Comprehensive Principles of Internal Audit

OBJECTIVE
Comprehensive Principles of Internal Audit provides participants with a deep understanding of the fundamental concepts, methodologies, and best practices essential for conducting effective internal audits within organizations. This course covers a wide range of topics, including internal control systems, risk assessment, audit planning, execution, and reporting, to equip participants with the skills and knowledge necessary to add value to their organizations through robust internal audit processes.

Course Objectives:
Understand the role and importance of internal audit in corporate governance and risk management.
Learn the principles of internal control systems and their significance in mitigating risks.
Develop skills in risk assessment and identification of key audit areas.
Master audit planning techniques, including setting objectives, scoping, and resource allocation.
Acquire practical knowledge in conducting audit fieldwork, testing, and documentation.
Gain expertise in audit reporting, communication of findings, and follow-up procedures.

Course Outline
Introduction to Internal Audit
• Role and significance of internal audit in organizational governance and risk management
• Overview of internal audit standards, frameworks, and regulatory requirements
• Evolution of internal audit profession and emerging trends in the field
Internal Control Systems
• Principles of internal control and their importance in safeguarding assets and ensuring compliance
• Components of internal control systems: control environment, risk assessment, control activities, information and communication, and monitoring
• Evaluation of internal control effectiveness and continuous improvement
Risk Assessment and Audit Planning
• Understanding risk management concepts and methodologies
• Identifying and assessing key risks and control weaknesses
• Developing risk-based audit plans and strategies to address organizational objectives
Audit Execution and Fieldwork
• Planning and conducting audit fieldwork: gathering evidence, performing tests, and documenting findings
• Techniques for sampling, data analysis, and audit documentation
• Collaboration with auditees and stakeholders during the audit process
Audit Reporting and Communication
• Principles of effective audit reporting: clarity, conciseness, and objectivity
• Communicating audit findings, recommendations, and opportunities for improvement
• Follow-up procedures and monitoring of audit recommendations implementation
Emerging Trends and Continuous Improvement
• Emerging trends and challenges in internal audit: technology, cybersecurity, globalization, and regulatory changes
• Strategies for continuous improvement of internal audit processes and practices
• Professional development opportunities for internal auditors and staying current with industry developments

FOR WHOM: Audit staff and Managers who want to be able to add more value to their organization
TRAINING METHODOLOGY
The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.

DATE:
1ST BATCH: 27th – 30th May, 2025
2ND BATCH: 9th – 12th Nov, 2025