Tools & Techniques II: Lead Auditor – Onsite
23/11/2021 - 25/11/2021 @ 8:00 am - 4:00 pm - About this course: Course Description Learn the skills necessary to lead an audit team with confidence. This course provides an overview of the life cycle of an audit from a lead internal auditor’s perspective while examining the internal control environment and audit governance. This course is designed for internal auditors with 3-6 years’ experience who [...]

Date/Time
Date(s) - 23/11/2021 - 25/11/2021
8:00 am - 4:00 pm

Location
UAE IAA Office


About this course:

Course Description

Learn the skills necessary to lead an audit team with confidence. This course provides an overview of the life cycle of an audit from a lead internal auditor’s perspective while examining the internal control environment and audit governance.
This course is designed for internal auditors with 3-6 years’ experience who want to learn the concepts, tools, and techniques to enhance their effectiveness and grow as a lead auditor.

 

Course Schedule

  • Day 1: 08:00 – 16:00
  • Day 2: 08:00 – 16:00
  • Day 3: 08:00 – 16:00

 

Course Objectives:

  • Identify the core elements of the International Professional Practices Framework (IPPF) as they relate to the lead auditor role.
  • Describe the components of the audit model.
  • Identify the components of the COSO Internal Control Framework as they relate to the lead auditor role.
  • Compare the roles and responsibilities of audit management, lead auditor, auditee, and auditee management.
  • Identify the roles and responsibilities of team members involved in QAIP.
  • Identify key concepts necessary to becoming an effective leader.
  • Identify key concepts necessary to leading and mentoring staff.
  • Identify the components of the audit planning and opening conference.
  • Identify best practices for conducting an audit risk assessment, walkthrough, and audit program development.
  • Identify the components required for auditing fieldwork and testing.
  • Identify best practices for audit observations and findings and recommendations.
  • Identify the components of effective audit reporting and the exit conference.
  • Demonstrate the steps necessary to wrap up the audit after the report is issued.
  • Identify the key metrics and performance indicators necessary to measuring internal audit productivity.
  • Recognize the formal quality assurance standards that the internal audit function is required to follow.

 

Course Topics:

The International Professional Practices Framework (IPPF)

  • Overview of the new IPPF
  • Overview of the audit model

Understanding the Control Environment

  • COSO Internal Control Framework
  • SOX overview
  • Enterprise risk management (ERM)
  • Risk management frameworks
  • Risk and control terminology
  • Internal audit risk assessment and audit plan development

Audit Governance

  • IIA guidance on governance
  • The board, audit committee, and CAE
  • Executive management and management-level committees
  • Internal audit, external audit, other assurance providers, and regulators

Roles and Responsibilities

  • Roles of internal auditors
  • Internal audit customers and stakeholders
  • Audit team roles
  • Definition of integrated auditing
  • Mission statement, vision statement, and audit charter
  • Sample internal audit organizational charts, job descriptions, audit charters, etc.
  • Audit management, lead auditor, auditee, and auditee management responsibilities

Leadership

  • Becoming a leader
  • Characteristics of an effective leader
  • Leadership styles
  • Challenges of a leadership role
  • What type of leader are you?
  • Leadership identification tools

Leading and Mentoring Staff

  • Motivation
  • Outcomes of human interaction
  • Manipulating versus motivating
  • Managing conflict
  • Changing behaviors
  • Performance reviews
  • Preparing to be a mentor

Audit Planning & Opening Conference

  • Preliminary client survey
  • Lead auditor’s role in audit planning
  • Communicating and conducting an interview
  • Defining audit scope and objectives, hours, resources, and key activities
  • Preparing and submitting an audit planning memo to the client
  • Reviewing existing internal control documentation, assurance work, policies, and procedures
  • applicable to the function
  • Reviewing and creating process flow documentation
  • Best practices for narratives and flowcharts
  • Conducting an effective audit opening conference

Audit Risk Assessment, Internal Controls, and Walkthrough

  • Performing a risk assessment
  • Risk assessment concepts and terms
  • Application of risk assessment concepts and terms
  • Internal control overview
  • Control concepts and terms
  • Evaluation of control adequacy
  • Test of effectiveness – Performing a walkthrough of internal controls
  • Documenting the walkthrough

Audit Program Development

  • Preparing a value-added audit program
  • Tailoring audit programs
  • Your role in developing audit programs
  • Identifying standard test procedures applicable to the function

Audit Fieldwork & Testing

  • Audit evidence
  • Standards for audit evidence
  • Types of audit evidence
  • Evaluating audit evidence
  • Data analysis in fieldwork
  • Sampling and testing terms
  • Sampling and testing approaches
  • Documentation of results
  • Reviewing testing workpapers

Audit Findings & Recommendations

  • Preparing point sheets to document audit observations
  • Communicating observations and components of audit reporting
  • Audit reporting components
  • Approaches to audit write-ups
  • Developing recommendations
  • Guidelines for rating audit observations and findings
  • Presenting audit findings and recommendations

Audit Reporting & Exit Conference

  • Preparing an audit report
  • Report-reader assessment
  • Developing the audit report
  • 10 Things Not to Say in an Internal Audit Report
  • Guidelines for overall audit ratings
  • Conducting an effective audit exit conference
  • Best practices for exit conferences

Audit Wrap-Up & Workpaper Review

  • Typical wrap-up activities to completion of the audit

Audit Findings: Follow-Up, Validations, and Resolution

  • Follow-up on remediation activity
  • Monitoring after the audit
  • Elements of the monitoring plan

Quality Assurance & Improvement Program (QAIP)

  • Quality assurance
  • QAIP framework
  • Applicable guidance and sample QAIPs

 

CPE Credits: 24

Level: Intermediate

Field of Study: Auditing

Pre-requisites: Participants should have 3-5 year’s experience in internal audit

Advance Preparation: None

Delivery Format: eLearning (Group-Internet-Based); On-site Training (Group-Live); Seminar (Group-Live)


Bookings

Ticket Type Price Spaces
Non-members $2,020.00
Members $1,820.00 N/A
Strategic Partner/ADAA Member $1,520.00 N/A

Finance Department

Department Head



Disclaimer

The UAE IAA reserves the right to amend the Terms & Conditions at any time without prior notice.

While the UAE Internal Audit Association and its staff make every effort to observe and maintain the schedule of every training course as set forth in the organization’s training schedule, under certain circumstances that are out of our control we might feel obligated to cancel and/or reschedule any training course or event. Under these circumstances, our training department will forward all registrants to the next available schedule for the same course. The individual participant or the sponsoring organization will have the ability to request a different schedule for the same course or a different course within the same calendar year.

CPEs: 24 Point
Course Level: Intermediate
Duration: 3 Day/s
Language: English
Member Fees:1820USD
Nonmember Fees: 2020USD

Number of Attendees:

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