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Advanced Internal Audit Masterclass - OAG520
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This training kicks off with a review of Internal Auditing fundamentals, including reviewing the roles and responsibilities of the entire Internal Audit department staff and the standards and guidance of Internal Auditing. The course is designed to facilitate discussion and dialogue while debating challenges, ideas, and strategies to take your IA department to the next level and achieve excellence in fulfilling your mission. We will focus on strategy development and the importance of alignment as we navigate through the challenges, threats and opportunities in an ever-changing environment. Participants will gain a clear understanding of the roles and responsibilities of the IA department and how it adds value to the organization. We will work on clarifying IA’s purpose, brand, identity, mission and vision to assist participants in the creation of a tailored strategic road map.
Following the discussion of strategy development, participants will shift focus to strategy translation and execution. We will examine the importance of alignment and explore helpful and necessary tools to help build an action plan that leads to a more outstanding internal audit department. The goal of the personal, tailored action plan is to help participants assess where they are now, where they want/need to go, and map out a plan to get there.
Over three days we will review and explore:
Getting executive leadership, the board and the audit committee on the same page
Audit planning and developing a business case mapped to an ROI
Insights from Six Sigma, Lean, Agile, Scrum, and other areas to enhance IA
Best practices from our personal experience and brainstorm new ideas
Sample audit plans and programs
Interactive exercises that help us think outside the box
COSO changes and risk management
The components of strategy development, translation and execution
Internal audit, roles, responsibilities, standards, guidance and best practices
Audit fundamentals, major trends and significant changes in the industry
Methodology: The training will be conducted in a facilitative style that fosters discussion, interaction, brainstorming, and the free exchange of ideas. Participants will have the opportunity to share their experiences with the group and learn from others. We will be reviewing best practices, lessons learned, case studies, and conduct exercises that encourage us to learn through discovery and working through problems in the moment.
Advance Preparation: None
Learning Level: Intermediate
Delivery Method: Group-Live
Who Should Attend
Internal Audit Directors, Managers and Supervisors from private, public and not-for-profit sector
INSTRUCTOR: Ann Tasby
Tuition : $2,195
What You Will Learn:
1. Fundamentals of Internal Audit
• roles & responsibilities of internal audit
• internal audit standards & guidance
• mandatory guidance (standards, code of ethics & definition of internal auditing)
• recommended guidance
• independence & objectivity–How close to the line can you get?
• dealing with regulators & global considerations
• Sarbanes-Oxley/Model audit rule, HIPPA, Dodd Frank, etc.
• COSO and COBIT–what’s new?
• establishing a business case with ROI
• Enterprise Risk Management (ERM)
• how to audit ERM
• risk-based auditing
• managing risk
• defining risk
• assessing risk appetite
• risk identification, assessment & monitoring
• internal, external expectations on audit department and staff
• value of integrated auditing
• annual audit planning process
• audit charter
• balance of IT, finance, operations, fraud and special projects
• IA best practices
• how do we approach governance?
2. Strategy Development
• understanding who you are and where you are • mission, identity, brand, values, purpose (of company, IA, the board, team, customers, etc.)
• personal assessment tools (Myers Briggs, DISC, etc.)
• understanding how you, your team, customers, and organization are composed–culture & structure
• getting the right people on the bus and in the right seats
• understanding where you & your organization desire to go–strategy, vision, and communication & goals
• aligning IA department and staff values to IA purpose and company values
• assessing the landscape
• seeing the big picture and attention to detail–macro and micro
• understanding culture and structure of team, organization, customers
• understanding the alignment of who, where and how
3. Strategy Translation & Execution
• understanding priorities and the investment decisions to get things done
• understanding how we get things done–execution
• how will we get to our destination and reach our goals?
• how do we know if we are making the right decisions?
• staying focused, aligned, saying no, and importance of a stop doing list
• did we execute well? how do we know? how do we measure?
• how do we improve, grow and learn from our experience and results?
• blind spots and the need for feedback
• CMM, Six Sigma, Lean, OD, Agile, Scrum, etc…can they help IA?
4. Other Internal and External factors, Ideas and Strategies to Consider
• audit surfing–the need for adaptability, alertness, and awareness of the ever-changing business needs and risks
• promoting internal audit and the services you provide and how IA adds value
• dispelling old IA myths–need for reeducation, selling, marketing, inspiring
• corporate and human psychology
• nurturing and strengthening relationships without violating independence
• your people are your greatest assets
• change is inevitable–how to manage change
• out with the old and in with the new, but with care and prudence
• what is in our control as IA?
• what is out of our control?
• Is IA adding value? how do I know?
• the speed of trust and credibility
• the need for strong sponsorship & leadership
• serving many masters
• getting management, the board, and the Audit Committee all on the same page
• developing win-wins and compromises
• losing a few battles to win the war
5. Putting It All Together–Developing a Tailored Action Plan
• reality check–audit SWOT analysis
• navigating our SWOT assessment for internal audit
• developing a plan of action to execute
• every journey starts with the first step
• applying the learning's and ideas we have covered into a personal plan of action
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