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Keys to Maintaining an Effective and Strong Internal Audit Department

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

Published: May, 2022

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

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

An internal audit is essentially a pre-emptive manoeuver to maintain operational efficiency and financial reliability and to safeguard assets. It provides independent assurance that an organization’s risk management, governance, and internal control processes are operating effectively. Therefore it is imperative that organizations have a strong internal audit department that can provide an effective audit function. 

This CPE webinar provides insights as to how you can have a strong foundation for your internal audit department.

It will also deliver key aspects for maintaining a sharp audit function. It will provide insight into the realities of internal audit management roles, and the elements needed to build a strong internal audit department to provide the most value for your company.

The Institute of Internal Auditors (IIA) has done a tremendous job raising the profile of the auditing profession. As auditors, we strive to abide by the standards and guidelines.  But have you ever asked management within your company if they knew such standards existed? Do they truly understand the concepts of risk-based auditing, independence, and obligations to the board or charter requirements? 

It is surprising how so many of these basic concepts are taken for granted by auditors and that we assume management is aware. Individuals considering an internal audit management role should understand the challenges as well as benefits that may be presented to them within this role. It is critical that certain elements of the job be well understood by those holding the positions. 

The globalization of business, ongoing changes in technology, increased attention of shareholders and stakeholders and the continuing demands of the Audit Committee and senior management require a dynamic framework for managing today's internal audit department.

This CPE webinar is designed to step into the reality of the internal audit management role. 

Following are the major topics covered in this CPE Auditing course:

  • Provide insight into the realities of internal audit management roles.
  • Elements needed to build a strong internal audit department.
  • Some of the concepts that aren’t always openly discussed within organizations--but are important concepts the internal audit manager should ensure they can clarify with management and be prepared to address on the job.
  • The key competencies and responsibilities of today's internal audit management. 
  • Methods for meeting the requirements of the internal audit profession. 
  • Some of the greatest challenges of the role and how to address those challenges.

This CPE course, designed by a past Chief Audit Executive with significant exposure to a multitude of industries and internal audit frameworks, help you to understand the Keys to maintain an effective and strong internal audit department.

Here is the link to your interests: Accounting & Auditing CPE Courses | CIA CPE Courses for Certified Internal Auditors

Modules

  • 1.1 Introduction
  • 00:09:45
  • 1.2 Agenda
  • 00:02:03
  • 1.3 Internal audit charter and Independence
  • 00:04:58
  • 1.4 IA Definition Challenge
  • 00:03:28
  • 1.5 Independence Challenges
  • 00:16:27
  • 1.6 Charter Challenges and Actions
  • 00:07:15
  • 1.7 Authority Challenge, Reality, and Actions
  • 00:17:38
  • 1.8 Organization Challenges
  • 00:02:50
  • 1.9 Reporting Challenges
  • 00:08:29
  • 1.10 Risk Based Auditing
  • 00:08:14
  • 1.11 Identifying Risk and Responding to Risk
  • 00:07:53
  • 1.12 Independence of Audit Plan
  • 00:09:03
  • 1.13 When Management says "No"
  • 00:10:38
  • 1.14 Summary
  • 00:02:18

  • 2.1 Building effective relationships with management and audit committee
  • 00:30:40
  • 2.2 Keys to staffing and training IA
  • 00:18:09
  • 2.3 Synergizing IA with other processes
  • 00:06:12
  • 2.4 Introduction and Agenda
  • 00:09:45
  • 2.5 IA Definiton Challenge and IA Role Challenges
  • 00:05:41
  • 2.6 Basic and Extended Role
  • 00:14:48
  • 2.7 Role of IA Management
  • 00:06:16
  • 2.8 Role of IA Leadership
  • 00:05:52
  • 2.9 Targets for Today's Leadership
  • 00:14:15

  • 3.1 Summary
  • 00:03:06
  • 3.2 Ending Speech
  • 00:01:00

Learning Objectives

  • To explore the role of today's internal audit leadership.
  • To recognize the role of internal audit in corporate governance.
  • To explore how to synergize the internal audit processes with other quality assurance groups.
  • To discover the keys to building effective relationships with management and the audit committee.
  • To discover the keys to staffing and training the audit group.
  • To identify how to develop a resource gap analysis for internal audit.

Recommended For

  •  This CPE webinar is suitable for professionals that are new to evaluating the design and/ or implementation of the internal audit function.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Auditors
  • Certified Public Accountant (CPA)
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial CPA
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 4 General Credit of Auditing for Accountant/Bookkeeper/Tax Professionals
  • 4 CPE Credit of Internal Auditing for Certified Internal Auditors (CIA)
  • 4 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
  • 4 CPE Credit of Auditing for Certified Valuation Analyst (CVA)
  • 4 CPE Credit of Auditing for Internal Audit Practitioner (IAP)
  • 4 CPE Credit of Auditing for Qualification in Internal Audit Leadership (QIAL)
  • 4 CPE Credit of Auditing for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 4 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 4 CE Credit for Certified Wealth Strategist (CWS)
  • 4 CPE Credit of Auditing for Certified Management Accountants (CMA)
  • 4 CPD Credit of Auditing for Certified Financial Forensics (CFF)
  • 4 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
  • 4 CPE Credit of Auditing for Certified Government Financial Manager (CGFM)
  • 4 CPE Credit of Auditing for Certification in Risk Management Assurance (CRMA)
  • 4 CPE Credit of Auditing for Certified Government Auditing Professional (CGAP)

Additional details

  • Course Level :
    Basic
  • Credits :
    4
  • 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.

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