Start Date: 28 Apr 2019
End Date: 2 May 2019
Duration: 5
Country: Istanboul / Turkey
Category: Finance, Accounting & Investment

Course Description


All auditors have moments when theyre working on a problem, trying to determine the best course of action in a given circumstance, and they wonder how their colleagues handle similar situations. In this seminar, audit staff, supervisors, and managers have the opportunity to learn exactly that. Through lectures, group discussions and facilitator presentations, seminar participants will discover how world-class audit functions are using participative, qualitative, real-time risk assessment and gain an understanding of the most successful audit techniques.

From Sarbanes-Oxley to control self assessment to enterprise risk management, this seminar will share best practice examples from organizations such as DuPont, Fannie Mae, Central Maine Power, and Pacific Telesis to help attendees transform their audit departments, create a desired culture, market their valuable capabilities, and measure the results.

Course Objective



         Discover how world-class audit functions are using participative, qualitative, real-time risk assessment.

         Understand the most successful audit techniques: risk-based, business process, e-commerce, and self assessment.

         Learn how leading audit departments are helping their organizations comply with Sarbanes-Oxley requirements.

         Delve into assurance and consulting services that go beyond audits, including internal auditing's role in enterprise risk management.

         Transform your audit department, create a desired culture, market your valuable capabilities, and measure the results.

         Gain more than 20 "best practice" examples of value-added assurance and consulting practices, drawn from current research into world-class audit functions.

Who Should attend?

Audit staff, supervisors, and managers who want to be able to add more value to their organizations

Course Outline


The New Vision of Internal Auditing

         The new definition of internal auditing

         The new understanding of internal control (COSO)

         Sample audit department mission: Central Maine Power

Audit Department Structure and Annual Planning Process

         Best practice principles

         Best practice examples: DuPont, Fannie Mae, Central Maine Power, Pacific Telesis

         How to plan, monitor, and aggregate results to form an entity-wide opinion

Value-added Audit Methodologies

         Best practices principles

         Risk-based auditing

         Business process auditing

         Best practice Web site and database

         Use of guest auditors

         Auditing e-commerce applications: Microsoft

         Trends and innovations in audit reports

Control Self-Assessment

         Why internal auditors must use some form of self assessment

         Control self-assessment workshops: two common techniques, case study

         Self-assessment questionnaire: Rensselaer Polytechnic

         Entity-wide self-assessment survey: Ameritech

         Uses of self-assessment

         Five principles for evaluating soft controls

         How to select the best self-assessment technique for your organization

         Self-assessment for hard controls - for a banking organization: Alcoa

Other Assurance and Consulting Services

         Business process improvement: DuPont

         Internal control assessment: DuPont

         Internal control education: DuPont

         Auditing's role in mergers and acquisitions: Bank of America

         Becoming the organization's consultant of choice: FirstEnergy

Enterprise Risk Management

         Enterprise Risk Management ? Integrated Framework

         Results of IIA research study: Four Approaches to Enterprise Risk Management and the SOX Connection

         Examples of ERM Countrywide, Aquila, Texas Comptroller of Public Accounts

         ERM architecture

         Sample risk management policy, risk models, risk maps

         Diagnostic tool for risk management maturity

         Internal auditing's role in ERM

Staffing, Work Environment, Marketing, and Measuring

         Staffing and work environment - best practice principles

         Competency model for staffing and career development -- FirstEnergy

         Career planning form

         Marketing internal audit

         Post-audit customer survey: DuPont, FirstEnergy

         Audit Department performance metrics: FirstEnergy

How to Get There from Here: Reinventing Internal Audit

         Audit department customer analysis

         Creating a shared vision for the future

         Developing the strategic plan

         Implementing the plan

         Discussion guide for customer input: DuPont, FirstEnergy

         Internal audit strategic plan: FirstEnergy

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