Internal Auditing and Modern International Standards

Overview

Internal Auditing and Modern International Standards is a specialized course designed to provide auditors, risk management professionals, and organizational leaders with a comprehensive understanding of the latest international standards and best practices in internal auditing. This course equips participants with the knowledge and skills necessary to perform internal audits effectively, in alignment with modern international standards, and contribute to organizational success.

Throughout the course, participants will explore key principles, methodologies, and practices related to internal auditing, focusing on the latest international standards such as the International Standards for the Professional Practice of Internal Auditing (IPPF) issued by the Institute of Internal Auditors (IIA). Emphasis is placed on understanding the core principles and requirements of these standards and their application in various organizational contexts.

The development, monitoring, and continued improvement of a highly-integrated, internal audit function is essential for the continued financial success, stability, and growth of world-class business entities. A well-designed and effective internal audit system will provide verification and support that accounting and financial policies, procedures, and controls are working adequately and will spotlight any significant matters that need attention.

This internal audit course on international financial reporting standards is a carefully crafted and efficient internal audit system aimed at verifying and supporting the effectiveness of accounting and economic policies, procedures, and controls. It is designed to highlight any significant issues that require attention, with a specific focus on financial accounting aligned with international financial reporting standards to ensure thorough coverage.

Key Objectives

• Understand the purpose and design of an internal audit function, including practical methodologies for establishing departmental policies and procedures.
• Develop a comprehensive internal audit framework, defining staffing roles, responsibilities, and reporting lines.
• Plan and conduct internal audit engagements and effectively communicate findings and conclusions to the Internal Audit Committee and senior management.
• Implement core internal audit functions, evaluate internal control processes, and understand the objectives of preparing and presenting audit reports within the organization.
• Ensure the internal audit function meets or exceeds best practices in line with peer group and industry standards.
• Understanding the need of establishing credibility for an internal audit team
• Conduct post-audit reviews and compile internal control updates for Boards of Directors
• Develop audit risk and other risk-related assessments