San Francisco Professional Events List

Fundamentals of Internal Auditing - OAG101

Nov 28, 2017 - 08:30 AM - Nov 30, 03:00 PM
MIS Training Institute
MicroTek Computer Lab SF
655, Montgomery St

San Francisco,
ZIP: 94111

"Great class! I have learned so much being new to the audit world. Cannot imagine doing my job effectively without this course."
- Risk Advisory Specialist, Brinker International

In this three-day seminar, attendees will learn the concepts of traditional and operational auditing and gain proven tools and techniques for performing effective audits. You will get a solid background in the basics of documenting and evaluating internal control/fieldwork techniques. Using specifically formulated case exercises, participants will examine the critical elements of internal auditing: assessing risk, flowcharting, designing flexibility into the audit program, performing the audit and applying audit results to solve business problems. You will focus on and put into practice the communications skills associated with internal auditing: conferencing with customers, writing audit findings and selling audit recommendations.

Prerequisite: None                   
Advance Preparation: None
Learning Level: Basic             
Delivery Method: Group-Live
Field: Auditing

Bonus: You will receive copies of the Standards for the Professional Practice, invaluable sample documents you can use as models for your own drafts, the COSO overview and complete text of the Sarbanes-Oxley Act of 2002.

Who Should Attend

Financial, Operational and Information Technology Auditors with less than two years of audit experience

CPEs: 24
INSTRUCTOR: William Nealon
LEVEL: Basic
Tuition: $2,195


What You Will Learn:

1.  Internal Auditing
• IA department sample charter
• the role of the internal audit department
• the Standards
• leading-edge trends in IA
• what makes an effective internal audit department
• differences between an internal auditor/external auditor
• events that have helped create growth in IA
• the Foreign Corrupt Practices Act (FCPA)
• Federal Sentencing Guidelines
• Sarbanes-Oxley
• fraudulent financial reporting
• internal audit department sample statement of purpose

2. Contemporary Internal Auditing 
• types of internal audits
• economy, efficiency and effectiveness
• operational vs. financial auditing
• overview of IT General Computer Controls (GCCs)
• steps in the internal audit process: an overview

3. Risk Assessment Strategies  
• selecting the client
• notifying the client
• determining risk
• performing standard for determining risk
• effects of risk
• identifying auditable activities
• risk factors
• trends in risk assessment
• risk assessment approaches

4. Planning and Preliminary Fieldwork
• strategies for planning the audit
• notifying the client
• the planning memo
• preliminary and opening meetings
• the importance of preliminary work
• strategies for planning effectively
• planning resources

5. Documenting Internal Controls
• evaluating and documenting the system of internal controls
• performance standard for controls
• control points
• cost/benefit considerations
• types of controls
• the control environment
• methods of documenting internal controls
• internal control

6. Audit Programs
• performance standards, scope and developing the audit program
• the audit program as a guide
• criteria for audit programs
• audit objectives/scope/test steps
• sample audit program

7. Fieldwork Techniques
• performance standards for fieldwork
• audit evidence
• handling sensitive evidence

8. Workpapers
• performance standards for recording information and engagement supervision
• purpose of audit workpapers
• workpaper techniques/templates
• electronic workpapers
• tick marks
• quality assurance and improvement program

9.  Audit Findings
• fundamentals of audit reports
• selling your report
• strategies for issuing timely reports
• characteristics of effective audit reports

10. Audit Reports
• fundamentals of audit reports
• selling your report
• strategies for issuing timely reports
• characteristics of effective audit reports

11. Effective Audit Communications
• possible barriers to overcome in the interview
• diffusing the difficult interview
• do’s and don’ts of effective interviewing
• strategies for conducting effective closing meetings

12. Sampling​
• sampling and its effect on audit testing
• sampling terminology and methodologies
• sampling for SOX

Event Categories
Keywords: business , class , communication , design , Designing, Financial , learn, Learning


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