By the end of this programme, participants will be able to:
- Gain a comprehensive understanding of the internal audit process, from planning and execution to reporting and follow-up.
- Stay updated on the latest legislation and regulatory frameworks impacting internal auditing, including their implications for compliance and operational practices.
- Understand the critical role of money laundering regulations and effectively address the Reporting Officer’s annual report requirements.
- Develop a structured approach to project appraisal, enhancing project management capabilities and risk assessment.
- Apply internationally recognized best practices and frameworks to elevate the effectiveness and efficiency of the internal audit function.
- Leverage modern auditing tools and technologies to streamline audit processes and ensure alignment with evolving organisational needs.
DAY 1
Foundations of Internal Auditing
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- The Internal Audit: An Introduction
- Defining internal auditing and its role within an organisation.
- Differences between internal and external auditing.
- The Importance of Internal Audit
- Ensuring operational efficiency and regulatory compliance.
- Enhancing organisational governance and risk management.
- Reviewing Current Practices Against Audit Standards
- Evaluating internal audit functions against International Standards for the Professional Practice of Internal Auditing (ISPPIA).
- Identifying gaps and opportunities for improvement.
- Auditing Theory and Principles
- Core principles of auditing and their practical applications.
- Case Study: Assessing the effectiveness of a hypothetical internal audit system.
DAY 2
Audit Standards, Compliance, and Legal Frameworks
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- Auditing and the Companies Act
- Key provisions relevant to internal auditors.
- Rights and duties of internal auditors under the Companies Act.
- Professional Conduct and Responsibility
- Rules of professional ethics and integrity.
- Professional responsibility and liability considerations.
- Accounting Records and Internal Audit
- Understanding the role of accounting records in audit processes.
- Identifying and addressing discrepancies.
- The Nature, Purpose, and Scope of Internal Audit
- Aligning audit scope with organisational objectives.
- Ensuring audits add value across departments.
- Exercises: Role-playing scenarios to reinforce the application of ethical and legal considerations.
DAY 3
Planning and Executing the Internal Audit
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- The Process of Internal Audit
- Step-by-step guide: From planning to reporting.
- Establishing audit objectives and scopes.
- Planning the Internal Audit
- Developing audit plans and schedules.
- Resource allocation and stakeholder communication.
- Audit Evidence and Internal Controls
- Gathering reliable evidence to support audit findings.
- Assessing the effectiveness of internal controls.
- System Performance Review
- Evaluating current systems for strengths and weaknesses.
- Proposing optimised solutions for improvement.
- Exercises: Conducting a mock audit, including evidence collection and control assessment.
DAY 4
Risk Management, Money Laundering, and Compliance
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- Introduction to Money Laundering
- Understanding money laundering risks and organisational vulnerabilities.
- Record-keeping requirements for anti-money laundering compliance.
- The Reporting Officer’s Annual Report
- Preparing comprehensive reports to meet compliance standards.
- Addressing key insights for management and stakeholders.
- International Legislation and Regulations
- Overview of global frameworks, including FATF guidelines.
- Aligning internal audit practices with international standards.
- Corporate Governance and Risk Management
- Strengthening governance frameworks through internal auditing.
- Identifying, evaluating, and mitigating organisational risks.
- Case Studies: Practical applications of compliance and risk management in various industries.
DAY 5
Reporting and Modernisation of Internal Audit
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- Preparation and Presentation of Audit Reports
- Structuring and delivering impactful reports.
- Recommendations for improvement and follow-up actions.
- Leveraging Technology in Internal Auditing
- Exploring tools and technologies to modernise audit processes.
- Using data analytics for enhanced decision-making.
- Continuous Improvement in Auditing
- Adopting a proactive approach to audit practices.
- Building a culture of transparency and accountability.
- Closing Session: Reflection and Action Plan
- Developing personalised action plans for participants.
- Interactive group discussions to share key takeaways.
- Final Case Study: Conducting a full-cycle internal audit, from planning to reporting.
