Optimizing Internal Audit

Learning Objectives

• To explore critical components of upholding your internal audit charter.
• To evaluate the definition and requirements of risk-based auditing.
• To determine the meaning of developing an independent audit plan.
• 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.
• To describe the challenges faced by internal audit organizations
• To describe a vision for the next generation of internal audit
• To outline the skills required for the next-generation internal auditor

Course Description

Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

Many organizations are feeling the increased weight of responsibility for assessing and managing enterprise risks. Evolving compliance and governance challenges are forcing organizations to ensure that their internal audit functions are operating effectively and efficiently. Internal auditors must make certain that risk management, internal controls and governance processes are accomplishing business objectives and meeting stakeholder expectations. If you're going to improve the value and effectiveness of your internal audit function, you need a comprehensive understanding of the specific objectives, risks, and priorities relevant to your organization.

Before you can increase the effectiveness of your internal audit function you need to highlight the following Issues that you may be facing:

• Whether your internal audit function follows outdated routines and practices.
• Whether your internal audit function is slow to respond to changes in your business.
• Whether the current structure of your internal audit function is not appropriate to meet your requirements.
• Whether your internal audit function is under capacity.
• Whether you have a weak internal control environment.
• Whether there is little or no reliance placed on internal audit findings and initiatives.
• Whether your internal audit function is not seen as independent and objective.
• Whether there is a low use of technology within internal audit.
• Whether your internal audit function needs to be benchmarked

This CPE course is designed to provide the required understanding and insight into understanding, designing, managing and monitoring internal audits. Internal audits are critical to all aspects of financial, operational and compliance processes. For businesses to succeed in today’s global economy, professionals must be able to distinguish quickly between everyday tasks and internal audit requirements. This continuing education course takes a comprehensive and in-depth look at critical principles and real-world scenarios involved in the management of your internal audit processes and procedures.

This CPE webinar explores the key competencies and responsibilities of today's internal audit management and methods for meeting the requirements of the internal audit profession. In this CPE webinar we will also discuss some of the greatest challenges of the role and how to address those challenges.

A forward-looking audit function should provide insight, oversight and foresight around an organization's current and future risks and controls, especially in today’s fast-paced, “innovate or die” business environment. Data and technology-enabled business transformation is occurring at a pace we have not previously seen. Internal audit must respond to stay relevant, not just in its risk-assurance role, but in the way it organizes itself, manages resources, delivers its services, and makes use of data and technology.

In this online CPE webinar, you will learn to optimize the entire internal audit function and the major topics that are highlighted in this CPE webinar:

• How to optimize teams and client relationships
• How to optimize processes
• How to optimize audit plan
• How to optimize audit tools and templates

Click here to access more CPE courses on Accounting and Auditing.

Overview

• Effective Teams (As Determined by Marshmallow Challange)

  10 mins
• Audit Execution Team

  28 mins
• What is Risk Based Auditing?

  43 mins
• What Controls Address this risk?

  62 mins
• Management Monitoring Control?

  83 mins
• Optimizing Workpapers

  116 mins
• Board Reporting

  149 mins