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Legal Workshop

Course Description

Print-friendly Course Description and Outline

This course is designed to give internal auditors a foundation for auditing contracts and legal operations. The course covers the gamut, from planning the auditing, testing controls, conducting substantive tests, and issuing more meaningful reports. Those attending the course will also be exposed to a variety of court cases involving internal auditors and audit committees, and include examples how to mitigate the legal exposure of the internal auditor. 

The course is designed to be highly participative, and provide meaningful audit steps to consider when building related audit programs. Those attending are encouraged to bring their own examples in order to provide an enriching dialogue in the areas of law and internal auditing.

Course Duration: 2 day(s)
CPE Hours Available: 16
Knowledge Level: Basic
Field of Study: Auditing
Prerequisites: 
​None
Advance Preparation: 
​None
Delivery Format: On-site Training (Group-Live)

Auditing Contracts - An Introduction

  • Contract Basics
  • Jurisdictional Differences
  • Various Sources of Contract Law

Planning the Audit of Contracts

  • Where to Begin
  • Audit Steps to Consider
  • Examples of How to Plan and What to Include
  • Planning for Complex Contracts Such as Derivatives

Reviewing Contract Governance

  • Overall Management of Contracts
  • Organization Structure
  • Auditing Centralized Environments
  • Auditing Decentralized Environments

Auditing Contract Formation

  • Contract Stakeholders
  • Development Process
  • Subsequent Revisions
  • Dilemmas of Post Contract Modifications

Top Contract Controls to Assess

  • Preventive Controls
  • Detective Controls
  • Organizational Controls
  • Controls by Contract Type

Substantive Tests

  • Conducting Substantive Testing
  • Analytics
  • Audit Steps to Consider
  • Interpreting Results

The Report

  • Critical Inclusions
  • Overall Assessment
  • Reporting Pitfalls
  • High Impact Reporting

Litigation Involving Internal Auditors

  • Internal Auditor on Trial
  • Why Internal Auditors are Sued
  • Breach of Contract Claims
  • Tort Claims
  • How to Avoid Litigation

Legal Cases Involving Audit Committees

  • What are the Courts Saying
  • Audit Committee Common Errors
  • Theories of Audit Committee Liability
  • Standards Imposed by Courts
  • How to Avoid Audit Committee Litigation

IT Litigation and Audit Related Audit Concerns

  • Critical IT Controls to Avoid Litigation
  • IT Legal Methods for Protecting Electronic Data
  • Critical IT Contract Controls
  • Data and Third Party Vendor Considerations

Protecting Internal Audit Documents

  • Privileging Audit Workpapers
  • Privileging Audit Reports

Auditing Legal Counsel

  • Planning the Audit Internal and External Counsel
  • Top Controls for Legal Counsel
  • Substantive Tests for Legal Counsel
  • The Audit Report

Auditing Intellectual Property

  • Planning the Audit of Intellectual Property
  • Top Controls for Intellectual Property
  • Substantive Tests for Intellectual Property
  • The Audit Report

Workshop Summary

  • Closing Comments
  • Course Evaluation

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 GetTraining@theiia.org.