What You Will Learn

1.  Internal Auditing 
- IA department sample charter
- the role of the internal audit department
- attribute standards
- leading-edge trends in IA
- what makes an effective internal audit department
- differences between an internal auditor and an external auditor
- events that have helped create growth in IA
-- the Foreign Corrupt Practices Act
-- COSO
-- Federal Sentencing Guidelines
-- Sarbanes-Oxley
-- fraudulent financial reporting
- internal audit department sample statement of purpose

2. Contemporary Internal Auditing
- types of internal audits
- economy, efficiency and effectiveness
- operational vs. financial auditing
- benefits of operational auditing
- steps in the internal audit process: an overview 
 
3. Planning and Preliminary Fieldwork  
- performance standard for planning the audit
- the planning memo
- notifying the client
- opening conferences
- case study
- 3 phases on an audit plan
- the importance of preliminary work
- risk control matrices
- 25 planning resources
- performance standard for corporate governance

4.  Documenting Internal Controls
- evaluating and documenting the system of internal controls
- performance standard for controls
- control points
- cost/benefit considerations
- types of controls
- the control environment
- methods of documenting internal controls
- internal control questionnaire
- flowcharts
- flowcharting symbols
- case study 

5. Audit Programs 
-  performance standard for engagement objectives and scope
- performance standard for developing the audit program
- the audit program as guide
- criteria for audit programs
- audit objective
- audit scope
- audit test steps
- sample audit program
- case study

6. Fieldwork Techniques
- performance standard for fieldwork
- audit evidence
- handling sensitive evidence

7. Audit Findings
- performance standards for communicating results and monitoring progress
- attributes of audit findings
- selling your audit findings
- template for audit findings
- case study

8. Workpapers
- performance standards for recording information and engagement supervision
- purpose of audit workpapers
- workpaper techniques
- electronic workpapers
- workpaper templates
- tick marks
- sample audit workpaper
- performance standard for quality assurance and compliance

9.  Audit Reports
- fundamentals of audit reports
- selling your report
- recommendation options
- strategies for issuing timely reports

10.  Effective Audit Communications
-  understanding patterns of communications
- possible barriers to overcome in the interview
- diffusing the difficult interview
- interview strategies
- do’s and don’ts of effective interviewing
- closing conferences
- 75 strategies for conducting effective closing conferences
- case study – part IV

11. Sampling
- audit testing
- sampling terminology and methodologies
- sampling for SOX

12.  Risk Assessment Strategies  
- selecting the client
- notifying the client
- determining risk
- performance standard for determining risk
- effects of risk
- identifying auditable activities
- risk criteria
- trends in risk assessment
- 80 risk assessment factors
- risk assessment: another way