Internal Audit Standards

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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 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.

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 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 the most effective execution of 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 are not expected to be followed rigidly, they certainly help 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.

1.1 Introduction
05:00

1.2 Agenda
01:36

2.1 Mission Statement
05:20

2.2 Mission Achievement
01:30

3.1 Mandatory Elements
02:57

4.1 Core Principles
05:01

4.2 Principle challenges, competence and due care
13:04

4.3 Competence alternatives
08:25

5.1 Undue Influence
05:43

5.2 Alternatives undue influence
10:09

6.1 Positioning and resourcing
09:16

6.2 Alternatives resourcing
10:57

6.3 Alternatives positioning
05:34

7.1 Definition and challenges
05:32

7.2 Definition of IA alternatives
04:13

8.1 Code of Ethics and Principles
06:11

8.2 Ethics rules of conduct and summary code
08:32

9.1 Standards
01:14

9.2 Mandatory Elements
00:38

9.3 Attribute
01:13

9.4 Performance and Summary
02:31

10.1 Introduction and Agenda
04:38

10.2 Managing, Indicators, and Elements of managing
10:57

10.3 Challenges managing internal audit
11:13

10.4 Alternatives effective management
10:44

11.1 Planning
08:38

11.2 Planning Challenges
09:52

11.3 Planning Alternatives
10:59

12.1 Standards, Challenges, Alternatives
09:00

12.2 Procedure and co-ordination
09:41

12.3 Management and the board
07:35

12.4 External service providers
07:46

13.1 Nature of work
03:43

13.2 Governance
11:45

13.3 Risk management and control
15:11

13.4 Summary
01:46

14.1 Introduction and Agenda
04:43

14.2 Engagement planning
14:12

14.3 Engagement objectives
05:27

14.4 Objective considerations and wordings
10:40

14.5 Engagement scope
07:38

14.6 Engagement resources and work program
10:57

15.1 Performing the engagement and Testing
09:38

15.2 Workpapers their purpose, importance and confidentiality
06:24

15.3 Communicating results
07:05

15.4 Communicating interpretations
08:35

16.1 Exit conference
04:23

16.2 Report types
02:43

16.3 Monitoring and communicating risk acceptance
04:53

16.4 Summary
02:24

Webinar Qualifies For

6.5 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
6.5 General Credit of Auditing for Accountant/Bookkeeper/Tax Professionals
6.5 CPE Credit of Internal Auditing for Certified Internal Auditors (CIA)
6.5 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
6.5 CPE Credit of Auditing for Certified Management Accountants (CMA)
6.5 CPE Credit of Internal Audit function 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 Government Financial Manager (CGFM)
6.5 CPE Credit of Standards, Governance, and Risk/Control Frameworks for Certified Government Auditing Professional (CGAP)
6.5 CPE Credit of Auditing for Internal Audit Practitioner (IAP)
6.5 CPE Credit of Auditing for Certified Internal Controls Auditor (CICA)
6.5 CPE Credit of Auditing for Qualification in Internal Audit Leadership (QIAL)
6.5 CPE Credit of Auditing for Iowa Licensed Public Accountant (IA-LPA)
6.5 CPE Credit of Auditing for Maine Licensed Public Accountant (ME-LPA)
6.5 CPE Credit of Auditing for Delaware Licensed Public Accountant (DE-LPA)
6.5 CPE Credit of Auditing for Certified Controls Specialist (CCS)

About Instructor

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.

Additional Information

Duration

6.5 Hours

Course Level

Basic

Instructional Method

QAS Self Study

Pre-requisites

None

Advance Preparation

None

FAQ’s

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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.

Ratings and Review

4.5

Excellent

Very Good

Average

Poor

Terrible

Antonio Barrera, CIA

The webinar is very complete and the presenter provides great examples.

Rohan Sewnarain, CIA

Long but excellent

Grant Lautz, CPA (US)

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.

Shirley Caillier, Accountant/Bookkeeper/Tax Professionals

A lot of information. She did a good job in the overall presentation.

Ioan Manea, CPA (US)

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

6.5 Credits

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Subject Area

Auditing

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Verification Code

Internal Audit Standards

Course Details

Learning Objectives

Course Description

Modules

1 Introduction and Agenda 2 Modules | 6 Mins

Introduction and Agenda

2 Internal Audit Mission 2 Modules | 6 Mins

Internal Audit Mission

3 Mandatory Elements 1 Modules | 2 Mins

Mandatory Elements

4 Core Principles 3 Modules | 26 Mins

Core Principles

5 Principle: Objective and free from undue influence 2 Modules | 15 Mins

Principle: Objective and free from undue influence

6 Principle: Positioning and resourcing 3 Modules | 25 Mins

Principle: Positioning and resourcing

7 Definition of internal auditing 2 Modules | 9 Mins

Definition of internal auditing

8 Code of ethics 2 Modules | 14 Mins

Code of ethics

9 IPPF Standards 4 Modules | 5 Mins

IPPF Standards

10 Managing the internal audit function 4 Modules | 37 Mins

Managing the internal audit function

11 Planning and Communication 3 Modules | 29 Mins

Planning and Communication

12 Resource Management 4 Modules | 34 Mins

Resource Management

13 Nature of Work 4 Modules | 32 Mins

Nature of Work

14 Applying the IIA Standards To Meet Your Organizations Needs 6 Modules | 53 Mins

Applying the IIA Standards To Meet Your Organizations Needs

15 Performing the engagement 4 Modules | 31 Mins

Performing the engagement

16 Exit Conference 4 Modules | 14 Mins

Exit Conference

Qualifies for

Webinar Qualifies For

Presenter Details

About Instructor

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

Other Details

Additional Information

6.5 Hours