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Tools & Techniques II: Lead Auditor

Course Description

Print-friendly Course Description and Outline

Learn the skills necessary to lead an audit team with confidence. This course provides an overview of the life cycle of an audit from a lead internal auditor’s perspective while examining the internal control environment and audit governance.

This course is designed for internal auditors with 3-6 years’ experience who want to learn the concepts, tools, and techniques to enhance their effectiveness and grow as a lead auditor.

Course Objectives

  • Identify the core elements of the International Professional Practices Framework (IPPF) as they relate to the lead auditor role.
  • Describe the components of the audit model.
  • Identify the components of the COSO Internal Control Framework as they relate to the lead auditor role.
  • Compare the roles and responsibilities of audit management, lead auditor, auditee, and auditee management.
  • Identify key concepts necessary to becoming an effective leader.
  • Identify key concepts necessary to leading and mentoring staff.
  • Identify the components of the audit planning and opening conference.
  • Identify best practices for conducting an audit risk assessment, walkthrough, and audit program development.
  • Identify the review requirements for audit fieldwork and testing.
  • Identify best practices for audit observations and findings and recommendations.
  • Identify the components of effective audit reporting and the exit conference.
  • Demonstrate the steps necessary to wrap up the audit after the report is issued.
  • Recognize the formal quality assurance standards that the internal audit function is required to follow.
Course Duration: 4 day(s)
CPEs Available: 32
Knowledge Level: Intermediate
Field of Study: Auditing
Prerequisites: 
​Participants should come with a basic knowledge of the auditing process.
Advance Preparation: 
​None
Delivery Method: On-site Training (Group-Live); Seminar (Group-Live)

Overview of the Audit Model

  • Mission of internal audit
  • The audit model

Overview of the Internal Control Environment

  • Control terms
  • COSO Framework
  • SOX overview
  • Risk in the control environment
  • Enterprise risk management

Audit Governance, Roles & Responsibilities

  • Governance
  • Audit governance roles and responsibilities
  • Qualifications of audit team members (by level)
  • Mission statement, vision statement, and audit charter
  • Independence and reporting relationships

Staff Development & Leadership

  • Effective monitoring and feedback
  • Soliciting feedback from stakeholders
  • Mentoring
  • Customers of the lead auditor
  • Leadership development
  • Characteristics of an effective leader
  • Promoting the internal audit function
  • Qualities of a successful lead auditor – Personal skills and abilities

Audit Planning

  • Applicable Standards
  • Audit model – Planning phase
  • Planning considerations
  • Preliminary client survey
  • Audit planning memo
  • Business case example
  • Documenting and reviewing the risk and control matrix (RCM)
  • Creating and updating process flow documentation
  • Walkthroughs
  • Audit opening conference
  • Qualities of a successful lead auditor – Planning and controlling audits

Test Plan & Work Program Development

  • Applicable Standards
  • Test plan, work program, and allocating resources
  • Creating the test plan
  • Developing a work program
  • Allocating resources

Reviewing Audit Evidence & Workpapers

  • Applicable Standards
  • Audit evidence
  • Reviewing audit evidence
  • Sampling methodology
  • Data analytics
  • Reviewing workpapers

Audit Observations & Recommendations

  • Applicable Standards
  • Communicating audit observations and recommendations
  • Reviewing audit observations
  • Potential client reactions to audit observations
  • Selling audit observations
  • Developing recommendations

Audit Reporting & Exit Conference

  • Applicable Standards
  • Audit reporting and the exit conference
  • Audit report key elements

Audit Wrap-Up & Report Issuance

  • Audit wrap-up and report issuance
  • Audit wrap-up responsibilities
  • Conducting successful performance reviews
  • Performance evaluation meeting guidelines and tips for success

Audit Findings: Follow-Up

  • Applicable Standards
  • Audit follow-up
  • Issue follow-up, validation, and risk acceptances – Tips for success
  • Monitoring, follow-up, validation, and resolution process

Quality Assurance & Improvement Program (QAIP)

  • What is a QAIP?
  • Applicable Standards
  • QAIP Framework
  • Five characteristics of a successful QAIP
  • Reporting the results of quality assurance

​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.

LocationsDates
Bally's Las Vegas Casino
Las Vegas, NV
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March 18-21,
2019
Micro Tek Training Facility - Chicago
Chicago, IL
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May 14-17,
2019
MicroTek Training Facility - Los Angeles, CA
Los Angeles, CA
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August 20-23,
2019
Micro Tek Training Facility - New York
New York, NY
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September 10-13,
2019
Micro Tek Dallas
Dallas, TX
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September 24-27,
2019
Micro Tek Training Facility - New York
New York, NY
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December 3-6,
2019
Disney's Yacht & Beach Club Resort
Orlando, FL
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December 9-12,
2019