn Fountain Consulting and Training

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. 

  • Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”.
  • Leading the Internal Audit Function
  • Ethics and the Internal Auditor’s Dilemma

Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials. 


About Company

Lynn Fountain Consulting and Training

www.lynnfountain.net/

Ms. Fountain has become known as an international trainer on topics of Leadership, Internal Audit, Accounting, Finance, Ethics, Business Processes, Bookkeeping, Cybersecurity and Business Issues.  She has over 150 training topics that can be tailored to meet your needs.

Faq

FAQs content

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