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Modern Internal Audit Practices

MB242

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In an increasingly complex regulatory and operational environment, the internal audit function must evolve to remain relevant and impactful. This course addresses modern practices in internal auditing, equipping professionals with innovative methodologies such as agile auditing, horizontal audits, and risk-based planning. It’s designed for auditors seeking to enhance their ability to provide assurance, add value, and support governance functions effectively within their organizations.

By the end of this course, participants will be able to:

Distinguish modern internal audit approaches from traditional models
Promote the audit function’s value and influence within the organization
Construct adaptable and risk-based audit plans
Apply anti-fraud measures within audit engagements
Execute horizontal audits for process-wide insights

Internal Auditors
Internal Controllers
Risk Officers
Compliance Officers

1. The Internal Audit Function

Definition and purpose
Assurance, insight, and objectivity
Differentiating internal audit from other functions
Internal audit charter and committee roles
Types of engagements and service scope

2. Promoting the Internal Audit Function

Evolution of internal audit roles
Marketing the function internally
Stakeholder education and engagement
Cultural awareness and influence

3. Agile Auditing

Concept and principles of agile auditing
Scrum framework in audits
Mindset and process transformation
Agile vs. traditional audit methods

4. Horizontal Audits

Definition and scope
Comparison with vertical audits
Audit style selection
Reporting formats and benefits

5. Sampling Techniques

Overview of sampling in auditing
Compliance and substantive testing
Statistical methods and sampling objectives
Documentation standards

6. Building a Flexible Internal Audit Plan

Defining the audit universe
Risk assessment strategies
Incorporating stakeholder input
Drafting a dynamic audit plan

7. Audit Mission Cycle

Planning and executing audits
Supervision and team coordination
Communication and follow-up

8. Internal Audit and Fraud

Role in fraud prevention and detection
Fraud risk management
Supplier and outsourcing fraud risks
Recognizing fraud indicators

9. Writing Skills and Reporting Styles

Crafting effective audit reports
Writing for impact: executive summaries
Addressing communication barriers
Presenting findings clearly

The course combines various teaching methods, including instructor-led presentations, group discussions, case study analyses, and assessments through quizzes and a final exam to engage participants and ensure they understand and retain the material.

Terms & Conditions

ACTrain reserves the right to alter the Course Schedule without Prior Notification, Fees Quoted are Subject to Terms & Conditions Outlined in ACTrain's Registration Policy