Operational Audit Toolset

– basic audit-methods modular system for examining the internal monitoring system’s three components –

Objective:

The start of this training and consultancy module consists of a thorough introduction to and comprehension of the three prominent areas of audit operations. The respective areas covered in this module comprise the internal control system, the risk management system and the governance system (the management and monitoring system). In congruence with the auditing field’s global professional association, the Institute for Internal Auditors (IIA), these three areas of audit can be grouped from a methodic standpoint under the category of an internal monitoring system.

In this respect, course participants learn to apply various methods along the typical audit-examination process. At the same time, the audit objective is to define clearly the processes of the company as well as the associated assignments, authorizations, responsibilities, control functions and communication channels as well as to coordinate them with one another. In a risk-oriented and process-related manner, the internal audit function subsequently examines the existing internal monitoring system and assesses its performance capability. This, on the other hand, means that the auditor must understand the flow of information – beginning with initialization of the transaction, its authorization, its accounting and possible financial impact as an itemization as well as the ultimate financial reporting and the paths of reporting which are employed.

After identifying points in the process at which the occurrence of an error poses a threat (micro risks), the internal auditor checks whether management has installed and performs adequate control measures to minimize the risk involved.

Course participants receive useful tips and points of reference for implementation within their own operative audit practice. The introduction to a systematic, risk-oriented, top-down procedure consisting of analytic examination, process auditing and random-sample-auditing techniques complements the consulting module.

Topics:

  • Systemization and understanding of the topic related to the three prominent areas of audit operations
  • Important methodic risk categories for risk analysis pertaining to an internal audit
  • The audit risk channel – learning to differentiate between inherent risks and operative risks
  • Distinct standard procedures applying to internal audit operations – as defined within the framework of the IIA’s Code of Ethics
  • Options for, significance and consequences of an independent organizational integration of the internal audit function within the company
  • Anticipatory and sequential risk-oriented preparation of the audit
  • Procurement of information and definition of the audit’s scope
  • Technical and organizational preparation of the audit
  • Distribution of assignment information within the audit team
  • Acquaintance with, identification and analysis of internal control systems and key controls
  • Techniques for visualizing internal control systems
  • Principle regarding the understanding of an “expert third party”
  • Qualitative rules applying to audit documentation and referencing techniques
  • Structure of work papers in various audit situations
  • Necessity of audit documentation for the audit review’s concluding discussion
  • Examination and detection risk with a focus on beta audit risk
  • Detailed implementation options for the practical audit environment

Training Team

Audit Championship

Audit-Championship is a university spin-off. We focus on networking between science and practice. Audit-Championship provides thought leadership and innovative methods to support its customers across all industries in digital transformation. We support audit departments globally as well as national Internal Audit associations with yearly 1.800+ training days and transformation services along an internal audit knowledge value chain.

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