Course Content

Introduction

• The purpose of internal auditing.
• The definition of internal auditing.
• The internal auditor's roles and responsibility.
• Code of Ethics.
• Management expectations.
• General audit objectives.
• Types of internal audits.
• Building relationships.
• The role in selling the internal audit.

The COSO objectives

• Using COSO objectives to identify key points of focus for a given audit assignment.
• The difference between “hard” and “soft” controls.
• Practical ways to evaluate “soft” controls.
• Risk based auditing under COSO.
• How CSA workshops can support achievement of COSO objectives.
• How COSO objectives can be utilized to formulate audit objectives and audit work programs.
• Exercise: Developing audit objectives.

Planning

• The audit charter as starting point for proper planning.
• Covering of the audit universe during planning.
• Essential elements of a strategic, annual and assignment planning document.
• Plan the audit – the preliminary survey, audit objectives, scope and audit program.
• Difference between planning for assurance and consulting assignments.
• Compare and discuss audit tools during planning for documenting control systems including narratives, ICQ ’s, flowcharts and risk/control matrics.
• Exercise: flowcharting.

Risk Assessment

• Risk assessment and risk based internal auditing.
• Difference between risk based auditing and control based auditing.
• Using of risk registers for audit purposes.
• How to assess the effectiveness and adequacy of the risk assessment process.
• Internal audit's role in the risk assessment process. Do’s and Don’ts.

Fieldwork – Gathering Audit Evidence

• Attributes of persuasive audit evidence.
• Types of engagement information.
• Sources of engagement evidence.
• Identifying engagement information.
• Role of analytical audit procedures in gathering engagement information.
• Making use of CAATS to gather engagement information.
• Documenting engagement information into working papers.
• Why do we need working papers?
• What should be on a working paper?
• Control over working papers during and after audit assignments.
• Exercise : audit evidence

Reviewing

• Importance of effective reviewing.
• When should reviewing occur and by whom should it be conducted?
• Essential elements to look for during the reviewing process.

Reporting

• Source of audit findings.
• Elements of audit findings.
• Assessing the condition.
• Establishing the impact/risk.
• Determining the root cause/contributing factors and not only the symptoms.
• Developing cost effective audit recommendations.
• Importance of including management comments in audit reports.
• Importance of discussing the draft report before issuing the final report.
• Agreeing on corrective actions and resolving disagreements.
• Developing the audit report (structure for impact).
• Characteristics of an effective report.
• Avoid the pitfalls.
• Exercise : how to avoid the pitfalls
• Exercise : writing audit findings

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