European Institute of Management and Finance | Internal Audit Report Writing for CySEC Regulated Entities
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Internal Audit Report Writing for CySEC Regulated Entities

Internal Audit Report Writing for CySEC Regulated Entities


Internal Audit Reports are the most important communication tool of all Internal Auditors and are addressed to all levels of Senior Management and the Board of Directors. The Internal Audit Reports represent the end result of weeks of reviews, analyses, interviews and discussions. How well you communicate that information is critical to getting the results you are seeking.

A well written Audit Report can enhance the credibility of both you and the Internal Audit function, whereas a badly written report can have the opposite effect. Internal Audit Reports demonstrate the value of your work as they provide information on the areas you reviewed and that need to be addressed.

CySEC recently issued additional Guidance (Circular No. C 307) on the treatment of findings and recommendations of the Internal Audit Reports submitted by the Administrative Services Providers (ASPs) as well as the Compliance Officers’ Annual Reports, that all regulated entities should consider and immediately implement corrective measures.



Programme Objectives


During the seminar attendees will gain a good understanding of how to elaborate Internal Audit Reports that conform with the International Standards for the Professional Practice of Internal Auditing, how to organize and present their audit findings by sending all the important messages in a way that is generally accepted, and to cause action from Senior Management and BOD members, especially in putting corrective action plans.

Attendees will also understand how to organize audit reports and how to write with greater clarity, how to present complex information simply for readers to comprehend and how to recognize the needs of their audience.

Furthermore, they will understand how a typical audit report or an executive summary is structured in order to add value in their “internal and external clients”, remaining clear and objective in the way that they are written, and avoiding common mistakes, through participation in highly interactive and practical Case Studies.



Programme Outline


• The International Standards for the Internal Audit Reports
• The objective of the Internal Audit Reports
• Criteria for a good Internal Audit Report
• Main problems when drawing up the Internal Audit Reports
• 7 important characteristics of the Internal Audit Reports
• Factors of audit findings
• Minimum contents of Internal Audit Reports
• Basic rules of Reporting
• Analysis of Internal Audit Reports
• Auditor’s Recommendations
• Techniques for designing Internal Audit Reports
• Best practices for Internal Audit Reports
• Best ways for presenting audit findings and recommendations
• The process of communicating the draft report to the necessary parties and obtaining their responses, audit report approval process, and distribution of the final report
• Regulatory Guidance for the content of the Compliance Officer’s Annual Report on the prevention of Money laundering and terrorist financing (CIRCULAR No. C033)
• Regulatory Guidance after the assessment of Compliance Officers’ Annual Reports and the Internal Audit Reports on the prevention of money laundering and terrorist financing (Circular No. C 307)
• Steps for Internal Auditor’s success
• Case Studies
• Analysis of real Reports of various types
• Analysis of practical examples – real cases



Training Style


The programme is designed to deliver knowledge and enhance participants’ skills via short lectures, case-studies, practical examples, real-life simulations.

Participants will also benefit from customised feedback at the end of the programme and take away the knowledge gained to be transferred to their workplace. Most of the training time will be invested in analysing a real-life case study that will help participants understand how to create high standard reports that add value and motivate readers to take corrective actions.



CPD Recognition


This programme may be approved for up to 10 CPD units in Financial Regulation. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.

Professionals requiring CPD units to meet the education requirements for CySEC licence renewal, and/or for maintaining other professional memberships/certifications which accept CPD in Financial Regulation, are advised to consider training subjects in categories that indicate CPD training in Financial Regulation.



Who Should Attend


• All officers and staff working in Internal Audit Units at all levels (inspectors, internal auditors)
• Officers working in Compliance Units
• External auditors
• Audit Committee members