Course description
Adding Value in Internal Audit - UK-OAG227
With pressure on internal audit functions to provide more value added services, a number of new audit areas have emerged, from auditing strategic risks, to data analytics and continuous auditing to better root cause analysis and trend analysis. This course provides benchmarking information and extensive details about ways to add value in internal audit so the function focuses on what matters most and remains relevant in the future.
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Who should attend?
Internal Auditors, IT Auditors, Senior In-Charge Auditors, Chief Audit Executives, Audit Managers, and Directors, Audit Team Leaders.
Prerequisites
Fundamentals of Internal Auditing
Training content
You will learn how to get key projects on the audit plan, discover ways of auditing projects and strategic risks, coordinate assurance activities to make better use of corporate resources and improve communications with the audit committee.
Objectives
What do we mean by adding value:
- Understanding value
- IIA standards on adding value
- Kano approach to value add and what does not add value?
Getting strategic risk on the audit plan:
- Balancing bottom-up work on the audit universe with top-down considerations
- Selling the benefits of audit work in this arena
- Understanding likely management concerns and what to do about them
Practical approaches to auditing projects:
- What sort of projects to look at
- When to look at them
- An audit methodology
- Common findings
- Practical approaches to auditing strategic risks:
- What sort of risks to start with first
- Which issues are most challenging and what to do about them
- Common findings
Co-ordinating assurance:
- Building on the three lines of defense model
- Who is in which line and does it matter?
- Practical ways to better coordinate and communicate work
- When to rely on the work of others and when not
- Other ways of working together -joint audits
- Best practice benchmarking
Using data analytics and continuous auditing:
- What is data analytics?
- What is continuous auditing?
- When can/should it be used? When not?
- A review of key tools and techniques
- Best practice benchmarking
What do we mean by insightful audit reports and where does Root Cause Analysis fit?
- IIA benchmarking on insights
- IIA practice advice on Root Cause Analysis
- Practical approaches and how to make sure these do not delay assignment delivery
- Hallmarks of insight - practical examples
Trend analysis for senior stakeholders:
- Categories to use
- Heat map presentations
- The sorts of questions that can arise and how to answer the
Other leading practices:
- Benchmarking on approaches that work
- Wrap-discussion and sharing of practical next steps
Certification / Credits
Completion of this course is worth 24 CPE Credits
ACI Learning
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