Internal Auditing (Requirement and Implementation)

Overview

The development, monitoring, and continued improvement of a highly-integrated, internal audit function is essential for the continued financial success, stability, and growth of world-class business entities.

A well-designed and effective internal audit system will provide verification and support that accounting and financial policies, procedures, and controls are working adequately and will spotlight any significant matters that need attention.

Objectives

• Understand and recognize the purpose and design of an internal audit function along with practical methodologies in establishing departmental policies and procedures

• Develop a comprehensive internal audit structure, including departmental staffing positions and lines of responsibilities

• Plan an internal audit examination and communicate the findings and conclusions to an Internal Audit Committee and senior management

• Implement the functions of an internal audit department, review various internal control processes and understand the objectives of preparing and presenting findings reports within an organization

• Ensure that the internal audit function meets or exceeds best practices in terms of peer group or industry standards

• Understand the role and functioning of an Internal Audit Department compared to the role and responsibilities of external auditors

• Create personal descriptions and job requirements for an internal audit staff

• Acquire knowledge of the different types and purposes of various audits as to applicability and function,

  including risk factors