San Francisco Professional Events List

How to Perform and Benefit from a Peer Review - OAP362

Oct 18, 2021 - 08:30 AM - Oct 19, 08:30 AM
MIS Training Institute Holdings, Inc
MicroTek Computer Lab SF
655, Montgomery St

San Francisco,
ZIP: 94111

The International Standards for the Professional Practice of Internal Auditing requires every internal audit department or activity to have either an external Quality Assessment Review (QAR) or a Self-Assessment review with an external validation by an independent reviewer at least once every five years. This two-day seminar will provide what you need to know to prepare for and to undergo an external quality assessment review. The course will also explain how to conduct a self-assessment as outlined by the IIA Standards. Attendees will gain an understanding of how a QAR can benefit the internal audit activity; learn about the various review methodologies that are available; and discuss the important decisions that arise when preparing an internal audit department for a review.

The course also examines the Professional Practices Framework, including the International Standards for the Professional Practice of Internal Auditing and the external assessment requirements that are mandated in order to be in compliance with the IIA Standards. You will explore best practices in internal auditing and state-of-the-art assessment techniques and practices for conducting a QAR. You will work through a case study developed from dozens of actual QARs that will highlight how the process works and how to apply the IIA Standards when conducting a review. 

If you are a Chief Audit Executive of a small internal audit department who may not have the resources for a full external review, this seminar will cover how you can conduct your own self-assessment review and obtain an independent validation of that review as outlined under Practice Advisory 1312-1 of the IIA Standards.

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


Who Should Attend

Chief Audit Executives, Audit Directors and Managers; Internal Auditors who need an understanding of the IIA Standards in order to be on an external review team, or an internal self-assessment team, and those responsible for outsourced internal audit activities.

CPEs: 16
INSTRUCTOR: Richard Tarr
LEVEL: Intermediate
Tuition: $1,795


What you will learn:

1. Peer Review Requirements under the IIA Standards 
• external reviews
• self-assessments with independent validation reviews

2. What Is a Peer/Quality Assessment Review?
• objectives
• scope
• approach

3. Review Methodologies for Internal Auditing
• review alternative methodologies

4. The IIA Professional Practices Framework
• definition of internal auditing
• code of ethics
• Attribute Standards
- 1000 – Purpose, Authority, and Responsibility
- 1100 – Independence and Objectivity
- 1200 – Proficiency and Due Professional Care
- 1300 – Quality Assurance and Improvement Program
• Performance Standards
- 2000 – Managing the Internal Audit Activity
- 2100 – Nature of Work
- 2200 – Engagement Planning
- 2300 – Performing the Engagement      
- 2400 – Communicating Results      
- 2500 – Monitoring Progress      
- 2600 – Management’s Acceptance of Risks
• Practice Advisories
- 1310-1: Quality Program Assessments 
- 1311-1: Internal Assessments
- 1312-1: External Assessments
- 1320-1: Reporting on the Quality Program

5. Preparing for the Assessment
• customer survey
• planning
• selecting the right team

6. Fieldwork
• assessing organizational governance
• selecting the right workpapers to review
• managing the review methodology
• interviewing the key players
• developing the opinion
• applying the evaluation criteria 

7. Reporting the Opinion
• the closing conference
• communicating the results
• report formats 
• who responds to the comments
• the final report

8. A Survival Checklist for Chief Audit Executives
• choosing a methodology
• selecting the right team leader
• selecting the review team
• doing your homework
• how to get the most out of a QAR

9. Best Practices in Value-Added Internal Auditing
• where should IA report
• IA’s role in Sarbanes-Oxley
• structure of the department
• managing audit engagements
• communicating with your customers

10. Hands-On Case Study 
• working the methodology
• interpreting the IIA standards
• arriving at an opinion

Event Categories
Keywords: fun, assessment , framework , Fun , learn, Learning , professional, technique, technique , technique


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