What You Will Learn
1. Managing Fieldwork
- definition of internal auditing
- why IA must add more value
- fieldwork management: in-charge’s perspective
- fieldwork methodology tools
- workpaper review
- evaluation samples
- overview of Professional Standards

2. Auditing Concepts: The In-Charge’s Perspective
- responsibilities of the IA department
- operational vs. financial/compliance auditing
- essentials of operational auditing
- the audit triangles
- questions an audit attempts to answer

3. The Control Environment: High-Impact Changes
- evidence of the changing control environment
- soft/hard controls
- balance risks and controls
- examples of entity-level controls
- impact of Sarbanes-Oxley
- governance control matrix
- corporate governance
- Blue Ribbon Committee on Corporate Audit Committees
- Sarbanes-Oxley overview
- control environment to avoid
- RFBU

4. Marketing and Selling Internal Audit
- key factors in marketing and selling the audit function
- five key things to consider in branding

5. Risk Assessment Strategies
- risk assessment defined
- differentiating enterprise risk and audit risk
- differentiating inherent risk and residual risk
- criteria for effective risk assessment
- risk environment
- trends in risk assessment
- four assets of auditors
- gross risk and net risk
- risk matrix
- audit level risk assessment factors
- do’s and don’ts in ERM

6. Preliminary Fieldwork and Program Development
- importance of preliminary work
- allocating time
- areas to consider for a more productive audit
- the audit program
- criteria for audit programs
- how to manage an audit

7. Applying Project Management to Internal Audit
- project approaches to audit teams
- key factors to successful audit/project management
- the audit/project planning process
- using project management to effectively plan audits
- time estimates
- common workflow planning problems
- audit/project leader’s responsibilities
- resource management
- guidelines and examples of good audit/project management
- time management improvement issues

8. Fraud Awareness
- impact of Sarbanes-Oxley on addressing fraud
- PCAOB impact
- what constitutes fraud
- antifraud mantra: prevention and timely detection
- what to do when you suspect fraud
- professional standard
- areas of fraud occurrence
- indicators of potential fraud
- proven techniques for preventing and detecting fraud
- auditing the tone at the top

9. Effective Communications
- do’s and don’ts of effective meeting management
- trends in audit report formats
- executive summary options
- recommendation options
- guidelines for issuing more timely reports
- closing conference strategies currently in practice

10. High-Profile Case Studies
- Sunbeam issues
- Enron/Andersen
- Allied Irish Bank
- Tyco
- ImClone/Martha Stewart
- WorldCom
- HealthSouth
- Parmalat
- others