A successful internal audit program is an essential tool for determining how well an organization's processes and controls are functioning. It can identify high-risk areas and determine how well existing controls are mitigating risks. In the Internal Auditing Guidebook, we cover all aspects of the internal auditing function, including governance, risk management, internal controls, fraud prevention and detection, audit evidence, audit sampling, data analytics, how to conduct engagements, and much more. This internal audit CPE course is designed to assist in the development of a fine-tuned internal audit department that can help to minimize risks and provide valuable consulting advice to every area of a business.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Recognize the responsibilities and reporting relationships of the internal audit staff.
Identify the components of the Institute of Internal Auditors' code of ethics and practice standards.
Specify the components of the three lines of defense model.
Identify the situations under which a business should and should not retain risk.
Specify the characteristics of an enterprise risk management system.
Recognize the members and responsibilities of the risk management committee.
Recognize the information contained within a risk profile.
Identify the characteristics of a "perfect storm" event.
Identify the reasons why a firm's systems should be documented.
Specify the different types of flowcharts and how they are used.
Describe the circumstances under which weak controls may be acceptable.
Recognize the methods used to quantify risk.
Specify the characteristics of the different types of controls.
Recognize the different types of control deficiencies.
Identify the ranking criteria for IT audits.
Identify the audit tests used to examine IT controls.
Specify the reason for weaknesses in database security.
Specify the reports associated with the controls of an IT vendor.
Identify the various opportunities to commit fraud.
Recognize the rationalizations for committing fraud.
Specify the types of fraud encountered by a business.
Specify the methods used to reduce the perceived pressure on employees.
Recognize response options when an employee has committed fraud.
Cite the indicators of fraud.
Identify the various fraud investigation techniques.
Specify the metrics that may be used to measure the internal audit department.
Recognize the sources of audit evidence.
Describe the relevance and reliability concepts.
Identify the normal contents of audit working papers.
Specify the characteristics of the different types of sampling.
Recognize the issues associated with sampling units.
Identify the conditions under which sampling variances are acceptable.
Identify the characteristics of high-validity data.
Specify the characteristics of the different types of deficiencies.
Major Topics
The Audit Committee
Governance
Risk Management
Business Processes
Internal Controls
Information Technology Auditing
Fraud Preventions and Detection
Types of Fraud
Internal Audit Management
Audit Evidence
Internal Audit Working Papers
Audit Sampling
Data Analytics
Conducting Internal Audit Engagements
Types of Internal Audit Engagements
