Best Practices in Internal Auditing


What you will gain from this seminar:

  • Discover how to do participative, qualitative, real-time risk assessment
  • Be able to perform risk-based audits using the most advanced techniques
  • Enhance your audit process by using guest auditors, a best practice web site and database, and criteria for evaluating performance measures
  • Learn how to evaluate “soft” controls using the full range of self-assessment techniques
  • Acquire the most effective tool for evaluating the organization's ethical climate and uncovering management fraud
  • Discover how many world-class audit departments got where they are today ― a proven process to transform the audit department
  • Take away more than 50 specific practices that you can implement immediately
Who should attend:
  • CAEs
  • Audit directors and managers
  • Experienced auditors
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Two-day seminar outline

The New Vision
- The new definition of internal auditing
- The new understanding of internal control (COSO)

  • The challenge: how to evaluate soft controls
- Sample audit department mission – Central Maine Power

Audit Department Structure and Annual Planning Process
- Best practice principles
  • Align department structure with the business
  • Use relationship managers
  • Risk assessment that is: qualitative, participative, real-time, srategically focused
  • Have a menu of audit services
- Best practice examples: DuPont, Fannie Mae, Central Main Power
- How to plan, monitor, and aggregate results to form an entity-wide opinion

Added Value Audit Methodologies
- Best practice principles
- 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

Control Self-Assessment
- The variety of self-assessment tools for evaluating soft controls
- CSA workshops
  • The two basic techniques
  • Two best practice examples
- Audit project CSA questionnaire
- Entity-wide self-assessment survey
- Five principles for evaluating soft controls
- When to use self-assessment
- How to select the best self-assessment tool for your organization
- Self-assessment for hard controls (escape the compliance audit burden)

Other Assurance and Consulting Services
- Business Process Improvement reviews: DuPont
- Internal Control Assessment: DuPont
- Internal Control Education: DuPont, Ontario Justice Ministries
- Audit’s role in mergers & acquisitions: Bank of America
- Consulting: FirstEnergy

Enterprise Risk Management
- Enterprise Risk Management ― Integrated Framework
- Four Approaches to Enterprise Risk Management
- Three case studies of ERM: Countrywide, Aquila. Texas Comptrollers
- ERM architecture
- Sample risk management policy, risk models, risk maps
- Diagnostic tool for risk management maturity
- Internal audit’s role in ERM

Staffing, Work Environment, Marketing and Measuring
- Best practice principles
  • Staff with multi-disciplinary experts
  • How to create a value-adding culture in your department
- Competency model for staffing and career development: FirstEnergy
- Marketing internal audit: tips and tricks
- Post-audit customer surveys: DuPont, FirstEnergy
- Audit department performance metrics: FirstEnergy

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
- Audit Department Strategic Plan: FirstEnergy


Course summary: Profile of a value-adding audit department