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Best Practices in Internal Auditing

Course Description

Print-friendly Course Description and Outline

All auditors have moments when they’re working on a problem, trying to determine the best course of action in a given circumstance, and they wonder how their colleagues handle similar situations. In this course, experienced auditors, managers, and CAEs have the opportunity to learn exactly that. Through lectures, group discussions and facilitator presentations, seminar participants will discover how world-class audit functions are using participative, qualitative, real-time risk assessment and gain an understanding of the most successful audit techniques.

This course will use best practices to help attendees transform their audit departments, create a desired culture, market their valuable capabilities, and measure the results.

Course Duration: 2 day(s)
CPE Hours Available: 16
Knowledge Level: Advanced
Field of Study: Auditing
Advance Preparation: 
Delivery Format: On-site Training (Group-Live)

The Foundation of Best Practices

  • The aspirational definition of internal auditing
  • The pivotal document for change (COSO)
  • Sample audit department mission – Central Maine Power

Audit Department Structure and Annual Planning Process

  • Best practice principles
  • Best practice examples from DuPont, Central Main Power, Pacific Telesis
  • How to plan, monitor, and aggregate results to form an entity-wide opinion

Added Value Audit Methodologies

  • Best practice principles
  • Risk-based auditing
  • Business process auditing
  • Best practice website and database
  • Use of guest auditors
  • Criteria for evaluating KPIs
  • Value proposition of internal auditing: how to deliver insight
  • Auditing e-commerce applications – Microsoft
  • Innovations in audit reports

Risk and Control Self-Assessment

  • Working inventory of soft controls
  • Five principles for evaluating soft controls
  • Structured interview guide – culture of compliance review
  • Audit project survey – Rensselaer Polytechnic, University of Minnesota, Precision Drilling
  • Entitywide self-assessment survey – Ameritech and keys to success
  • Self-assessment workshops – two common techniques, case study
  • How to select the best self-assessment technique for your organization
  • Self-assessment for hard controls – banking organization, Alcoa

Other Assurance and Consulting Services

  • Business process improvement reviews – DuPont
  • Internal control assessment – DuPont
  • Internal control education – DuPont, Ontario Justice Ministries
  • Audit’s role in mergers and acquisitions – Bank of America
  • Consulting – FirstEnergy

Internal Audit’s Role in Enterprise Risk Management

  • IIA Practice Guide
  • Leading ERM frameworks: COSO and ISO
  • ERM myth and reality
  • Examples of ERM – robust, minimalist, Aquila, Texas Comptroller of Public Accounts
  • ERM architecture

Emerging Practices

  • Assessing the risk management process
  • Advising and assessing the governance process(es)
  • Advising and assessing organizational strategy
  • Auditing social media and mobile devices
  • Assessing the use of “big data”

Staffing, Work Environment, Marketing and Measuring

  • Attributes of a high-performing audit staff
  • Competency model for staffing and career development – FirstEnergy
  • Marketing internal audit: tips and tricks
  • Post-audit customer surveys – DuPont, FirstEnergy
  • Audit department performance metrics – FirstEnergy

Reinventing Internal Audit

  • How to identify and prioritize your key stakeholders
  • How to determine your stakeholders’ needs and expectations
  • How to develop a vital, shared vision
  • How to develop a strategic plan
  • Audit department strategic plan – FirstEnergy
  • Profile of a value-adding audit department

​Most courses can be delivered through on-site training. You might be surprised that the organization leading the profession is just as committed to the delivery of affordable training.

Contact us by calling +1-407-937-1388 or send an e-mail to