Corporate Governance and the Role of Internal Audit
Corporate governance involves the allocation of authority and responsibilities, i.e. the manner in which the business and affairs of a company are governed by its board and senior management, including how they:
set the company’s strategy and objectives
determine the company’s risk tolerance/appetite
operate the company’s business on a day-to-day basis
protect the interests of investors, meet shareholder obligations, and take into account the interests of other recognized stakeholders
align corporate activities and behaviour with the expectation that the company will operate in a safe and sound manner, with integrity and in compliance with applicable laws and regulations
Over time, the role of the internal auditor’s was expanded to evaluating and improving management activities. Such a specialist should continually monitor the financial reporting process and to find those indicators called red flags that signal the possibility of illegal acts.
Internal auditors’ activities can be summarized in the following functions:
evaluation of operational performance
ensuring the adequacy and effective internal control system
reviewing financial reporting processes to ensure quality and integrity in the production of reliable financial information, relevant, useful and transparent decision making
ensuring a responsible governance
prevention, detection and correction of fraud, particularly in the financial statements, which may threaten the integrity and quality of reports
During the seminar participants will understand what the main elements of Corporate Governance are, and what the approach is to audit it.
Training Objectives
After completing this course, participants will be able to:
Understand the fundamentals of Corporate Governance
Define the main responsibilities of Corporate Governance
Organize and schedule an audit in the Corporate Governance procedures
Define good practices of Corporate Governance
Training Outline
What is corporate governance?
Definitions of Corporate Governance
Elements of corporate governance
Matters concerning corporate governance
The fundamentals of corporate governance
Structure of a Well Governed Company
The OECD’s Corporate Governance Principles
Principles for Enhancing Corporate Governance by The Basel Committee on Banking Supervision
Corporate Governance Codes
Internal Audit’s role in Corporate oversight
Adequate Procedures and Governance
Monitoring and Review Mechanisms
Whistleblowing
The IIA Corporate Governance Model
Board Responsibilities
Senior Management
Operating Management
External Auditing
Internal Auditing’s Role in Corporate Governance
Specific Internal Auditing Activities
Reporting on internal control
COSO-ERM Framework. Analysis of the eight Components
Audit Committee roles
Ensuring the adequacy of the internal audit function
The 3 Lines of Defence Model
Standard 2110, Standard 2130
Practical approach to audit Corporate Governance
Key Internal Auditing Questions about Corporate Governance (Organization’s objectives, Ethical Standards, Governance processes and Organizational Structures, Stakeholders expectations)
Good practices for Corporate Governance
Good practices for auditing Corporate Governance
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’s time will be invested in analysing a real-life case study that will help participants understand how to solve problems in similar occasions.
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
Members of the Board
Security professionals
Risk Management analysts
Line Managers and generally officers that are experienced to Internal Control Systems
Those that need to extend their knowledge and activities into Enterprise Risk Management and Corporate Governance procedures
Corporate Governance and the Role of Internal Audit
For 3 registrations from the same entity, a standard 10% discount will apply. For over 4 registrations please contact us.
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