Course Syllabus
An Introduction to Internal Auditing
Overview of internal auditing.
Roles and responsibilities of internal auditors.
Differences between internal auditing and external auditing.
Overview of the relationships of the internal auditors with the audit committee, board of directors, senior management and external auditors.
Types of engagements - assurance and consulting.
Types of audits.
The profession of internal auditing.
Professional qualification of an internal auditor - Certified Internal Auditor (CIA).
International Professional Practices Framework (IPPF)
Definition of Internal Auditing.
Code of Ethics - Integrity, Objectivity, Confidentiality and Competency.
Standards - Attributes Standards, Performance Standards and Practice Advisories.
Internal Auditing and Corporate Governance
Defining corporate governance.
Corporate governance partners.
Various frameworks, codes and legislation - Corporate Governance Blueprint (Securities Commission); Bursa Listing Requirements (Bursa Malaysia Securities Berhad); Codes of corporate governance around the world (Sarbanes Oxley Act, Blue Ribbon Committee, Cadbury Committee and Australian Securities Exchange).
Risk and Control
Risk management - definitions, methods, processes and structures; relationship between internal audit and risk management; various risk assessment processes (models and differences); overall risk management methodologies (risk management framework).
COSO internal control framework - control environment, risk assessment, control activities, information and communications, and monitoring.
Managing the Internal Audit Function
Internal Audit Charter.
Risk-based internal audit plan for resource management - human resources, budgeting and coordinating internal audit activities.
Communication and approval.
Internal auditing policies and procedures.
Reporting to the audit committee, board of directors and senior management.
Outsourcing, co-sourcing and in-house internal audit function.
Internal Audit Process
Determine the objectives and scope for risk-based internal audit engagement.
Preliminary surveys.
Resources allocation.
Preparing the working schedule.
Developing audit program.
Internal Audit Tools and Techniques
Site visit, observation and walk through process.
Implications of information technology on internal auditing
Auditing in e-commerce - controls and issues in networked environment.
Business analysis.
Business performance.
Managing resources.
Regulatory, legal and economic issues.
Internal Audit Report
Purpose.
Process of report writing.
Criteria and quality of internal audit report.
Dissemination of internal audit report.
Monitoring progress and follow-up.
Investigation of Fraud
Fraud Diamond/ Triangle - considering the elements of fraud.
Occupational fraud - fraud scheme involving management and employees.
Red flags for fraud.
Deterrence, detection, investigation and reporting of frauds.
Frauds investigation techniques .
Contemporary Issues
Whistle blowing - issues and code of conduct.
Organizational ethics and role of internal auditors.
Strategic planning audit.
Forensic auditing.
Overview of internal auditing.
Roles and responsibilities of internal auditors.
Differences between internal auditing and external auditing.
Overview of the relationships of the internal auditors with the audit committee, board of directors, senior management and external auditors.
Types of engagements - assurance and consulting.
Types of audits.
The profession of internal auditing.
Professional qualification of an internal auditor - Certified Internal Auditor (CIA).
International Professional Practices Framework (IPPF)
Definition of Internal Auditing.
Code of Ethics - Integrity, Objectivity, Confidentiality and Competency.
Standards - Attributes Standards, Performance Standards and Practice Advisories.
Internal Auditing and Corporate Governance
Defining corporate governance.
Corporate governance partners.
Various frameworks, codes and legislation - Corporate Governance Blueprint (Securities Commission); Bursa Listing Requirements (Bursa Malaysia Securities Berhad); Codes of corporate governance around the world (Sarbanes Oxley Act, Blue Ribbon Committee, Cadbury Committee and Australian Securities Exchange).
Risk and Control
Risk management - definitions, methods, processes and structures; relationship between internal audit and risk management; various risk assessment processes (models and differences); overall risk management methodologies (risk management framework).
COSO internal control framework - control environment, risk assessment, control activities, information and communications, and monitoring.
Managing the Internal Audit Function
Internal Audit Charter.
Risk-based internal audit plan for resource management - human resources, budgeting and coordinating internal audit activities.
Communication and approval.
Internal auditing policies and procedures.
Reporting to the audit committee, board of directors and senior management.
Outsourcing, co-sourcing and in-house internal audit function.
Internal Audit Process
Determine the objectives and scope for risk-based internal audit engagement.
Preliminary surveys.
Resources allocation.
Preparing the working schedule.
Developing audit program.
Internal Audit Tools and Techniques
Site visit, observation and walk through process.
Implications of information technology on internal auditing
Auditing in e-commerce - controls and issues in networked environment.
Business analysis.
Business performance.
Managing resources.
Regulatory, legal and economic issues.
Internal Audit Report
Purpose.
Process of report writing.
Criteria and quality of internal audit report.
Dissemination of internal audit report.
Monitoring progress and follow-up.
Investigation of Fraud
Fraud Diamond/ Triangle - considering the elements of fraud.
Occupational fraud - fraud scheme involving management and employees.
Red flags for fraud.
Deterrence, detection, investigation and reporting of frauds.
Frauds investigation techniques .
Contemporary Issues
Whistle blowing - issues and code of conduct.
Organizational ethics and role of internal auditors.
Strategic planning audit.
Forensic auditing.
Frequently Asked Questions
Q1 : Who should learn about Internal Audit?
A1 : Anyone who are interested.
A1 : Anyone who are interested.