San Francisco Professional Events List

Advanced Auditing for In-Charge Auditors - OAG201

Nov 06, 2017 - 08:30 AM - Nov 08, 03:00 PM
MIS Training Institute
MicroTek Computer Lab SF
655, Montgomery St

San Francisco,
ZIP: 94111

Instructors were clearly knowledgeable about audit and the general business environment while adding an enjoyable sense of humor to the class."   - Senior Internal Auditor, Univar

In this three-day session you will learn all of the elements involved in leading risk-based audits from the unique perspective of the in-charge position. Through discussion and exercises, attendees will review such concepts as audit program development and changes, performing risk assessments, setting priorities while assigning tasks, managing staff performance during fieldwork, and reviewing workpapers.  Since internal auditors are expected to have sufficient knowledge to evaluate the risk of fraud, this course also provides participants with an overview to: enhance fraud awareness, improve fraud risk-assessment capabilities and identify high-risk areas and the indicators of fraud.  This course will also equip participants with the techniques to communicate effectively with team members and clients, including ways to get client buy-in through the effective preparation, documentation and communication of issues and recommendations.  

The course provides a solid foundation on how to leverage fundamental internal audit concepts, practices, trends, and focus areas to achieve quality audits. It also provides strategies on how to market and sell internal audit effectively to the client.  Audit clients expect the work done to meet high quality standards, so this class examines ways to measure performance, increase efficiency and improve effectiveness.  As the liaison between the audit team and the client, the in-charge auditor has a large responsibility that requires effective planning and flawless execution of the audit plan using project management techniques appropriately.  

Team leaders face many challenges from the time the audit program is developed and the budget is set until the final report is issued.  Failing to plan, anticipate or correct any of the management, technical or communication aspects of their role could lead to a failed project that reflects negatively on the auditor-in-charge or the entire department.  This class provides the necessary skills and techniques to help you avoid such negative outcomes. 

Prerequisite: Fundamentals of Internal Auditing (OAG101)​  or equivalent experience
Advance Preparation: None    
Learning Level: Intermediate
Delivery Method: Group-Live    
Field of Study: Auditing

Who Should Attend

Financial, Operational, Information Technology and External Auditors with two or more years of audit experience

CPEs: 24
INSTRUCTOR: Kathleen Crawford
LEVEL: Intermediate
Tuition: $2,195


What You Will Learn:

1. Managing Fieldwork
• definition of internal auditing
• reasons why internal audit must add more value
• fieldwork management: in-charge’s perspective
• fieldwork methodology tools
• fieldwork methodology selection
• workpaper review
• samples of evaluations
• overview of the Professional Standards

2. Auditing Concepts: The In-Charge’s Perspective
• responsibilities of the ia department
• losing credibility
• operational versus financial/compliance auditing
• essentials of operational auditing
• the audit triangles
• questions an audit attempts to answer

3. The Control Environment: High-Impact Changes
• the changing control environment
• emphasis on key controls
• soft/hard controls
• balance risks and controls
• examples of entity level controls
• changes since Sarbanes-Oxley
• corporate governance
• blue ribbon committee on corporate audit committees
• Sarbanes-Oxley overview
• COSO executive summary
• the control environment to avoid

4. Marketing and Selling Internal Audit
• key factors in marketing and selling the audit function

5. Preliminary Fieldwork and Program Development
• the importance of preliminary work
• allocating time
• impact and benefits of data analytics
• simple data mining model
• when to consider data mining
• areas to consider for a more productive audit
• the audit program
• criteria for audit programs
• group exercise
• how to manage an audit

6. Risk Assessment Strategies
• what is risk assessment?
• what the in-charge needs for every audit
• differentiate enterprise risk and audit risk
• differentiate inherent risk and residual risk
• criteria for effective risk assessment
• best practices for identifying emerging risks earlier
• risk environment
• trends in risk assessment
• four assets of audit departments
• gross risk and net risk
• risk matrix
• the successful risk model
• audit level risk assessment factors
• ERM do’s and don’ts

7. Applying Project Management to Internal Audit
• project approaches to audit teams
• key factors to successful audit/project management
• the audit/project planning process
• using project management to effectively plan audits
• time estimates
• common workflow planning problems
• audit/project leader’s responsibilities
• resource management
• guidelines and examples of good audit/project management
• time management improvement issues

8. Fraud Awareness
• impact of Sarbanes-Oxley in addressing fraud
• what is fraud?
• fraud triangle
• key findings and conclusions from 2014 ACFE report to the nations
• what to do when you suspect fraud
• professional standard
• areas of fraud occurrence
• indicators of potential fraud
• most successful techniques for preventing and detecting fraud
• the hallmarks of an effective compliance program
• auditing tone at the top

9. Effective Communications
• Professional Standard #2420
• do’s and don’ts of effective meeting management
• trends in audit report formats
• executive summary options
• recommendation options
• guidelines for issuing more timely reports
• closing conference strategies currently in practice

10. High-Profile Case Studies
• Sunbeam issues
• Enron/Andersen
• Allied Irish Bank
• Wal-Mart
• Tyco 
• ImClone/Martha Stewart
• WorldCom
• Healthsouth
• Madoff
• others

11. Improving Productivity
• measuring internal audit productivity
• planning/fieldwork
• writing/wrap up
• potential productivity decreases
• improving productivity of audit management
• increasing auditor productivity

12. Best Practices in Internal Audit

Event Categories
Keywords: fun, assessment , business , class , communication , development , environment, Financial , Fun , jo


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