Event Details
OVERVIEW
The Internal Audit Activity has been given a directive to implement an audit rating system (ARS) that can be linked to the performance valuation of the audited business unit and its individual team members. The Internal Audit Management Team, fully cognizant of the challenges in implementing this directive, have identified the need to develop a structured audit engagement process and an enhanced ARS tool.
This course aims to provide knowledge of, deeper understanding of, and insights on developing the appropriate engagement process and ARS. The inputs shall guide the Internal Audit Team in determining and developing the most appropriate engagement process and ARS to be adopted and implemented. The scope of this IIAP engagement shall cover:
- Classroom training on the IPPF Guidance and available information on current practices relating to: (a) Annual Audit Planning, (b) Audit Engagement end-to-end process, and (c) Audit Rating System
- Facilitated workshop simulating the application of the annual audit planning and audit engagement process decided for adoption in an actual live audit engagement.
Excluded from the engagement are activities which are the responsibility of the Internal Audit Team, such as the actual conduct and management/supervision/review of the live case audit engagement, decision making, obtaining approval and buy-in of Stakeholders, and implementing the linkage of ARS to the performance management system.
COURSE OUTLINE
Introduction
Learning Objectives, Course Overview, House Rules & Working Agreements
Unit 1: Refresher on Risk-Based Auditing Concepts
- IPPF Basis, Risk Management Concepts
- Our Organization's Risk Management Framework
- Baseline Self-assessment Readiness for RBIA
Unit 2: Risk-Based Audit Planning
- Internal Audit Strategic Planning
o Workshop – Developing the Internal Audit Strategic Plan
- Developing a Risk-Based Annual
o Audit Universe, Prioritization & Scoping, Annual Audit Plan Documentation
o Live Case Workshop – Developing the Annual Audit Plan for 2023
Unit 3: Risk-Based Audit Engagement Process
- Engagement Process Overview
o Risk & COSO Based Engagement
- Engagement Planning Process
o Understanding the Business & Linking to Business Objectives & Risks
o Risk & Controls Identification and Assessment – ORCA Matrix
o Identifying and obtaining agreement on Audit Criteria and Rating Factors
o Developing the Audit Program – Objectives, Scope, Audit Procedures, Sampling
- IPPF Guidance on Engagement Planning Process
- Live Case Workshop – Engagement Planning
Unit 4: Conducting the Engagement
- Onsite Opening Conference
- Audit Evidence
- Working Paper Documentation
- Communication Protocols During Fieldwork
- IPPF Guidance on Conducting the Engagement
- Live Case Workshop – Conducting the Engagement
Unit 5: Communicating Engagement Results
- Issue Identification, Evaluation, and Audit Rating
- Communicating Audit Issues & Results with Audit Clients
- verall Opinions, Conclusions, and Audit Rating
- Audit Report Drafting, Review, & Finalization
- IPPF Guidance on Communicating Engagement Results
- Live Case Workshop – Communicating Engagement Results
Unit 6: Audit Engagement Supervision
- End-to-end Supervision & Review of Engagement
- Wrap-up and Administrative Matters
- IPPF Guidance on Supervision
- Live Case Workshop – Engagement Supervision & Quality Assurance
Unit 7: Monitoring Progress & Management Acceptance of Risks
- Review of current process/practices
- IPPF Guidance on Monitoring & Acceptance of Risks
- Live Case Workshop – Monitoring & Acceptance of Risk
Unit 8: Implementation Follow Through & Assessment
- IPPF Guidance on Quality Assurance of Engagement Process
- Live Case Workshop – Live Case Quality Assessment
- Resolutions & Next Steps
Schedule: December 12 - 16, 2022 | January 4 - 6, 20, 2023
April 20, 2023
May 10, 2023
Time: 8:30 am - 5:00 pm
