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Leading and delivering internal audit engagements

Presented by: Stephen Maycock

This course covers all aspects of performing internal audit work at the applied knowledge level of the internal audit competency framework. It also explores the leadership and communication skills required for the effective delivery of internal audit engagements.

You will learn how to apply the key aspects of the International Professional Practice Framework (IPPF) when leading and conducting internal audit engagements based on the latest guidance and best practices.

Who should attend?

This course is designed for experienced internal auditors who are responsible for the delivery of internal audit engagements. It is suitable for those leading internal audit teams or for senior internal auditors delivering engagements autonomously.

What will I learn?

Upon completion you will have a better appreciation of:

• the influence of internal audit’s role and mandate on internal audit engagements
• the application of the requirements of the IPPF to internal audit engagements
• internal audit’s role with regard to governance, risk management and control
• the types of internal audit engagements and the range of methodologies used
• the techniques used to develop an internal audit strategy
• the tools used and steps required for developing periodic internal audit plans
• how to manage internal audit engagements and lead internal audit teams
• how to formulate internal audit engagement plans with stakeholder input
• the techniques used for conducting and documenting internal audit engagements
• how to draw conclusions and report on the results of internal audit engagements
• how to fulfil internal audit’s role with regard to fraud risks
• key requirements for the effective management of internal audit activities
• how to use a competency framework to develop team members
• the use of quality assurance programs to continuously improve internal audit activities.

Course programme

Internal audit’s role and objectives

• the mission of internal auditing
• internal audit’s role and mandate

Professionalism in internal audit

• applying the International Professional Practice Framework (IPPF)
• achieving the required level of independence and objectivity
• demonstrating the application of ethical principles in internal auditing

Governance, risk management and control

• risk management and internal control frameworks
• organisational governance
• the role of internal audit in governance, risk management and control

Internal audit engagement types and methodologies

• types of internal auditing engagements
• approaches to conducting internal auditing engagements
• compliance and transaction-based approaches
• systems/process-based approaches
• risk based internal auditing
• agile internal audit methodologies

Strategic and periodic planning

• developing an internal audit strategy
• defining the internal audit universe
• preparing assurance maps / co-ordinating assurance
• developing periodic internal audit plans

Planning internal audit engagements

• determining engagement objectives
• describing engagement scope
• timing considerations
• allocating resources
• stakeholder involvement in engagement planning
• documenting engagement plans

Conducting internal audit engagements

• interviewing skills
• information gathering techniques
• evaluating control design
• internal audit testing techniques
• use of analytical review / data analytics
• documentation and evidence requirements
• stakeholder engagement

Internal audit engagement outcomes

• analysing internal audit results and developing findings
• developing recommendations and agreeing actions
• anticipating / dealing with challenge
• preparing internal audit reports
• formulating engagement opinions
• conducting follow-up activities
• evaluating management’s acceptance of risk

Fraud risks - internal audit perspectives

• the broad nature of fraud risks
• components required in fraud risk management
• the role of internal audit regarding fraud risks
• considering fraud risks in internal audit engagements

Managing the internal audit activity

• developing policies and procedures for internal audit activities
• resourcing models for internal audit services
• communicating with senior management and the board

Leading internal audit teams

• managing internal audit engagements
• building effective teams
• leadership skills
• mentoring and motivating team members
• evaluating performance

Internal audit competencies

• identifying knowledge and skills for internal auditors
• ensuring proficiency and due professional care
• using the internal audit competency framework
• maintaining and improving competency

Internal audit quality

• quality assurance and improvement programmes
• measuring internal audit performance
• reporting results of quality assurance activities