Internal Auditing and Accountability
Course Summary:

The Internal Auditing and Accountability course offered by Magna Skills is tailored to provide participants with comprehensive training in internal auditing practices and principles. This course is designed to equip professionals with the necessary knowledge and skills to effectively conduct internal audits, assess organizational controls, and ensure accountability within their respective organizations. Participants will learn the fundamentals of internal auditing methodologies, risk assessment techniques, and best practices for promoting transparency and accountability.

Course Objectives:

  1. Understanding Internal Audit Principles: Gain insights into the role and importance of internal auditing in organizational governance, risk management, and control processes.

  2. Internal Audit Methodologies: Learn the fundamental principles, standards, and methodologies of internal auditing, including the Institute of Internal Auditors (IIA) standards and COSO framework.

  3. Risk Assessment and Management: Develop proficiency in conducting risk assessments to identify and prioritize key risks facing the organization, and implement risk management strategies to mitigate identified risks.

  4. Audit Planning and Execution: Learn how to plan, execute, and report on internal audit engagements effectively, including scoping, testing, documentation, and reporting phases.

  5. Control Evaluation and Testing: Understand the process of evaluating and testing internal controls to ensure compliance with organizational policies, procedures, and regulatory requirements.

Course Outline

Module 1: Introduction to Internal Auditing

  • Role and importance of internal auditing in organizational governance
  • Overview of internal auditing standards and best practices

Module 2: Internal Audit Methodologies

  • Institute of Internal Auditors (IIA) standards and Code of Ethics
  • COSO framework and its relevance to internal auditing

Module 3: Risk Assessment and Management

  • Identifying, assessing, and prioritizing organizational risks
  • Developing risk management strategies and action plans

Module 4: Audit Planning and Execution

  • Planning and scoping internal audit engagements
  • Conducting fieldwork, testing, and evidence gathering

Module 5: Reporting and Communication

  • Reporting findings and recommendations to stakeholders
  • Communicating effectively with audit clients and management

Module 6: Control Evaluation and Testing

  • Evaluating internal controls and control environments
  • Testing controls for effectiveness and compliance

Module 7: Audit Evidence and Documentation

  • Collecting, analyzing, and documenting audit evidence
  • Maintaining audit workpapers and documentation

Module 8: Fraud Risk Management

  • Identifying fraud risks and red flags
  • Implementing fraud detection and prevention measures

Module 9: Internal Audit Quality Assurance

  • Quality assurance and improvement program (QAIP)
  • Monitoring and assessing the effectiveness of internal audit activities

Module 10: Emerging Trends and Best Practices

  • Emerging trends in internal auditing and accountability
  • Best practices for enhancing transparency and accountability within organizations

The Internal Auditing and Accountability course equips participants with the knowledge and skills required to perform effective internal audits, assess organizational controls, and promote accountability within their organizations. Through a blend of theoretical learning, practical case studies, and interactive discussions, participants will develop the expertise needed to contribute to organizational success by enhancing governance, risk management, and control processes.