Internal Auditing - Level 2
Develop advanced risk-based techniques and compliance auditing
Accredited by: LONDON INSTITUTE OF SKILLS DEVELOPMENT SIGNATURE PROGRAMME
Who should attend?
- Delegates who have some experience of auditing, either directly as an auditor or from within the financial services sector seeking to develop a professional and best practice approach to the development of the internal audit function in private and public sector organisations and enterprises.
- Junior Managers, Fresh Graduates & Final Semester Students to acquire a promising career in a reputable organization.
Learning Objectives
By the end of the course delegates will be able to:
- Expand the role of the audit function in their organisation
- Contribute effectively to organisational audit strategy and implementation
- Engage continuous improvement and quality assessment within the organisation’s audit function
- Present information effectively at the auditing committee and senior management
- Embed new technology and financial crime controls into the audit function
Course Content
Review of Key Audit Function Foundations
- Review of key action points
- Develop organisational specific risk matrices
- Global best practice – case studies – lessons learned analysis
- Key action points – delegate and manage action plan development
Risk – Based Auditing
- Identifying areas of risk
- Identifying new areas of risk
- Classification and quantification of risk areas
- Identifying potential interface of existing and new areas of risk
- Developing audit and re – audit frequency in alignment with risk
- Overview of emerging and evolving threats
Conducting Effective Audits
- The auditor’s role as a consultant
- Utilising audit reporting to inform organisational policy development
- Continuous improvement initiatives and supervision
- Measuring improvement – toolkit for objective measurement and demonstration of audit output improvements
The Impact of PESTLE on Strategy and Risk Management
- The components of PESTLE and the impact on corporate finance
- Porter’s generic competitive strategies
- Mergers and acquisition – a corporate approach
- Managing financial risks
Financial Crime Compliance
- Record keeping procedures
- Controls to identify potentially suspicious activities
- Trade finance transactions
- Trade processing controls by processing staff
- Red flagging procedures
- Pre-determined thresholds systems and controls
- Escalations
- Actions taken by senior management
- Evidence and awareness of senior management evidencing how crime risks evolve in organisational type of business
Engaging with the Audit Structure
- Making effective recommendations and business cases
- Presenting information effectively
- OSCOLA (Oxford University Standard for the Citation of Legal Authorities) for internal auditors
- Contributing meaningfully to the development of the long – term audit strategy
- Upgrading the profile of internal audit within the organisation
