Internal Audit Standards

  • Accountant
  • CRMA
  • CPA/CFF
  • CFE
  • CGAP
  • CGFM
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • IAP
  • QIAL
  • CBA/MCBA
  • CFIRS
  • CWS

Published: June, 2022

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  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

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 Full-day online CPE webinar on internal audit takes into account the need for auditing standards, and how to execute those standards. It also touches precisely on what could be the risks of the negligence in the standards.

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 that must follow established professional standards. Internal auditors don’t have a “license to practice”. This CPE webinar will delve deep into the major components of the Standards and their meaning to the profession.

Institute of Internal Auditors (IIA) Standards to guide most effectively executing the internal auditor’s fiduciary role. It provides the foundation for the profession. They are written to ensure effectiveness and consistency in the execution of internal auditing. This course will focus on managing the internal audit function and the nature of work considered within the realm of internal auditing. It also identifies the internal auditor’s role in risk management and governance activities. In this webinar, the speaker Lynn Fountain explores the intent of the Standards and recognition of alternatives to promoting the value-oriented activities internal audit can provide to an organization.

Despite these, internal auditors still need the relevant framework to properly execute the engagements.  This webinar identifies critical understanding that helps internal auditors in various aspects of audit and the framework. Though they are not specific templates and not expected to be followed rigidly, it certainly helps ensure audit engagements are executed consistently and effectively. They also delve deep into performance standards relating to internal audit projects.

This online CPE course on Auditing covers the following Key Topics: 

  • Internal Audit Standards and their meaning to the profession.
  • 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.
  • Engagement planning.
  • Performing the engagement.
  • Communicating results.
  • Monitoring progress.
  • Communicating the acceptance of risks.

With a bird’s eye view of the comprehensive aspects of auditing, this webinar provides invaluable guidance to the auditors about the importance of the standards, while other professionals gain crucial insight into the role an internal auditor can play. 

If you are interested in exploring internal audit, Certification in Internal Audit Leading Practices might interest you. 

Modules

  • 1.1 Introduction
  • 00:05:00
  • 1.2 Agenda
  • 00:01:36

  • 2.1 Mission Statement
  • 00:05:20
  • 2.2 Mission Achievement
  • 00:01:30

  • 3.1 Mandatory Elements
  • 00:02:57

  • 4.1 Core Principles
  • 00:05:01
  • 4.2 Principle challenges, competence and due care
  • 00:13:04
  • 4.3 Competence alternatives
  • 00:08:25

  • 5.1 Undue Influence
  • 00:05:43
  • 5.2 Alternatives undue influence
  • 00:10:09

  • 6.1 Positioning and resourcing
  • 00:09:16
  • 6.2 Alternatives resourcing
  • 00:10:57
  • 6.3 Alternatives positioning
  • 00:05:34

  • 7.1 Definition and challenges
  • 00:05:32
  • 7.2 Definition of IA alternatives
  • 00:04:13

  • 8.1 Code of Ethics and Principles
  • 00:06:11
  • 8.2 Ethics rules of conduct and summary code
  • 00:08:32

  • 9.1 Standards
  • 00:01:14
  • 9.2 Mandatory Elements
  • 00:00:38
  • 9.3 Attribute
  • 00:01:13
  • 9.4 Performance and Summary
  • 00:02:31

  • 10.1 Introduction and Agenda
  • 00:04:38
  • 10.2 Managing, Indicators, and Elements of managing
  • 00:10:57
  • 10.3 Challenges managing internal audit
  • 00:11:13
  • 10.4 Alternatives effective management
  • 00:10:44

  • 11.1 Planning
  • 00:08:38
  • 11.2 Planning Challenges
  • 00:09:52
  • 11.3 Planning Alternatives
  • 00:10:59

  • 12.1 Standards, Challenges, Alternatives
  • 00:09:00
  • 12.2 Procedure and co-ordination
  • 00:09:41
  • 12.3 Management and the board
  • 00:07:35
  • 12.4 External service providers
  • 00:07:46

  • 13.1 Nature of work
  • 00:03:43
  • 13.2 Governance
  • 00:11:45
  • 13.3 Risk management and control
  • 00:15:11
  • 13.4 Summary
  • 00:01:46

  • 14.1 Introduction and Agenda
  • 00:04:43
  • 14.2 Engagement planning
  • 00:14:12
  • 14.3 Engagement objectives
  • 00:05:27
  • 14.4 Objective considerations and wordings
  • 00:10:40
  • 14.5 Engagement scope
  • 00:07:38
  • 14.6 Engagement resources and work program
  • 00:10:57

  • 15.1 Performing the engagement and Testing
  • 00:09:38
  • 15.2 Workpapers their purpose, importance and confidentiality
  • 00:06:24
  • 15.3 Communicating results
  • 00:07:05
  • 15.4 Communicating interpretations
  • 00:08:35

  • 16.1 Exit conference
  • 00:04:23
  • 16.2 Report types
  • 00:02:43
  • 16.3 Monitoring and communicating risk acceptance
  • 00:04:53
  • 16.4 Summary
  • 00:02:24

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 of 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 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 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
  • Entrepreneurial CPA
  • Senior Accountant
  • Staff of Accounting Firm
  • Tax Accountant (Industry)
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 6.5 General Credit for Accountant/Bookeeper
  • 6.5 CPE Credit for Certification in Risk Management Assurance (CRMA)
  • 6.5 CPD Credit of Auditing for Certified Financial Forensics (CFF)
  • 6.5 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
  • 6.5 CPE Credit for Certified Government Auditing Professional (CGAP)
  • 6.5 CPE Credit for Certified Government Financial Manager (CGFM)
  • 6.5 CPE Credit of Internal Auditing for Certified Internal Auditors (CIA)
  • 6.5 CPE Credit of Auditing for Certified Management Accountants (CMA)
  • 6.5 CPE Credit of Auditing 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)
  • 6.5 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 6.5 CE Credit for Certified Wealth Strategist (CWS)
  • 6.5 CPE Credit of Auditing for Certified Valuation Analyst (CVA)
  • 6.5 CPE Credit of Auditing for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)

Additional details

  • Course Level :
    Basic
  • Credits :
    6.5
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

NASBA APPROVED

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 through its website: www.NASBARegistry.org.

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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  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4.3

3 Ratings

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1

Very Good

2

Average

0

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IM

Ioan Manea, CPA (US)

Jun 29th, 2022

No handouts. That would have been nice if there were some.

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