Chief Audit Executive Masterclass

Internal audit in evolution: exploring the challenges

• Welcome and introduction
• The changing role and status of internal audit
• Exercise
• Rising expectations of the audit director/manager
• What makes an effective Head of Internal Audit?
• Leadership versus management: understanding the difference
• The corporate governance, regulatory and best practice drivers for change - a brief look at major standards and guidelines
• Underlying themes from global governance developments
• Market pressures and the rise of shareholder activism
• Lessons from recent business disasters
• Case Study
• Spotting high level indicators of a potential crisis
• The latest IIA standards and guidance - key messages and changes
• Implications for internal audit: challenges and opportunities
• Exercise
• New audit &'hot topics'
• Raising your game: the focus on strategic objectives

Managing audit's role, remit and skill base: achieving the right balance through your future vision

• A compelling strategic vision for internal audit: shifting the focus
• Exercise
• Benchmarking against good practice; where do you stand?
• Review of survey results
• The audit remit: the role of audit charters, mission and vision statements
• Sample internal audit charters and vision statements
• Identifying and prioritizing stakeholders
• Developing your strategic vision and refreshing the audit charter: key factors to consider
• Exercise:
• Safeguarding independence and objectivity: clarifying functional versus administrative reporting
• Planned versus responsive: a flexible and business focused plan
• Balancing consultancy and assurance. How much is enough - or too much?
• Auditing governance, strategy and ethics
• Understanding the impact of organizational culture and the need for assurance
• Building audit team capability
• Defining core skills and competencies for audit staff recruitment challenges
• Exercise
• Exploring alternative resourcing models: in-house, cosource or outsource?
• Managing staff: retaining, developing and motivating your team
• Exercise
• Maintaining credibility and gaining acceptance for audit's changing role and approach

Managing key relationships: making them work for you, not against you

• The pivotal role of the audit director
• Interface with the board
• the board's role and board models
• supporting the board
• Engaging with the audit committee
• its role and responsibilities
• audit committee expectations and challenges
• Exercise
• criteria for evaluating internal audit
• bolstering the relationship and making yourself indispensable
• Sample audit committee charters
• Defining your role opposite other board committees
• Working with external audit: resolving issues
• Getting it right with management
• promoting management co-operation: expectations and challenges
• Exercise
• Tips on gaining management &'buy in'
• Service Level Agreements (SLAs) and obtaining feedback
• Sample feedback questionnaire
• Employees and the risk management function
• Exploiting the three lines of defense
• Key business partnerships
• Regulators and inspectors
• Leveraging the contribution of other assurance providers
• Exercise
• Assurance mapping and integrated assurance
• Aligning and recalibrating respective remits

Managing risk: optimizing audit's contribution

• Risk Management: a core component of corporate governance
• Defining risk, risk management and ERM
• Exercise
• Overview of risk standards, guidelines and reporting requirements
• Sample risk disclosures
• An effective risk management framework and process
• Establishing, communicating and auditing risk appetite
• Exercise:
• The IIA's position on risk management
• The appropriate role for internal audit: clarifying boundaries and avoiding overlap
• Case Study
• Is your Risk-Based Internal Auditing (RBIA) approach truly risk-based?
• Implementing RBIA and assessing risk management maturity
• Exercise
• Integrating risk management with strategic planning and other processes
• Promoting the use of Key Risk Indicators (KRIs)
• Aiding the embedding of risk management
• Auditing key emerging risks including business model, extended
• enterprise, reputation, conduct, cyber and social media risks
• Exercise
• Organizational resilience and reverse stress testing
• Identifying and managing risks to internal audit
• Refining your risk-based audit approach as risk management matures
• Common weaknesses in ERM implementations: things to watch out for

Managing to add value: improving audit effectiveness, productivity and communication

• What adds value and what doesn't?
• Exercise
• Measuring value delivered
• Sample internal audit Key Performance Indicators (KPIs)
• Continuous improvement: practical tools and techniques for working smarter
• Exercise
• Intelligent use of Control Risk Self Assessment (CRSA) and RBIA
• Automating the audit process
• Continuous auditing
• Trends in audit opinions and audit reporting: use of maturity models
• Over 200 internal audit best practices
• Review of survey results
• Characteristics of effective internal audit department
• Ten top tips for success
• Benchmarking your audit department and responding to stakeholder feedback
• Establishing a Quality Assurance and Improvement Program (QA&IP)
• External Quality Assessments: Pros, cons and typical non-conformances
• Publicizing audit's role: developing a marketing strategy
• Exercise
• Think brand, client, stakeholder - and communicate!
• A dynamic approach: adaptability, responsiveness and renewal
• Putting it all together: a road map for action