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Internal Auditor Basic Training Workshop - Irving, TX - (CCS)

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The Urban Towers at 222 West Las Colinas Boulevard

Suite 1650

Irving, TX 75039

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Internal Auditor Basic Training Workshop

About this Event

Join us for a unique, interactive course that "walks you through" the Internal Audit process. The instructors focus on bring out the "tradecraft" needed to be an effective and efficient internal auditor.

This comprehensive internal audit training course is for anyone who wants to have a strong base of knowledge and understanding of the essential audit and the personal skills to become a successful internal auditor.

We present the "Audit Life Cycle": Discover how audits are planned (based on an assessment of risk); how audits are conducted (fieldwork including interviewing, identifying internal controls, methods of testing, audit sampling, workpaper documentation); how audits are reported (identifying, prioritizing and communicating internal control deficiencies); and how to follow up on audit findings.

Relax and learn through expert instructor presentations, group discussions, role-playing, audit exercises, white-board diagramming and simulations.

We present this event in over 40 locations each year to an average of four attendees per event. We have this delivery approach to allow for a focus on individual development and learning from our very experienced auditor educators.

This timely, three-day CPE training seminar is designed for the new internal auditor and individuals who have to create effective audit workpapers in performing internal audits and then communicate the results to management.

Seminar Highlights

. What are Auditing Standards?

. Understanding Risk Assessment.

. Understanding the elements of an effective organizational culture.

. Best Practices in creating an internal audit function.

. Best Practices in conducting audit fieldwork.

. Best Practices for testing internal controls and business processes.

. Audit verbal and written communications defined.

. Best Practices for testing internal controls.

. Best Practices in creating internal audit reporting tools.

. What to include and not include in each audit report.

. Essential sections of each type of audit report.

. How to properly document credibility determinations.

. Principles of clear and concise reporting.

Event Learning Objectives

. Understand why the internal audit function exists as a major entity level control.

. Review the different standards that can be applied to the audit function: IIA, PCAOB, Yellow Book, Green Book, COSO, ISACA, ISO, NIST, etc.

. How to identify risks at all levels in the Enterprise Risk Model.

. How to categorize risk and construct an effective internal audit plan that has both strategic and tactical goals.

. Understand how auditors are not the managers of an organization.

. Learn the Dr. Kotter's Eight Stage Process to guide the internal audit functions role in creating positive changes in an organization.

. Understand how an audit is conducted.

. Understand how to use the S.P.I.N (Situation - Problem - Implication - Need) in interviewing and documenting audit findings.

. Understand how to create mature business and administrative processes using the elements of a maturity model.

. How to evaluate and document internal controls.

. Knowledge of the best techniques for gathering audit evidence.

. See the importance of preparing quality workpapers.

. Discuss interpersonal and team-building skills.

. Understand how to motivate management to create effective "Management Action Plans" concerning audit findings.

. Review how to create an effective executive summary that calls for executive action concerning audit findings.

. Understand how to create effective communication elements.

Key Issues on the Agenda

Introduction

. About Us and About Your Instructor

. Who are You? What are Your Needs?

. Three Lines of Defense

. The Individual Audit Life Cycle

. Tradecraft for the Internal Auditor

Section 1 - Overview of Internal Audit Function

. History of Auditing

. Today's Internal Auditors

. What is "Internal Auditing"?

. The Effective Internal Audit Function

. Predictions for the Next Ten Years

. Professional Guidance Sources

. The "Thing" About Standards

. Guidance from the IIA

. IIA Code of Ethics

. Legislative Guidance: Sarbanes-Oxley Act

. What is "Internal Control"?

. COSO 2013 Guidance

. Major Internal Control Regulations

. Why Do Organizations Need Internal Controls?

. Information Technology Framework - COBIT

. What I/A Serivces Should Be Provided?

. What Types of Internal Audits Are Conducted?

. Accounting vs Auditing

. Dr. Kotter's Eight Steps to Organizational Change

Section 2 - Understanding Risk Management

. Myth's About Auditing

. What is Risk?

. Layers of Risk Management

. Dimensions of Risk at All Levels

. Business Objective - Risk - Control - Residual Risk

. What is the Maturity of the ERM Program

. Recognise the Categoies of Internal Control

. COSO Risk Assessment Principles

. COSO Control Environment Principles

. COSO Control Activities Principles

. COSO Information and Communication Principles

. COSO Monitoring Activities Principles

. "Heat Map" the Risks

. Pareto's Principle - The 80% 15% 5% Rule

. How Does the SEC Look at Deficiencies

Section 3 - Inside the Internal Audit Function

. Responsibilities - Management - External Audit - Internal Audit

. Internal Audit Department "Situation"

. What is the Hierarchy?

. Audit Committee Expectations

. What Skills Should Auditors Possess?

. Auditor Personality Profile

. Audit Software

. Flowchart the Process?

. Internal Audit vs. External Audit

. Does Your Orgnization Have a Financial Statement Audit?

. External Auditors Focus on "Materiality" and "Misstatements" in Financial Reports

. How to calculate what is "Materiality"?

. To Comply with GAAS, the External Auditor Must.

. To Comply with GAAS, the External Auditor Must.

Section 4 - Planning the Audit Function Coverage and Assessing Risk

. The Internal Audit "Life Cycle"

. Internal Audit Must Look into the Future.

. Conduct an "Internal Audit Risk Assessment"

. COSO's Focus is on Risk Management

. What are Management's Responses to Risks?

. Strategic Audit Planning

. Assess the Areas of Audit Risk

. So.How can controls fail? Why?

Section 5 - Detailed Individual Audit Planning

. Individual Internal Audit Planning Process

. Detailed Planning of Individual Audits

. Review the "Business Process Narratives"?

. Business Process Documentation

. Control Self Assessment Questionnaires

. Business Process Assertions

. Recognize the Important Internal Controls

. How Can Auditors Manage Risk?

. Where Can We Obtain Audit Procedures?

. Document Audit Procedures

. Tailor Your Audit Procedures based on the.

. Example of an Audit Procedure

. Audit Planning Memorandum

. Deliverables from the Planning Phase

Section 6 - Conducting the Internal Audit Fieldwork

. What Does "Audit" Mean"?

. Start the Audit Fieldwork

. Establish Fieldwork Guidelines

. The Auditee Needs to Present Their "Heat-Map"

. Conduct a "Walk-Through"

. Obtain Departmental Procedures

. Business Process Maturity

. How Should We Communicate with Audit Clients?

. Is the Interviewee Being Honest?

. The Deception Detection Obstacle Course

. What Deception Sounds Like

. What Deception Looks Like

. What "Fieldwork" Skills are Important?

. The Effective Audit Interviews

. "S.P.I.N." Audit Interviewing

. "S" - Situation Questions

. "P" - Open Ended Problem Questions

. "I" - Implication Questions

. "N" - What needs to be done?

. Sort Through the Interview

Section 7 - Testing the Controls in Business and Administrative Processes

. Business Processes are Grouped into "Cycles"

. Examples of Internal Controls for Business Processes

. Examples of "Entity-Level" Controls

. Fieldwork: Gather "Audit Evidence"

. Quality of "Audit Evidence"

. What are the Methods of Internal Control Testing?

. How "Effective" is the Control?

. How "Mature" is the Business Process

. What is the Sample Size for Testing Controls?

. Audit "Workpapers"

. Key Elements for Workpapers

. Essential Workpaper Characteristics

. Check Your Workpapers

. Workpaper Review - Common Issues

Section 8 - Workpapers Concerning Internal Audit Findings

. What is Professional Skepticism!

. What is the "Criteria" to Define the Finding?

. Document the Exceptions/ Findings

. Describe the Issue - The "Six Cs"

. Observations, Findings and Action Matrix

. What is the "Condition" of the Finding?

. Obtain a Confirmation of the Audit Findings

. Getting to the "Facts"

. Sample Workpaper: Summary of Findings

. What are the SEC Deficiencies?

. Examples of Risk-Ranked Findings

. What is the "Cause" of the Finding?

. Sample Workpaper: Summary of Causes

. What are the Root Cause Analysis Methods?

. The Five Whys

. What is the "Consequence" of the Finding?

. Sample Workpaper: Consequence

. Consequence - What is the Risk?

. Make the Recommendation SMART!

. Management Action Plans (MAPs)

. Findings Summary Table

. Ending the Fieldwork

. Deliverables from the "Doing" Phase

Section 9 - Individual Internal Audit Project Examples

. Operational Auditing

. How Do We Perform Operational Audits?

. Revenue Cycle

. P2P and Supply Chain Risk

. What are Compliance and Performance Audits?

. Fraud Audits..Where Do We Start?

. Categories of IT Controls

. Documentation and Testing of IT Controls

Section 10 - The Audit Communications Phase

. How to Write a BAD Audit Report

. What is a "Report"?

. How Effective are your Audit Reports?

. What is an "Status Report"?

. Auditor Guidance for Report Writing

. IIA Guidance on Internal Audit Reporting

. So.Why Do We Write Audit Reports?

. Change the Organization!

Section 11 - Making Audit Communications Effective

. Feelings

. How Can We Improve Our Audit Communication Skills?

. Say It Better!

. Who are the Recipients of Our Audit Reports?

. Write for Your Audience

. Organize the Content for Your Audience

. Is This Acceptable for Your Audience?

. Improving "Audience Adaptation"?

Section 12 - Components of the Audit Report

. The Internal Audit "Life Cycle"

. The "Audit Trail" to the Report

. Sections of the Audit Report

. Example of Dave's Cover Page

. Executive Summary

. Internal Audit Summary

. Audit Findings

. Management Action Plans

. Appendices

Section 13 - The High Level Focus: Executive Summary - Audit Summary

. Summary Sections

. Value Creator Executive Summaries

. Executive Summary - Section One - Focus the message on Risk, Governance and Strategy

. Executive Summary - Section Two - Focus the message on strengths, compliance and challenges

. Executive Summary - Section Three - Focus the message on Action!

. Summary Table of the Issues

. Audit Summary

. Identify the Audit Objectives

. Audit Scope Limitations

. Opinion Statement

. How Can We Write Effective Summaries?

Section 14 - The Hard Facts: Audit Findings

. What is an "Audit Finding"?

. Is the Finding Feasible?

. How "Effective" is the Control?

. What are the Deficiencies?

. Examples of Risk-Ranked Findings

. "We Have a Finding!"

. How Can We Write More Effective Audit Findings?

. "Condition" Statements

. What is the "Condition" of the Finding?

. Detailed Description of "Condition"

. How Can We Write STRONGER "Condition" Statements?

. What is the "Criteria" of the Finding?

. What is the "Cause" of the Finding?

. Proximate - Intermediate - Root Cause

. What is the "Consequence" of the Finding?

. Consequence - What is the Risk?

. "Consequence"; "Effect"

. The Root Cause Groupings Lead to Corporate Cultural Issues

Section 15 - Audit Opinion and Ratings

. What is an Audit Opinion?

. Audit Rating, Score or Grade

. Should Each Finding Be Risk-Rated?

. "CMMI" Levels of Maturity

. We Can Measure "Control Maturity"?

. "CMMI" Levels of Maturity

. Internal Control Reliability Model

. Rating with the "Internal Control Maturity Model"

Section 16 - Audit Report Formatting

. Do We Have Audit Report Format Standards?

. Font Type and Size

. Text Justification

. Format for the "Findings and Recommendations" Section

. "Paragraph" Formal

. "Mapped" Format?

. "Matrix" Format

. "Bullet" Format

. Format According to the Audit Type

. Special Reports

Section 19 - Optimizing the Audit Report

. Optimizing the Report

. Apply the IPPF Guidance

. Optimize the Visual Presentation

. Optimize the Cover Page

. Optimize the Report Structure

. Optimize the Readability

. Optimize the "Sequencing"

. Optimize the Flow

. Optimize the Wording

. Optimize the Paragraphs

. Optimize the Sentences

. Optimize the Content

. Clarity

. Clarity and Conciseness

. Coherence

. Conciseness and Word Economy

. Report Optimization - Verb Tense

. Optimize the Tone

. Proof Read Carefully!

. Peer-Review the Report

. Optimize Format to the Visual Person

. Finalize the Report

. Do We Formally Follow Up?

. 10 Things Internal Auditors Should Not Say.

Section 18 - Summary and Wrap-Up

. The "Audit Life Cycle"

. Dave's Keys to Being a Successful Auditor

. 10 Keys to successful internal auditing

. The Audit Report.

. 10 Keys to Successful Audit Reporting

. Stay "On Top of Your Game"

. The Auditing Profession

. Do We Maintain Ongoing Relationships?

Corporate Compliance Seminars has been created by experts who enjoy providing CPE classroom training, workshops and consulting on internal controls, internal auditing and accounting related subjects. We have focused on SOX, COSO, PCAOB, COBIT, GRC, IFRS, AICPA, GAO and IIA Standards.

Our programs are CPE for professionals with CPA, CGA, CIA, CFE, CISA, CMA and CA designations.

Corporate Compliance Seminars presents CPE to auditors, compliance and IT professionals, Boards of Directors and Audit Committees. We examine the details of risk management, Sarbanes-Oxley Act compliance, Model Audit Rule compliance, auditing, internal controls, IT security and compliance, and fraud prevention and detection.

Corporate Compliance Seminars allows the attendee to earn Official NASBA CPE credit.

Our seminars focus on the details of the Sarbanes-Oxley Act of 2002 (SOX), Internal Controls over Financial Reporting (ICFR), Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control Frameworks, ISACA's Control Objectives over Information Technology (COBIT), Information Technology Infrastructure Library (ITIL), Open Compliance & Ethics Group's (OCEG) Governance, Risk & Compliance (GRC) methodology, PCAOB's Auditing Standard 5 (AS5), AICPA auditing standards and the future conversion from GAAP to the International Financial Reporting Standards (IFRS).

Our seminars provide CPE for the CPA, CFE, CIA, CISA, auditors and others with effective and engaging training.

"Please contact the event manager Marilyn (marilyn.b.turner(at)nyeventslist.com ) below for:

- Multiple participant discounts

- Price quotations or visa invitation letters

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NO REFUNDS/TRANSFERS ALLOWED ON REGISTRATIONS

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Date and Time

Location

Regus Office Facility

The Urban Towers at 222 West Las Colinas Boulevard

Suite 1650

Irving, TX 75039

View Map

Refund Policy

No Refunds

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