21-04-2025 - 25-04-2025	3500	Dubai

Course Introduction:

Internal Audit Course, includes internal audit, internal audit and corporate governance, internal audit and risk management, Internal Auditing Policy, Enhancing the role of the External Auditor, Internal audit and internal conflict, Internal audit and statutory conflict, Differences Between Internal And External Audit, Internal audit structure and Corporate Governance, Sarbanes Oxley (SOX) Act and its implications for Internal Auditing of International Firms, Key responsibilities for internal auditors, under the ACT, Consequences for Internal Auditors who operate below the expected standards, Defining corporate governance, Exploring corporate governance and the relationships between internal and external stakeholders.

The organization’s responsibility and accountability to its shareholders, The organization’s accountability to its Board of Directors, Making ‘sense’ of the ‘internal-external stakeholder-spectrum’, The difference between ordinary and preference shareholders,

Distinguishing between winding up or insolvency, Bankruptcy, Receivership, and Administration, Assessing the implications of the ‘Receivership’ of a company for its statutory, primary and secondary creditors, Rules for distributing the proceeds of a company’s assets in ‘Receivership’, Rights and equitable treatment of shareholders: Interests of other stakeholders, Recognizing the organization’s legal obligations to all legitimate stakeholders, Role and responsibilities of the board, Integrity and ethical behavior: Disclosure and transparency, Risk: A Working Hypothesis, Defining Risk – Generally, Financial Risk: A Plausible Definition, Financial Risk in an Organizational Setting, Financial Risk and ‘Market Dynamics’, Liquidity Risk, Operating Risk, Fraud Risk, Settlement Risk, Corporate Strategy and Risk Management,

The Currency Derivatives Market, Financial Risk and Unpredictability: Uncontrollable Environmental Issues, Asset Behavior and Pricing Implications, Credit and Counterparty Risk, The Legal and Political Risk Environments, Risk as an Economic Factor, Technological Risk Factor, Risk associated with Socio-Cultural Change, Financial Risk Settings: A Meta-Analytical Exploration, Risk in Financial Institutions, Banking Risk, Risk and the Currency Market, Risk and the Equity Market, Futures Market Risk, Financial Exposure As Risk: An Introduction, Economic Exposure, Transaction Exposure, Translation Exposure, Calculating Risk in Financial Exposure

Who Should Attend?

This Internal Audit Seminar or Course is designed for:

Managers
Financial Consultants
Financial Advisors
Auditors
Audit Trainees
Accountants
Management Accountants
Corporate Executives
Venture Capitalists
Others interested in understanding and managing internal audit

Course Outline & Objectives:

Introduction, Fundamental Concepts and Issues in Internal Audit

Objectives

By the conclusion of the specified learning and development activities, delegates will be able to:

Discuss, with confidence, the importance of internal account to an organization
Use a manufacturing organization, to provide an example of the way in which the cost elements might be apportioned, thereby paving the way for an effective internal accounting structure
Explicitly explore the functioning of a ‘Responsibility Accounting System’
Explain the general function of internal audit in national organizations and international operations, on the other.
Effectively explore the advisory role of internal audit in organizations
Distinguish between internal and external auditing
Illustrate the extent to which an effective internal auditing regime can enhance to work of the external auditor
Exhibit a heightened understanding of the internal audit structure and its relation to corporate management, using an organization of choice, as an example
Explain the accountability of corporate directors to the internal auditing group

Contents

Internal Accounting
Internal cost elements a ‘Responsibility Accounting System’
Internal Auditing
Differences Between Internal And External Audit
Internal audit structure and Corporate Governance

Internal Audit in Practice

By the conclusion of the specified learning and development activities, delegates will be able to:

Objectives

Explain the importance of an internal auditing policy to the role and functioning of an internal audit department
Use case examples to illustrate the inclusions of a typical internal auditing policy
Resolve the scenario in which an internal auditing policy conflicts with ‘Audit professionalism’ and Public Expectation
Suggest how to remedy a situation in which an internal auditing policy is in direct contravention of statutory directives or guidelines Demonstrate their awareness of the role of the internal auditor in the implementation of the ‘Board Approved’ Audit Directive
Illustrate their ability to design, implement, monitor and evaluate an internal audit programmed.
Internalize the importance of training and development in the enhancement of the audit management function Give a brief explanation to the Sarbanes Oxley (SOX) Act and at least 3 of the associated requirements for audit firms;
Illustrate two key responsibilities for internal auditors, under the ACT;
Evaluate the chief consequence of the internal auditor’s omission, under the ACT

Contents

Internal Auditing Policy
Enhancing the role of the External Auditor
Internal audit and internal conflict
Internal audit and statutory conflict
Audit Management
Audit program development
Audit program monitoring
Audit program evaluation
1. Training and development in internal audit
Sarbanes Oxley (SOX) Act and its implications for Internal Auditing of International Firms
Key responsibilities for internal auditors, under the ACT
Consequences for Internal Auditors who operate below the expected standards.

Internal Audit and Corporate Governance

By the conclusion of the specified learning and development activities, delegates will be able to:

Define corporate governance in relation to the processes, customs, policies, laws and institutions affecting the way a corporation is directed, administered or controlled. Relate corporate governance to the relationships that persists between internal and external stakeholders, particularly in relation to the establishment of organizational goals and objectives Demonstrate a heightened understanding of the organization’s responsibility and accountability to its shareholders as primary stakeholders Exhibit a heightened awareness of the organization’s accountability to its Board of Directors
Accurately locate an organization’s management and workers within the ‘internal-external-stakeholder-spectrum’
Distinguish between winding up or insolvency, Bankruptcy, Receivership, and Administration
Demonstrate an understanding of the difference that exists between ordinary and preference shares
Assess the implications of the ‘Receivership’ of a company for its statutory, primary and secondary creditors
Explain the order in which the proceeds of a company’s assets will be distributed among its creditors, in the event of it falling into ‘Receivership’
Exhibit an understanding of what constitutes the rights and equitable treatment of shareholders
Explain how the interests of secondary stakeholders can be preserved
Outline the roles and responsibilities of the Board of Directors
Outline salient steps that can be taken to preserve an organisation’s integrity
Establish the array of issues that are enshrined in a company’s ethical behavior
Determine the importance of operational ‘transparency’ in the face of the regulatory authorities’ demand and in the enhancement of shareholder and client confidence

Contents

Defining corporate governance
Exploring corporate governance and the relationships between internal and external stakeholders
The organization’s responsibility and accountability to its shareholders
The organization’s accountability to its Board of Directors
Making ‘sense’ of the ‘internal-external-stakeholder-spectrum’
The difference between ordinary and preference shareholders
Distinguishing between winding up or insolvency, Bankruptcy, Receivership, and Administration
Assessing the implications of the ‘Receivership’ of a company for its statutory, primary and secondary creditors
Rules for distributing the proceeds of a company’s assets in ‘Receivership’
Rights and equitable treatment of shareholders: Interests of other stakeholders
Recognizing the organization’s legal obligations to all legitimate stakeholders.
Role and responsibilities of the board
Integrity and ethical behavior: Disclosure and transparency