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The IIA's Core Curriculum: Understanding Internal Auditing

Course Description

Print-friendly Course Description and Outline

​The IIA’s Core Curriculum seminar course is a comprehensive course that offers you a unique opportunity to develop a foundational and fundamental understanding of the internal audit profession, the internal audit process, and how the International Professional Practices Framework (IPPF) serves as the guiding compass for the internal audit activity.

Whether you are pursuing an understanding of the internal audit nomenclature, principles, and standards because you are an external auditor transitioning to internal auditing; on the staff of a new internal audit department that needs to prepare for building a quality assurance improvement program; or perhaps an individual preparing for the Internal Audit Practitioner (IAP) designation, this course delivers an enhanced level of knowledge of the professional practice of internal auditing.

This comprehensive course begins with an introduction to The Institute of Internal Auditors (The IIA); the widely recognized guidance found in the IPPF, including the Standards; and compares and contrasts internal audit to external audit, and assurance services to consulting services, while also helping you to understand the purpose, authority, and responsibility of the internal audit activity and the concept of governance, risk management, and control. This course also provides high-level guidance on how to communicate conclusions, reports, and overall opinions; disseminate results; identify areas that are taking on critical amounts of risk; and establish action plans and monitoring programs.

Who will benefit from this course?

This course is designed for those new to internal audit ― with less than two years of internal audit experience ― who are looking for a fundamental understanding of the internal audit profession. It is also invaluable information for audit leaders starting a new internal audit department and for existing auditors studying for the IAP.

Course Objectives

  • Discuss the fundamental components of the International Professional Practices Framework (IPPF).
  • Discuss internal audit’s purpose, authority, and responsibility.
  • Explore The IIA’s Global Internal Audit Competency Framework.
  • Examine the fundamental basics of control types and designs.
  • Copyright © 2021 by The Institute of Internal Auditors, Inc., (“The IIA”) strictly reserved. Any preproduction of The IIA name or logo will carry the U.S.
  • federal trademark registration symbol ®. No parts of this material may be reproduced in any form without the written permission of The IIA.

Learning Objectives

  • Identify the four major areas of competency defined within The IIA’s Global Internal Audit Competency Framework.
  • Emphasize the importance of governance as outlined in the International Standards for the Professional Practice of Internal Auditing (Standards).
  • Describe the importance of individual objectivity and a code of ethics for internal auditors.
  • Introduce types of controls, and how to interpret internal control concepts.
  • Describe the impact of organizational culture.
  • Present the fundamental concepts of risk and the risk management process.
  • Introduce the various types of fraud and fraud risk
  • Evaluate the potential for fraud and recommend controls to prevent and detect fraud.
  • Illustrate how internal auditors use professional judgment, knowledge, and experience to identify opportunities for making significant improvements to the organization’s governance, risk management, and control processes.
Course Duration: 2 day(s)
CPEs Available: 16
Knowledge Level: Basic
Field of Study: Auditing
Prerequisites: 
​None
Advance Preparation: 
​None
Delivery Method: eLearning (Group-Internet-Based); On-site Training (Group-Live); Seminar (Group-Live); Live Stream

​Mission and Internal Audit Charter

  • The professional practice of internal auditing.
  • The Institute of Internal Auditors (The IIA) and the International Professional Practices Framework (IPPF).
  • The purpose, authority, and responsibility of internal audit.
  • The internal audit charter.
  • Conducting assurance and consulting engagements.

Independence and Objectivity

  • The importance of organizational independence.
  • Elements that affect organizational independence.
  • Impairments to organizational independence.
  • The importance of individual objectivity.
  • Impairments to individual objectivity.
  • Assessment and maintenance of individual internal auditor objectivity.
  • Policies that promote objectivity.

Ethical Behavior

  • The importance of a code of ethics for internal auditors.
  • The principles of The IIA Code of Ethics.
  • The rules of conduct of The IIA Code of Ethics.
  • Individual conformance with The IIA Code of Ethics.

Proficiency and Due Professional Care

  • Distinctions between proficiency and due professional care.
  • Areas of competency within The IIA’s Global Internal Audit Competency Framework.
  • Knowledge, skills, and competencies required to fulfill the responsibilities of the internal audit activity.
  • Differentiating between technical skills and soft skills.
  • Achieving competency through continuing professional development.

Organizational Governance

  • Concepts of organizational governance.
  • The importance of governance in the International Standards for the Professional Practice of Internal Auditing.
  • Identification of governance frameworks.
  • Interpretations of the organization’s ethics- and compliance-related issues, alleged violations, and dispositions.
  • Corporate social responsibility.
  • Implementing IIA Standard 2110.

Internal Control

  • Types of controls.
  • Interpretations of internal control concepts.
  • Descriptions of the impact of organizational culture on the overall control environment.
  • Impacts of organizational culture on individual engagement risks and controls.
  • Usage of internal control framework to examine the effectiveness and efficiency of internal controls.
  • Globally accepted internal control frameworks.
  • Implementing IIA Standard 2130.

Risk Management

  • Fundamental concepts of risk and the risk management process.
  • Globally accepted risk management frameworks.
  • How to use a risk management framework to identify potential threats.
  • Effectiveness of risk management within processes and functions.
  • The internal audit activity’s role in the organization’s risk management process.
  • Implementing IIA Standard 2120.

Fraud

  • Types of fraud, fraud risk, and red flags for fraud.
  • Fraud and the Standards.
  • Interpretations of fraud risks.
  • How an organization detects and manages fraud risks.
  • Considering fraud risks when conducting an engagement
  • Recommended controls to prevent and detect fraud.
  • Ways to improve the organization’s fraud awareness.

Engagement Planning

  • Purpose of the engagement work program and key components.
  • Establishing the objectives, evaluation criteria, and scope of the engagement.
  • Performing a risk assessment during engagement planning.
  • Strategies for assuring the identification of key risks and controls.
  • Resource planning for an engagement.

Engagement Fieldwork

  • Using relevant information as part of a preliminary survey of the engagement area.
  • Various approaches to sampling, including advantages and drawbacks of each.
  • Using computer-assisted audit tools and techniques.
  • Data analytics, the data analytics process, and the application of data analytics methods in internal auditing.
  • Sources of evidence.
  • Application analytical review techniques.
  • Documentation and workpaper requirements.
  • Summarizing and developing engagement conclusions

Engagement Outcomes

  • Elements of quality engagement communications.
  • Elements of an appropriate engagement conclusion.
  • Providing recommendations to enhance and protect organizational value.
  • Preparation of workpapers and supporting documentation.
  • Engagement communication and reporting process.
  • Identification of residual risk.
  • Communicating risk acceptance levels.
  • Assessing engagement outcomes, including the management action plan.
  • Managing monitoring.

​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.

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