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Advanced Auditing for In-Charge Auditors

Fee:

$2,050

· QuickCode:

QQAHBB

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Provider:
MIS Training Institute

Topic(s):
Finance & Accounting > Auditing

Who Should Attend?
Financial, operational, IT and external auditors with two or more years of audit experience

• Writing Audit Reports That Get Results
• Fundamentals of Internal Auditing

Full Seminar Description

Developing Risk-Based Audit Programs That Add Value

SEMINAR FOCUS AND FEATURES

In this three-day session you will learn all of the elements involved in traditional and operational risk-based auditing from the unique perspective of the in-charge position. With your peers, you will review such concepts as audit program flexibility, risk assessment, priority setting during fieldwork, and effective oral and written communications of audit findings. This course covers preliminary fieldwork, audit program development, COSO, risk assessment, and auditing the control environment in today's business climate.

Prerequisite: Fundamentals of Internal Auditing or equivalent experience.

Advance Preparation: None

Learning Level: Intermediate

Delivery Method: Group-Live

Field: Auditing

WHO SHOULD ATTEND

Financial, Operational, Information Technology, and External Auditors with two or more years of audit experience

Agenda

What You Will Learn

1. Managing Fieldwork

• definition of internal auditing
• why IA must add more value
• fieldwork management: in-charge’s perspective
• fieldwork methodology tools
• workpaper review
• evaluation samples
• overview of Professional Standards

2. Auditing Concepts: The In-Charge’s Perspective

• responsibilities of the IA department
• operational vs. financial/compliance auditing
• essentials of operational auditing
• the audit triangles
• questions an audit attempts to answer

3. The Control Environment: High-Impact Changes

• evidence of the changing control environment
• soft/hard controls
• balance risks and controls
• examples of entity-level controls
• impact of Sarbanes-Oxley
• governance control matrix
• corporate governance
• Blue Ribbon Committee on Corporate Audit Committees
• Sarbanes-Oxley overview
• control environment to avoid
• RFBU

4. Marketing and Selling Internal Audit

• key factors in marketing and selling the audit function
• five key things to consider in branding

5. Risk Assessment Strategies

• risk assessment defined
• differentiating enterprise risk and audit risk
• differentiating inherent risk and residual risk
• criteria for effective risk assessment
• risk environment
• trends in risk assessment
• four assets of auditors
• gross risk and net risk
• risk matrix
• audit level risk assessment factors
• do’s and don’ts in ERM

6. Preliminary Fieldwork and Program Development

• importance of preliminary work
• allocating time
• areas to consider for a more productive audit
• the audit program
• criteria for audit programs
• how to manage an audit

7. Applying Project Management to Internal Audit

• project approaches to audit teams
• key factors to successful audit/project management
• the audit/project planning process
• using project management to effectively plan audits
• time estimates
• common workflow planning problems
• audit/project leader’s responsibilities
• resource management
• guidelines and examples of good audit/project management
• time management improvement issues

8. Fraud Awareness

• impact of Sarbanes-Oxley on addressing fraud
• PCAOB impact
• what constitutes fraud
• antifraud mantra: prevention and timely detection
• what to do when you suspect fraud
• professional standard
• areas of fraud occurrence
• indicators of potential fraud
• proven techniques for preventing and detecting fraud
• auditing the tone at the top

9. Effective Communications

• do’s and don’ts of effective meeting management
• trends in audit report formats
• executive summary options
• recommendation options
• guidelines for issuing more timely reports
• closing conference strategies currently in practice

10. High-Profile Case Studies

• Sunbeam issues
• Enron/Andersen
• Allied Irish Bank
• Tyco
• ImClone/Martha Stewart
• WorldCom
• HealthSouth
• Parmalat
• others

CPEs: 22

Sponsor Background:

Quote From Past Participants:

“A very thorough look at techniques and issues that auditors at any level should be aware of and have in their “audit toolbox”. -Auditor, Lockheed Martin

Past Participants Include:

• Reynolds & Reynolds
• U.S. Department of Revenue
• NY City Board of Education
• University of Kentucky
• Sundstrand
• GPU Service Corporation
• First Tennessee Bank
• Crum & Forster
• Banco Popular de Puerto Rico
• Carrier
• Union Camp
• New Jersey Highway Authority
• Georgia Pacific
• E.I. DuPont
• Pacific Bell
• The Torrington Co.
• Volvo
• Dayton Hudson Department Stores
• Goodyear Tire & Rubber
• National Liberty
• Scott & White Memorial Hospital
• Tenneco
• Public Service Co. of Colorado
• First Interstate Bank of Oklahoma
• Signet Bank
• Warner Lambert
• City of Orlando
• Monsanto
• Towers Department Stores
• RJR Nabisco
• Shell Oil
• Tektronix
• Stroh Brewery Co.
• University of Minnesota

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