Course Overview

Internal auditing is an essential and integral function within leading international organisations. A well-designed and effective internal audit system not only provides assurance that accounting and financial policies, procedures, and controls are operating as intended, but also helps ensure that organisational processes remain efficient, effective, and aligned with strategic objectives. Internal auditing plays a critical role in improving performance and profitability while safeguarding both the organisation and its employees.

All organisations require a robust system of internal controls to protect themselves from increasing risks, including fraud, operational failures, and regulatory non-compliance.

Participants attending this course will develop the capability and confidence to establish or enhance their organisation’s internal audit function. The continuous development and improvement of a well-integrated internal audit system is essential for the long-term financial success, stability, and sustainable growth of world-class organisations.

Through this programme, participants will learn how to design, implement, and strengthen audit functions, as well as how to monitor policies, procedures, financial transactions, and organisational assets in line with international standards—ensuring stronger governance, improved risk management, and sustained organisational performance.

Agenda

Day — 1 Characterising and Developing the Internal Audit Process and Establishing Roles within the Internal Audit Department

• Defining, developing, and establishing a structured internal audit function within an organisation
• Understanding the key differences between internal and external auditors, including their roles, responsibilities, and reporting lines
• Identifying key internal audit staff positions and their respective duties within the audit department
• Developing an effective Audit Committee Charter for a Board of Directors to support governance and oversight
• Reviewing key updates in International Standards on Auditing (ISA) and common issues in auditing practice
• Determining appropriate internal audit staffing requirements, including skills, competencies, and resource planning

Day — 2 Examining & Understanding the Differences Between Various Types of Audits, Including Risk Factors

• Understanding the scope and objectives of different types of audits, including:
  • Operational audits (efficiency and effectiveness of operations)
  • Financial audits (accuracy and fairness of financial reporting)
  • Compliance audits (adherence to laws, regulations, and policies)
  • Fraud and forensic audits (detection and investigation of fraud and misconduct)
  • Information systems audits (IT controls, data integrity, and system security)
• Identifying and assessing key risk factors associated with each audit type
• Understanding how risk influences audit planning, testing, and reporting approaches
• Reviewing current-year U.S. audit risk alerts and their implications for audit practices and governance

Day — 3 Choosing, Procedural Planning & Commencing Internal Audit Examinations

• Developing streamlined and efficient processes for conducting internal audit examinations
• Designing and differentiating effective audit programmes for various types of audits
• Evaluating and selecting appropriate internal audit methodologies based on audit objectives and risk profiles
• Notifying auditees and supervisors about upcoming audit examinations and encouraging cooperation to achieve audit objectives
• Assessing internal control systems and obtaining authorised access to network systems, files, and organisational data
• Managing and implementing changes during ongoing audit engagements to reflect emerging risks, findings, or scope adjustments

Day — 4 Overseeing Internal Audit Examinations & Ensuring Credibility of the Internal Audit Team

• Organising and conducting the audit commencement conference meeting to define scope, objectives, and expectations
• Collecting and managing relevant documentation throughout the internal audit process to support evidence-based findings
• Applying professional standards and responsibilities related to internal audit documentation, ensuring accuracy, completeness, and compliance
• Utilising effective tools and methodologies to ensure a smooth, structured, and efficient audit process
• Implementing procedures to maintain and enhance the credibility, independence, and professional integrity of the internal audit team

Day — 5 Issuing Reports, Conducting Exit Conferences & Implementing Corporate Governance Policies

• Communicating audit findings, conclusions, and recommendations, including areas for operational and control improvements
• Organising and conducting the audit exit conference meeting to discuss results and obtain management feedback
• Preparing and distributing the final internal audit report across relevant departments and stakeholders within the organisation
• Conducting post-audit reviews to assess implementation of audit recommendations and corrective actions
• Providing internal control updates and governance insights to Boards of Directors to support oversight and decision-making
• Identifying emerging audit risk developments and near-term audit priorities, ensuring proactive risk management and continuous improvement

Learning Outcomes

By the end of the Monitoring and Developing the Internal Audit Function course, participants will be able to:

• Understand the role, purpose, and function of an internal audit department within an organisation
• Evaluate the effectiveness of an existing internal audit function and identify gaps in performance
• Recommend practical improvements to strengthen the internal audit system and its governance impact
• Monitor policies, procedures, and financial transactions to ensure compliance with international standards
• Understand audit risk and effectively plan, control, and document audit assignments
• Conduct post-audit reviews and prepare internal control reports for presentation to boards of directors
• Explore the key features and functions of Microsoft Excel® for audit and financial analysis
• Distinguish between data inputs and outputs within spreadsheet structures and models
• Analyse financial statements to support audit preparation and evaluation
• Build financial planning models to support decision-making and control processes
• Apply forecasting techniques for budgeting and financial planning purposes

Who Should Attend

This Monitoring and Developing the Internal Audit Function course is designed for a wide range of professionals involved in the audit and budget process, including but not limited to:

• Senior and middle management who communicate with or oversee the internal audit function
• Audit managers and audit staff seeking to develop and enhance their auditing skills
• Financial and non-financial professionals who support or interface with internal audit committees
• Non-financial professionals whose roles, processes, or outputs are subject to internal audit review
• Team managers and supervisors responsible for operational controls and compliance within their departments