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Internal Audit

a Guide for Management

Vlad Karols, MBA, CIA, Int.Dip(AML)

4.4

Based on 2,274 ratings

Vlad Karols, MBA, CIA, Int.Dip(AML)

This course has been designed for professionals in various real-life situations, who are not necessarily specialists in internal auditing, but who need and wish to obtain a concise and structured understanding of internal auditing.

First, it is made for members of the board of directors and management of organizations at various levels. For example, you are a member of the board of directors or an audit committee of an organization and you are responsible for the oversight of the internal audit function. Or your company wishes to outsource an internal auditing function and you need to understand the criteria to properly procure the service. Or, you are preparing for a promotion or for a temporary assignment with the internal auditing function.

The second target audience is professionals changing careers who are considering a career in internal auditing.

It will also benefit those preparing for the Certified Internal Auditor exams. If you are preparing for the CIA exams, especially at the end of your preparation, you wish to go through additional materials which might look at the topic from a different angle, or from a more practical perspective.

In this course, you will learn about:

The definition and scope of internal auditing;
The professional standards that govern internal auditing;
How does internal audit outsourcing and co-sourcing work;
What are the main elements of the internal audit process and methodology;
How to structure and/or understand internal audit engagement reports;
The evolving role and future outlook of internal auditing.

I invite you to watch the promo video of the course for more information.

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What's inside

Learning objectives

What is internal auditing: understanding the principles and vocabulary
The goals and scope of internal auditing
The role and position of internal auditing within the governance, risk management and control structure
The fundamental differences between external and internal auditing
What are the professional standards that govern internal auditing
How to ensure independence and objectivity of the internal audit function
The sourcing and funding models of an internal audit function
How to set up an effective internal audit function

What is the internal audit charter
Internal audit processes and methodology
Hot to interpret internal audit reports
What are the benefits and value added of internal auditing
The outlook and future developments of internal auditing
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What is internal auditing: understanding the principles and vocabulary
The goals and scope of internal auditing
The role and position of internal auditing within the governance, risk management and control structure
The fundamental differences between external and internal auditing
What are the professional standards that govern internal auditing
How to ensure independence and objectivity of the internal audit function
The sourcing and funding models of an internal audit function
How to set up an effective internal audit function
What is the internal audit charter
Internal audit processes and methodology
Hot to interpret internal audit reports
What are the benefits and value added of internal auditing
The outlook and future developments of internal auditing
Show more
Show less

Syllabus

INTRODUCTION

Introduction to the course

Preliminary Quiz - Intro

Preliminary Quiz

1. What is an internal audit

2. Governance, risk management and control framework

3. Internal vs external audit

4. The mandatory nature of internal audit

5. Further reading

1. The Institute of Internal Auditors

2. International Professional Practices Framework

3. Independence and objectivity of internal auditors

4. Dual reporting relationship of internal auditing

1. In-house vs outsourced internal audit function

2. Partial outsourcing and co-sourcing

3. The benefits and limitations of outsourcing

4. The added value of internal audit

5. Setting up an outsourced internal audit function

1. Internal Audit Charter

2. Audit universe and risk assessment

3. The risk-based internal audit plan

4. Ongoing monitoring and follow-up

1. Objectives and scope

2. Observations and recommendations

3. Management action plans

4. Attributes of audit findings

5. Classification of audit findings

The shift from "policing" to adding business value

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Career center

Learners who complete Internal Audit: a Guide for Management will develop knowledge and skills that may be useful to these careers:

Internal Auditor

An Internal Auditor plays a critical role in evaluating and improving the effectiveness of an organization's governance, risk management, and control processes. This involves assessing operational efficiency, financial reliability, and compliance with laws and regulations. For anyone considering a career as an Internal Auditor, this course offers a comprehensive and structured understanding of the profession. You will learn about the definition and scope of internal auditing, its professional standards, and the core elements of the internal audit process and methodology, including how to structure and interpret engagement reports. The course also explores the evolving role and future outlook of internal auditing, providing essential context for success in this dynamic field. Understanding the principles of independence and objectivity, as well as different sourcing models, will be particularly relevant as you navigate the complexities of this career.

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Consultant Internal Audit

A Consultant Internal Audit advises organizations on establishing, optimizing, or restructuring their internal audit functions, offering expertise in governance, risk, and control frameworks. This role involves providing strategic guidance and practical implementation support. This course is exceptionally well-suited for a Consultant Internal Audit, as it delves into the practical aspects of setting up an effective internal audit function, including understanding the Internal Audit Charter and various sourcing and funding models such as in-house, outsourced, and co-sourcing. You will also comprehend the benefits and limitations of outsourcing. The detailed exploration of internal audit processes, methodology, and the interpretation of engagement reports provides actionable knowledge for guiding clients toward best practices and maximizing the value of their internal audit capabilities.

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Audit Committee Member

An Audit Committee Member provides oversight of an organization's financial reporting, internal controls, and audit functions, ensuring integrity and accountability. This often requires a deep understanding of governance, risk, and compliance. Designed for members of the board of directors or an audit committee, this course directly addresses the knowledge needs of an Audit Committee Member. You will gain a concise and structured understanding of internal auditing, including its definition, scope, professional standards, and how to effectively oversee the internal audit function. Understanding audit outsourcing and co-sourcing models, along with how to interpret engagement reports, will be particularly relevant to making informed decisions and fulfilling your crucial oversight responsibilities. This role typically requires significant professional experience and often an advanced degree.

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Internal Control Specialist

An Internal Control Specialist designs, implements, and monitors an organization's internal control systems to safeguard assets, ensure data accuracy, promote operational efficiency, and encourage adherence to policies and regulations. This role is fundamental to effective governance. For an Internal Control Specialist, this course offers a direct and comprehensive understanding of the 'other side of the coin' – how internal audit evaluates the very controls you manage. You will learn in detail about the internal audit processes and methodology, including how auditors assess the control framework and interpret engagement reports, with their observations and recommendations. This knowledge is invaluable for designing robust controls that meet professional standards, anticipating audit findings, and continuously improving the control environment to ensure organizational integrity.

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Compliance Officer

A Compliance Officer ensures that an organization adheres to external laws, regulations, internal policies, and ethical standards. This role involves developing, implementing, and monitoring compliance programs to mitigate legal risks and promote ethical conduct. For aspiring Compliance Officers, this course provides an invaluable perspective on how internal auditing functions to uphold organizational standards and regulatory adherence. You will gain insight into the professional standards that govern internal auditing and its critical position within the governance, risk management, and control structure. Understanding how internal audit processes identify non-compliance and assess controls, as well as how to interpret audit findings and management action plans, can significantly enhance your ability to build robust compliance frameworks and respond effectively to oversight functions.

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Risk Manager

A Risk Manager identifies, assesses, and mitigates potential risks that could threaten an organization's objectives, assets, or reputation. This involves developing strategies to minimize financial, operational, strategic, and compliance risks. The role of a Risk Manager is fundamentally intertwined with the principles covered in this course. You will develop a structured understanding of internal auditing's role within the broader governance, risk management, and control framework, including how internal audit approaches risk assessment and develops risk-based audit plans. Learning about the definition and scope of internal auditing, along with its processes and methodology, can enhance your capability to design effective risk mitigation strategies and collaborate with internal audit functions for comprehensive enterprise risk management.

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Assurance Manager

An Assurance Manager leads teams that provide independent assessments of an organization's financial statements, operational processes, and internal controls to enhance confidence and reliability. This role is crucial in building trust among stakeholders. For an aspiring Assurance Manager, this course offers a robust understanding of the principles and practices of internal auditing, a core component of organizational assurance. You will gain insight into the definition and scope of internal auditing, its professional standards, and particularly how to structure and understand internal audit engagement reports. The course's focus on the value added by internal auditing and its role in governance, risk management, and control will strengthen your ability to design and deliver comprehensive assurance engagements.

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Enterprise Risk Management Analyst

An Enterprise Risk Management Analyst implements frameworks and processes to identify, assess, manage, and monitor risks across an entire organization, supporting strategic decision-making and resilience. This role ensures a holistic view of potential threats and opportunities. This course is highly relevant for an Enterprise Risk Management Analyst, offering a detailed perspective on internal auditing's integral role within the governance, risk management, and control structure. You will learn about the audit universe and risk assessment strategies, which are foundational to developing a risk-based internal audit plan. Understanding the definition and scope of internal auditing, its processes, and how it contributes to the overall risk landscape allows you to better integrate internal audit findings into the broader enterprise risk management framework and enhance organizational resilience.

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Governance Specialist

A Governance Specialist focuses on establishing and maintaining frameworks that ensure an organization is directed and controlled effectively and ethically. This involves defining roles, responsibilities, policies, and decision-making processes to achieve organizational objectives while meeting stakeholder expectations. This course offers profound insights for a Governance Specialist by detailing internal auditing's crucial place within the governance, risk management, and control structure. You will explore concepts like the internal audit charter, independence and objectivity of the internal audit function, and its dual reporting relationship, all of which are central to sound governance. Understanding how internal audit adds value through its oversight and assurance activities can help you design more robust governance mechanisms and ensure effective organizational stewardship.

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Information Technology Auditor

An Information Technology Auditor specializes in evaluating the security, integrity, and reliability of an organization's information systems and technology infrastructure. This role assesses IT controls, data accuracy, and compliance with IT-related regulations. For an Information Technology Auditor, this course provides a strong foundational understanding of general internal auditing principles, which are directly transferable to the IT audit domain. You will learn about the definition and scope of internal auditing, its professional standards, and the core internal audit process and methodology, including risk assessment and report interpretation. While not IT-specific, this comprehensive guide helps build a solid framework for understanding how to set up an effective internal audit function and provides insight into the importance of governance, risk management, and control in all audit specializations, including IT.

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Chief Financial Officer

A Chief Financial Officer is a senior executive responsible for the financial actions of an organization, including financial planning, managing financial risks, record-keeping, and financial reporting. Oversight of the internal audit function often falls under this role. For a Chief Financial Officer, this course provides a strategic perspective on internal auditing, crucial for effective oversight and strategic decision-making. You will learn about the definition and scope of internal auditing, its professional standards, and its role within the governance, risk management, and control structure. Understanding how internal audit functions, its sourcing models, and how to interpret engagement reports will empower you to manage the function efficiently, ensure its independence, and leverage its insights to drive organizational value. This role typically requires an advanced degree.

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Financial Controller

A Financial Controller oversees the accounting operations of an organization, including the production of financial reports, maintenance of accounting records, and the development of internal control policies and procedures. This integral role works to safeguard assets and ensure the accuracy of financial data. For a Financial Controller, this course provides a clear understanding of the internal audit function, which regularly evaluates the controls and processes under your purview. You will learn about the main elements of the internal audit process and methodology, and importantly, how to structure and interpret internal audit engagement reports. This knowledge may be useful in proactive control design and remediation efforts, allowing for smoother interactions with internal audit and stronger financial oversight within your organization.

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Project Manager For Compliance Initiatives

A Project Manager For Compliance Initiatives leads projects aimed at ensuring an organization adheres to new or evolving regulatory requirements and internal policies. This involves planning, execution, and monitoring to achieve compliance goals. For a Project Manager For Compliance Initiatives, this course may be useful in understanding the internal mechanisms of governance, risk management, and control that are fundamental to compliance projects. You will gain insight into internal auditing's role in upholding professional standards and identifying areas of non-compliance. Learning how internal audit engagement reports are structured, how observations are classified, and how management action plans are developed can significantly enhance your ability to anticipate challenges, define project scopes, and ensure effective implementation of compliance-related changes.

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Regulatory Affairs Specialist

A Regulatory Affairs Specialist ensures that an organization's activities and products comply with relevant government regulations and industry standards. This role requires meticulous attention to legal frameworks and reporting requirements. For a Regulatory Affairs Specialist, this course may be useful as it sheds light on the internal mechanisms an organization employs to ensure compliance. You will learn about the professional standards that govern internal auditing and its position within the governance, risk management, and control framework. Understanding how internal audit processes identify deviations, interpret findings, and propose management action plans can provide valuable context for anticipating compliance challenges and collaborating effectively with internal audit functions when developing regulatory strategies or responding to external inquiries.

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Business Process Improvement Specialist

A Business Process Improvement Specialist analyzes existing business processes to identify inefficiencies, bottlenecks, and areas for enhancement, then designs and implements solutions to optimize performance and achieve strategic goals. For a Business Process Improvement Specialist, this course may be helpful in understanding how internal auditing identifies operational weaknesses and areas for improvement. You will learn about the main elements of the internal audit process and methodology, and crucially, how internal audit engagement reports document observations and recommendations. Gaining insight into the perspective of internal auditors on control effectiveness and process efficiency can inform your approach to redesigning processes, ensuring that improvements also bolster the organization's control environment and risk management capabilities.

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Reading list

We've selected 41 books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Internal Audit: a Guide for Management.

Handbook of Anti-Money Laundering

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Provides a broad understanding of AML regulations and their practical implementation. It's a useful reference tool for understanding how rules apply to real-life scenarios and offers actionable guidance for combatting money laundering challenges. It is often cited as a comprehensive guide in the field.

Internal Audit

What's inside

Learning objectives

Syllabus

Save this course

Career center

Reading list

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