This training presents a wealth of practices from world-class internal audit departments. This is not just an overview. You will get their actual evaluation tools and related documents. You will also learn how they apply the tools and how to tailor their practices to your own organization

What you will gain from this seminar:

• Discover how to do participative, qualitative, real-time risk assessment
• Be able to perform risk-based audits using the most advanced techniques
• Enhance your audit process by using guest auditors, a best practice web site and database, and criteria for evaluating performance measures
• Learn how to evaluate “soft” controls using the full range of self-assessment techniques
• Acquire the most effective tool for evaluating the organization's ethical climate and uncovering management fraud
• Discover how many world-class audit departments got where they are today ― a proven process to transform the audit department
• Take away more than 50 specific practices that you can implement immediately

• CAEs
• Audit directors and managers
• Experienced auditors

The Foundation of Best Practices
The Aspirational Definition of Internal Auditing
The Pivotal Document for Change (COSO)
Sample audit department mission – Central Maine Power

Audit Department Structure and Annual Planning Process
Best practice principles:

• Align department structure with the business
• Use relationship managers
• Risk assessment that is: qualitative, participative, real-time, strategically focused
• Have a menu of audit services

Best practice examples from DuPont, Central Main Power, Pacific Telesis
How to plan, monitor, and aggregate results to form an entity-wide opinion
 

Added Value Audit Methodologies
- Best practice principles
- Risk-based auditing
- Business process auditing
- Best practice web site and database
- Participative auditing, using guest auditors
- Auditing E-commerce applications: Microsoft
- Innovations in audit reports

Control Self-Assessment
- The key to evaluating soft controls - self-assessment with validation
- Five principles for evaluating soft controls
- Structured interview guide: Culture of Compliance review
- Audit project survey: Rensselaer Polytechnic, University of Minnesota, Precision Drilling
- Entity-wide self-assessment survey: Ameritech and keys to success
- CSA workshops: two common techniques, case study
- How to select the best self-assessment tool for your organization
- Self-assessment for hard controls: banking organization, Alcoa

Other Assurance and Consulting Services
- Business Process Improvement reviews: DuPont
- Internal Control Assessment: DuPont
- Internal Control Education: DuPont, Ontario Justice Ministries
- Audit’s role in mergers & acquisitions: Bank of America
- Consulting: FirstEnergy

Internal Audit’s Role in Enterprise Risk Management
- IIA Practice Guide
- Leading frameworks: COSO and ISO
- ERM myth and reality
- Three case studies of ERM: Countrywide, Aquila. Texas Comptrollers
- ERM architecture

Emerging Practices
- Assessing the risk management process
- Advising and assessing governance process(es)
- Advising and assessing organizational strategy
- Auditing social media and mobile devices
- Assessing the use of “big data”

Staffing, Work Environment, Marketing and Measuring
- Best practice principles: staff with multi-disciplinary experts, how to create a value-adding culture in your department
- Competency model for staffing and career development: FirstEnergy
- Marketing internal audit: tips and tricks
- Post-audit customer surveys: DuPont, FirstEnergy
- Audit department performance metrics: FirstEnergy

How to Get There from Here
- How to identify and prioritize your key customers
- How to determine your customers’ needs and expectations
- How to develop a vital, shared vision
- How to develop a strategic plan
- Audit Department Strategic Plan: FirstEnergy

A variety of methodologies will be used during the course that includes:

·         (30%) Based on Case Studies

·         (30%) Techniques 

·         (30%) Role Play

·         (10%) Concepts

·         Pre-test and Post-test

·         Variety of Learning Methods

·         Lectures

·         Case Studies and Self Questionaires

·         Group Work

·         Discussion

·         Presentation

This rate includes participant’s manual, Hand-Outs, buffet lunch, coffee/tea on arrival, morning & afternoon of each day.

Daily Course Timings:

    08:00 - 08:20       Morning Coffee / Tea

    08:20 - 10:00       First Session

    10:00 - 10:20       Coffee / Tea / Snacks

    10:20 - 12:20       Second Session

    12:20 - 13:30       Lunch Break & Prayer Break

    13:30 - 15:00       Last Session