Modern international standards of Internal Audit Function

Introduction :
The landscape of internal auditing is continuously evolving, particularly in response to globalization, technological advancements, and changing regulatory environments. This course, "Modern International Standards of Internal Audit Function," provides an in-depth exploration of contemporary practices and standards in internal auditing. Participants will learn about the International Internal Audit Standards, best practices in governance, risk management, and the role of internal audit in organizational effectiveness. By understanding and applying these modern standards, attendees will enhance their ability to add value and improve operations within their organizations.

Target Audience :

• Internal auditors.
• Audit managers and directors.
• Compliance officers.
• Risk management professionals.
• Governance and control professionals.
• Individuals seeking to enhance their knowledge of international audit standards.

Course Objectives :

• Understand the key principles and components of modern internal audit standards.
• Apply the International Standards for the Professional Practice of Internal Auditing (Standards) in daily practice.
• Analyze the role of internal audit in governance and risk management frameworks.
• Identify best practices in internal audit communication and reporting.
• Evaluate the effectiveness of the internal audit function in contemporary organizations.
• Understand the impact of emerging technologies on the internal audit process.

Course Modules :

Introduction to Internal Auditing

• Definition and purpose of internal auditing.
• Historical development and evolution of the internal audit function.
• The importance of internal auditing in corporate governance.

Overview of International Internal Audit Standards

• Introduction to the International Professional Practices Framework (IPPF).
• Components of the IPPF: The Definition of Internal Auditing, the Code of Ethics, and the International Standards for the Professional Practice of Internal Auditing (Standards).
• The significance of conforming to international standards.

Understanding the International Standards for the Professional Practice of Internal Auditing

• Detailed examination of Attribute Standards (independence, objectivity, and proficiency).
• Performance Standards (planning, execution, communication, and follow-up of audit engagements).
• Implementation Standards and how they relate to various audit environments.

Governance and Risk Management in Internal Audit

• The relationship between internal audit, governance, and risk management.
• Frameworks for risk management (e.g., COSO).
• Internal audit's role in promoting effective governance and risk management practices.

Planning Internal Audit Engagements

• Developing a risk-based internal audit plan.
• Assessing organizational risks and determining audit priorities.
• Setting engagement objectives and scopes in accordance with standards.

Conducting Internal Audit Fieldwork

• Best practices for performing audit procedures and gathering evidence.
• Techniques for analyzing data and assessing internal controls.
• Engaging with stakeholders throughout the audit process.

Reporting Audit Results

• Structuring and delivering effective audit reports.
• Communicating findings, conclusions, and recommendations to stakeholders.
• Ensuring clarity and actionability in reporting.

Follow-Up and Continuous Improvement

• Importance of follow-up on audit recommendations.
• Monitoring and evaluating corrective actions taken by management.
• Strategies for continuous improvement within the internal audit function.