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Best Practices in Internal Auditing
(1-3 days)
What you will gain from this seminar: The new definition of internal auditing derives from the practices of world-class audit functions. This seminar presents
examples of these practices in enough concrete detail that you can use them as models to create your own value-added practices
Who should attend: Audit management and
auditors with at least one year of experience.
Course
Outline
 | The New Vision
 | The new definition of internal auditing |
| The new understanding of internal control (COSO) |
| Sample Audit Department Mission – Central Maine Power
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| Audit Department Structure and Annual Planning Process
| Best Practice Principles and Examples
- 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; choose the best service for each risk |
| Best Practice Examples
- DuPont
- Fannie Mae
- Central Maine Power |
| How to plan, monitor, and aggregate results to form an entity-wide
opinion |
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| Value-Added Audit Methodologies
| Risk-Based Auditing |
| Business Process Auditing |
| Best Practice Web Site and Database |
| Participative Auditing, Using Guest Auditors |
| Auditing E-Commerce Applications: Microsoft |
| Trends and Innovations in Audit Reports
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| Control Self-Assessment
| CSA Workshops |
| CSA Questionnaires
- Commercial Federal
- Rensselaer Polytechnic |
| Entity-Wide Self-Assessment Survey
- Ameritech example
- Keys to success, caveats, considerations |
| Five Principles for Evaluating Soft Controls |
| Working Inventory of Soft Controls |
| How to Select the Best Self-Assessment Technique for Your
Organization
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| Self-Assessment for Hard & Soft Controls
(Out from under the compliance audit burden)
- for inventory controls
- for a banking organization
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| Other Assurance and Consulting Services
| Business Process Improvement Reviews - DuPont |
| Internal Control Assessment - DuPont |
| Internal Control Education - DuPont |
| Assurance Services During Merger/Acquisition Integration
Period - Bank of America
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| Consulting - FirstEnergy
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| Enterprise Risk Management
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| Staffing, Work Environment, Marketing and Measuring
| Best Practice Principles
- Staff with multi-disciplinary experts
- How to create a challenging, fun work environment
- How to create a value-adding culture in your department |
| Competency Model for Staffing and Career Development –
FirstEnergy |
| Career Planning Form |
| Marketing Internal Audit: Tips and Tricks
- Marketing is relationship building
- Formal, high-level tips
- Informal, every level tips |
| Post-Audit Customer Survey
- DuPont
- FirstEnergy
Audit Department Performance Metrics
- FirstEnergy |
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| 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 |
Course summary: Profile of a value-adding audit
department |
AuditTrends is registered with the
National Association of State Boards of Accountancy (NASBA) as a sponsor of
continuing professional education on the National Registry of CPE Sponsors.
State boards of accountancy have final authority on the acceptance of individual
courses for CPE credit. Complaints regarding registered sponsors may be
addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North,
Nashville, TN, 37219-2417.
[ COSO-Based IA ] [ Sarbanes-Oxley ] [ Best Practices ] [ ERM ] [ Soft Controls ] [ Operational ] [ New Auditor ] [ Leadership ] [ Relationship ] [ Report ] |
