Finance & Accounts

FA 10 Internal Auditing – Level 2

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.
Course Code:F/A.10
Subject:Finance
Course Fee:£495
Duration:3 Days
Venue:University of Cambridge, U.K

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