Training Objectives

The programme will enable an evaluation of the internal audit activity’s conformance with the Definition of Internal Auditing and the Standards, as well as evaluate whether internal auditors apply the Code of Ethics.

Furthermore, the programme will assess the efficiency and effectiveness of the Internal Audit activities and identify opportunities for improvements. The Internal Audit’s function and Quality Assurance and Improvement programme must include both internal and external assessments.

The main cause of a Quality programme comes out of the following questions:

• Can Auditors add more value to Senior Management and the Audit Committee?
• Is maximum value received for the resources expected?
• Does Internal Audit meet International Professional Standards?
• Are Auditors aligned with the Organisation’s strategy?
• Can audits be done better and enhance their image, credibility, and influence?

In this seminar participants will be assisted to comply with the Intentional Standards while executing their audits, to realise the importance and benefits of the Quality Assurance and Improvement Programme and finally to determine their level of readiness of an External Quality Assessment Review.

After completing this course, participants will be able to:

• Learn about Professional Practices Framework.
• Understand the impact of the Quality Assurance Standards and the mandatory External Assessment requirements.
• Discover state-of-the-art quality assessment techniques and processes.
• Identify best practices and key benchmarking criterial that separate top performing internal audit activities from the rest of the pack.
• Develop or enhance your department’s internal quality assessment programme.
• Prepare your department for a future external assessment.
• Explore the new Self-Assessment with Independent Validation process.

Training Outline

• Internal Audit Definition
• International Standards for the Professional Practice of Internal Auditing
• How to apply the Standards for the Professional Practice of Internal Auditing in practice
• Code of Ethics (Integrity, Objectivity, Confidentiality, Competency)
• Mandatory requirements for External Quality Assessment
• Quality Assessment – tools and references
• Internal assessment programme: overview and details
• The organisation of the external Quality Assessment (setting up the assessor’s team, preparatory activities, correspondence with audit clients, study of the Unit’s history)
• The interviews with the audit’s clients
• The Assessment of Internal Audit’s organisation
• The Assessment of Internal Audit’s personnel
• The Assessment of the audit plans (linked with corporate objectives, Risk Based Audit)
• The conformance of Internal Audit with the International Standards
• The Quality Assessment Report (Executive Summary, findings, Recommendations, Management’s Response – Action Plan)
• Final Opinion for the Internal Audit Unit
• Measurement Criteria for the Internal Audit Activity
• Best Practices for the Internal Audit Units
• The Validator’s profile (knowledge, Independence)
• Tools for Quality Assessment
• Analysis of the official Quality Assessment Manual of the Institute of Internal Auditors (Internal Audit Governance, Internal Audit Staff, Internal Audit Management, Internal Audit Process)
• Analysis and discussion of real Internal & External Quality Assurance Reports.

Who Should Attend

• Chief Audit Executives
• Internal Audit Units personnel (inspectors, internal auditors)
• Regulators,
• External auditors
• Board/Audit Committee members
• Compliance Heads and officers

Training Style

The programme is designed to provide knowledge and improve participants’ skills through short lectures, case studies, practical examples, real-time simulations.

Participants will also benefit from feedback at the end of the programme and will use the knowledge gained in their work.  Most of the training time will be invested in real External Quality Assessment Reports that will help participants understand how to apply the International Standards for the Professional Practice of Internal Auditing, how to execute their ongoing and periodic Internal Assessment and how to get ready for the External Quality Assessment.

CPD Recognition

This programme may be approved for up to 7 CPD units in Internal Audit. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.

In-house Training

For groups within the same organisation, this course may be customized to meet any specific needs and delivered in-house.