Focus & Features
This course will provide you with some of the key root cause analysis tools and techniques that can be utilized in the planning, fieldwork, and reporting phases of an internal audit — in order to enhance audit effectiveness, strengthen audit observations reported, and facilitate deeper discussions with management on issues identified.
These tools can be used apart from or in conjunction with existing audit methodologies, tools, and techniques. You will have the opportunity to practice and apply the skills learned during the course through a case study and exercises, which should enable you to integrate the tools and techniques into your audit engagement activities.
Course Objectives
- Learn and apply the concept risk-based approach in internal auditing.
- Learn the five elements of an audit issue.
- Learn and practice the use of common tools and techniques for root cause analysis of audit issues.
- Learn and practice linking root causes to the components of internal control.
What You Will Learn
- Introduction
- Root-Cause Analysis (RCA) Defined
- Benefits of RCA
- Applications of RCA
- Internal Audit's Advantage in Conducting RCA
- Considerations for Using RCA
- Potential Barriers
- Possible Root-Causes
- Basic Steps in RCA
- The Audit Model
- Consideration of Internal Controls
- The New COSO Internal Control Framework
- The 5C's of Internal Audit Reporting (Elements of Audit Issues)
- RCA Techniques:
a. Root-Cause Analysis Tools
b. 5 WHY's RCA
c. Fishbone Diagram
d. SIPOC
e. Flowchart
f. CTQ
g. Statistical Correlation
Number of CPE: 3
