Course Overview
Internal Audit is no longer a function that works in silos. It is important for the Finance Function to recognize the role of Internal Audit and be equipped to leverage from the value addition that Internal Audit can bring onto the table.
This course will entail two modules: one focused on internal controls and one on internal audit as well as it's role as a strategic business partner
Course Objective
To enable the Finance Function to gain a better understanding of the internal controls framework, the internal audit function and the added value of internal audit as a strategic business partner
Course Highlights
- Participants to share their stories/ experience with Internal Audit and cite examples of how previous internal audits have added value to their unit/ function
- Interaction with the Internal Audit Head to be able to appreciate the IA framework and share feedback on how internal audit can add more value to the Finance Function
By the end of this course participants should be able to:
Obtain an overview of the types of internal controls and the 3 lines of defense mechanism
Draw a linkage between and be able to distinguish between internal controls and internal audit
Develop an understanding of the internal audit framework
Appreciate the role of Internal Audit beyond that of an Assurance Provider and look at Internal Audit as a Strategic Business Partner
All participants from the Finance Function: Account Payable, Accounts Receivable, Record to Report
Module I: 3 hours
Module II: 2 hours
Module I:
- Introduction to internal controls and the COSO 2013 Internal Controls Framework
- Types of internal controls (entity level controls, process controls - manual & application and IT General Controls)
- Fraud prevention controls and their significance in today's business environment
- Intelligent controls automation
- Role of the 3 lines of defense in the internal control framework
- The role of participants in maintaining a robust internal controls framework
Module II:
- Evolving role of internal audit: focus on how the role has become more consultative in today's environment
- Overview of the internal audit framework
- Effectively responding to internal audit observations
- The role of participants in deriving more value from internal audits
