Navigating the Global Internal Audit Standards

Who will benefit from this course?

Participants will develop a deep understanding of the IPPF and Global Internal Audit Standards to develop a comprehensive foundation to work within the world of internal audit. This course is designed for those new to internal audit ― with less than two years of internal audit experience ― who are looking for a fundamental understanding of the internal audit profession. This course will also benefit experienced external auditors and/or regulators who are transitioning to an internal audit role.

Course Objectives

• Establish a clear understanding of the role of internal audit, vs external audit.
• Identify the components of the International Professional Practices Framework (IPPF).
• Explore the five domains- and the associated principles and standards- of the Global Internal Audit Standards.
• Describe the importance of professionalism, individual objectivity, and following a code of ethics for internal auditors, as described in Domain II.
• Emphasize the importance of governance as outlined in the Standards, specifically Domain III.
• Understand the factors associated with managing the internal audit function as described in Domain VI.
• Explore how to perform internal audit services, as described in Domain 5.
• Understand the QAIP process and the overarching consideration of quality assurance throughout internal audit processes.

Course Topics

Purpose of Internal Auditing

• Internal vs external auditing.
• The professional practice of internal auditing.
• The Institute of Internal Auditors (The IIA) and the International Professional Practices Framework (IPPF).
• The purpose, authority, and responsibility of internal audit.

Ethics and Professionalism

• The importance of a code of ethics for internal auditors.
• Legal and professional behavior.
• The importance of individual objectivity.
• Safeguards to ensure to individual objectivity.
• Assessment and maintenance of individual internal auditor objectivity.
• Policies that promote objectivity.
• Distinctions between proficiency and due professional care.
• Knowledge, skills, and competencies required to fulfill the responsibilities of the internal audit activity.
• Achieving competency through continuing professional development.

Governing the Internal Audit Function

• Concepts of organizational governance.
• The role of the board.
• The importance of organizational independence.
• Elements that affect organizational independence.
• Safeguards to ensure organizational independence.
• Quality assurance program and external assessment.

Managing the Internal Audit Function

• The internal audit charter.
• Fundamental concepts of risk and the risk management process.
• The internal audit activity’s role in the organization’s risk management process.
• Internal audit annual plan and resource planning.
• Communication skills, strategies, and requirements.
• Performance measurement.
• Internal quality assessment.

Performing Internal Audit Services: Planning

• Purpose of the engagement work program and key components.
• Establishing and communicating the objectives, evaluation criteria, and scope of the engagement.
• Performing a risk assessment during engagement planning.
• Resource planning for an engagement.

Performing Internal Audit Services: Fieldwork

• Sources of evidence.
• Application analytical review techniques.
• Documentation and workpaper requirements.

Performing Internal Audit Services: Communicating

• Summarizing and developing engagement findings.
• Providing recommendations to enhance and protect organizational value.
• Preparation of workpapers and supporting documentation.
• Engagement communication and reporting process.

Performing Internal Audit Services: Monitoring

• Assessing engagement outcomes, including the management action plan.
• Managing monitoring.