27 Feb Internal Audit Report Writing for CySEC Regulated Entities

 

The EIMF Live Online Learning Experience

 

Participants will receive access to the recorded sessions of the course.

 

EIMF subject-matter experts deliver engaging and interactive courses across a broad spectrum of areas, that can be enjoyed in the comfort of your own chosen environment. Read more

   

Course Overview 

 

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 needs 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.

  [showhide more_text="Show More +" less_text="Show Less -"]   Training Objectives  

During the seminar participants 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.

 

Participants 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 they are written, and avoiding usual mistakes, through participation in highly interactive and  practical Case Studies.

    Training 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
• 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)
• Regulatory framework and information from relevant international organizations
• Inspections and reviews by the Compliance Officer
• Internal Reporting
• External Reporting
• Customers’ cash deposits
• High risk Customers
• Ongoing monitoring of customers’ accounts and transactions
• Communication, Education and Training of Staff
• Compliance Officer’s Department
• Steps for Internal Auditor’s success
• Case Studies
• Analysis of real Reports of various types
• Analysis of practical examples – real cases

      Who Should Attend:  

• Members of the BoD members of Investment Firms and ASPs
• Compliance Officers
• Risk Managers
• All officers and staff working in Internal Audit Units at all levels (inspectors, internal auditors)
• External auditors
• Audit Committee members

    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 at 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 create class reports that add value and motivates readers to take corrective actions.     CPD Recognition  

This programme may be approved for up to 7 CPD units in Financial Regulation. 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.   [/showhide]

27 Feb Internal Audit Quality Assessment Workshop

 

The EIMF Live Online Learning Experience

 

Participants will receive access to the recorded sessions of the course.

 

EIMF subject-matter experts deliver engaging and interactive courses across a broad spectrum of areas, that can be enjoyed in the comfort of your own chosen environment. Read more

    Course Overview   

Internal Audit is one of the fundamental checks and balances for sound Corporate Governance. Additionally, it bridges the gap between the Board of Directors and Management and assesses the internal environment as well as the efficiency and effectiveness of the Internal Control System and operations. Adherence to the International Standards of the Professional Practice of Internal Auditing brings about improved Corporate Governance, transparency and public image, thereby boosting stakeholders' confidence.

 

The internal auditors need to assess the activity's conformance with the International Standards for the Professional Practice of Internal Auditing and its effectiveness in providing assurance or consulting services to the Organisation's board of directors, senior executives, and other interested parties. The Quality Assessment of the Internal Audit Activity is a critical process which is provided by the International Standards for the Professional Practice of Internal Auditing, while it consists of best practices for all successful Internal Audit Units. The international Institution of Internal Auditors (IIA) require that the chief audit executive should develop and maintain a Quality Assurance and Improvement Programme (QAIP) that covers all aspects of the internal audit activity.

  [showhide more_text="Show More +" less_text="Show Less -"]     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.

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