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IIA Award in effective delivery of audit and assurance

Presented by: Marian Silltow CFIIA CIA

This workshop is for those who would like to understand how they can contribute to the continuous improvement of the audit function. It provides practical guidance and information on initiatives that will enable the effective delivery of agreed responsibilities and provide measurable and discernible value.

Who should attend?

This course discusses topics that will enable a more effective stakeholder service and will therefore appeal to delegates who are:

  • new to internal audit or transferring from another business function, and want to understand how they can contribute to a continuous improvement environment within the audit function
  • more experienced auditors who would like to use the workshop to appraise and assess their audit practices in a discursive and objective environment.

What will I learn?

Upon completion you will be able to understand and discuss the attributes that an effective internal audit function will seek to develop and deliver on, including:

  • have an awareness of what the future of the internal audit profession looks like
  • understand the steps to be taken in the preparation of an audit strategy and how decisions taken in respect of the audit strategy will impact the success of your internal audit function
  • appreciate the differences between a traditional and agile approach to the delivery of assurance work and the differences between assurance and advisory services work
  • understand the concept of combined assurance and the importance of the internal audit role in this
  • assess the effectiveness of the way audit resources are utilised including use of automated audit software, data analytics and new technology as well as how to incorporate lean into your audit processes
  • be confident in explaining why quality assurance and a quality Improvement Plan is important in driving forward continuous improvement
  • articulate a promotional strategy for internal audit that has buy-in from key stakeholders
  • evaluate a performance measurement system that incorporates both output and outcome measures and recognises the opportunities for adding value and meeting stakeholder expectations.

Course programme

What makes for the effective delivery of an audit? 

The future of internal audit

  • up to date information on the governments’ initiatives in respect of audit reform and the implications for all those who provide assurance
  • what does good look like according to industry experts?

Developing and implementing the audit strategy 

How to put an internal audit strategy together – mission statement, insight, link to strategic objectives and risk, stakeholder input, external and internal assessment, swot analysis, IA risk register, confirming and implementing the strategy.

Content of the strategy: 

  • structure
  • people
  • performance
  • process
  • technology 

Audit services and their delivery

  • offering appropriate audit services – assurance and advisory services
  • delivery of an assurance service using the agile approach
  • types of advisory services and the assessment of requisite skills

 Combined assurance

  • what is combined assurance?
  • how should internal audit be involved?
  • collaboration with other assurance providers

 Managing resources

  • financial resources and audit budgets
  • assessing the need for technological solutions such as automated audit working papers
  • data analytics – importance of data analytics / what software can we use / assess our data analytics maturity
  • the future of technology and the role of internal audit – machine learning / deep learning / use of artificial intelligence
  • using a lean methodology to ensure efficiency
  • teamwork and feedback

 Quality improvement

  • the importance of quality assurance and continuous improvement
  • quality assurance within internal audit
  • developing the quality improvement plan
  • types of issues included in the quality improvement plan
  • actioning and monitoring the plan
  • assessing improvements

 Promoting the function within the organisation

  • using the marketing mix to develop the promotion plan
  • challenges and opportunities of implementing a promotion plan

 Establishment, implementation, and monitoring of performance measures

  • framework for performance measurement within internal audit – balanced scorecard
  • types of performance measures - output and outcome - and critical success factors
  • why it is important that internal audit can demonstrate its value through outcome key performance measures

 Adding value

  • what is added value?
  • what activities are value adding?
  • how do we assess the ‘value’ we provide to our stakeholders?

Pre-course work 

There will be some pre-course preparation for this module which you will be advised on upon confirmation of your booking.

CPE competency areas covered 

  • Environment (Information technology)
  • Leadership and communication (Internal audit strategic planning | Coordinating assurance efforts | Quality assurance and improvement plan)

14 CPE points

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