Fundamentals of Internal Auditing

Who will benefit from this course?

This course will provide you with an essential understanding of the importance and value of internal audit within your organization, as well as an overview of the critical techniques and frameworks for performing internal audit engagements. This course is intended for new internal auditors with 0-2 years of experience.

Course Objectives

• Identify the value proposition that stakeholders expect from the internal audit function.
• Recognize the role of The IIA in the internal audit profession.
• Recognize the various career opportunities in the internal audit field.
• Describe the structure and core elements of the International Professional Practices Framework^® (IPPF^®).
• Identify some of the frameworks used in the practice of internal auditing.
• Obtain a basic understanding of the internal audit process.

Course Topics

Internal Auditing Defined

• The Value Proposition
  • Assurance, Insight, and Objectivity
• Internal Auditing vs. Accounting
• The Nature and Scope of Modern Internal Audit Services
• The IIA
  • Mission
  • Professional Guidance
  • Professional Certifications
• Internal Audit Career Paths

Standards and Frameworks

• The IPPF
  • Mandatory and Recommended Guidance
  • The International Standards for the Professional Practice of Internal Auditing (Standards)
  • Structure and Numbering System
  • IPPF Enhancements
• COSO Internal Control–Integrated Framework
• COSO Enterprise Risk Management (ERM) Framework
• IT Control Frameworks

The Internal Audit Process

• Introduction to the Engagement Process
  • Types of Internal Audit Engagements
  • Planning the Engagement
  • Performing the Engagement
  • Conducting Engagement Communications