In today’s fast changing and heavily regulated world, the role of the Chief Internal Auditor has become a more crucial part of the governance framework and is now truly under the spotlight. This course will provide the Chief Internal Auditor with practical guidance aimed at strengthening their profile within their organisation and getting the best out of the range of assurance resources available to them.
The course will enable the Chief Internal Auditor to recognise and develop the skills which drive best practice in their industry, with particular emphasis on teamwork, stakeholder management, quality assurance and continuous improvement.
The course will also enable Chief Internal Auditors to better deliver against increasingly demanding objectives set by their own management and Audit Committees. Case studies bring the learnings to life and, combined with delegates own experiences, help ensure the material is insightful, relevant and can be shared with their teams.
- You will improve your performance, profile and reputation as a Chief Internal Auditor.
- You will develop your skills to communicate better in the Boardroom, both verbally and through improved and more insightful reports.
- You will learn best practices for enhancing the performance, impact and credibility of your internal audit team.
- You will understand the challenges facing today’s Chief Internal Auditors and get practical guidance and real life examples of how to meet them head on.
- You will identify the range of assurance sources in your organisation and how to best reflect these in more effective audit planning and reporting.
- You will develop approaches to plan and audit more complex areas such as culture, change, cyber and strategy.
Day One – Day Three
- Course outline, format of the sessions, timetable and administration
- Introduce the course instructor and the delegates and their backgrounds
- Share challenges and experiences
- Agree and prioritise the programme objectives
The role and position of the Chief Internal Auditor
- The role of the Chief Internal Auditor and how this is perceived across a range of organisations. Review delegates’ and other example Role Profiles.
- Reporting to the Audit Committee, executive management and the Board
Group Exercise: List and prioritise all key stakeholder relationships and discuss how (or whether) the Chief Internal Auditor should report in each case.
Reporting Lines for the CIA: sources of authority and how to maintain independence.
Group Exercise: Review sample IA Charters and Audit Committee charters
Annual Audit Planning and the Audit Universe
- What is the CIA’s role in risk based annual and engagement audit planning
- What MI should the CIA and his/her team receive, rely on and take account of?
- Input from regulators, co-source partners, professional bodies and peers
- Visibility at the “top table” and the relationship with the Audit & Risk Committees
- Operating within the traditional three lines of defence model and the more topical five lines of assurance model
Group Discussion: Relationship building – tips and tricks. Examples of success stories and failures.
The IPPF and the Standards
- Relevance of the IIA’s international standards and the impact of recent changes
- Preparing for an External Quality Assessment (EQA)
Case Study: External Quality Assessments (EQAs)
- How are they structured; what can we learn from the most common findings?
- The importance of a Quality Assurance & Improvement Programme
- Benefits and pitfalls of peer reviews and stakeholder feedback forms
Attributes of a World Class Internal Audit function
- Definition of “world class” and how it can be applied to internal audit
- Views of the IIA, the professional firms and leading IA experts
- Use of balanced scorecards and other KPIs to measure performance
Case Study: To review a range of examples of measures/KPIs and their relative advantages and disadvantages.
IA – the resource and skills challenge
Ideas to help the CIA build a more effective team structure with access to the required breadth and depth of skills, including optimum access to co-source resources and skills.
Global hot spots for internal audit in 2018
- Views of the IIA and the major global consulting firms
- Increasing focus on key areas such as Culture, Change and Cyber
Audit Reporting: Writing for Impact – tips and tricks for quicker and more impactful reporting.
Case Study: Reviews of example IA reports and discussion of key features:
- Opinions and conclusions
- Report and issue gradings
- Ownership of issues and actions
- IA summary reports to the Audit Committee
Auditing Change Projects
- IA’s critical role in projects or initiatives that are key to organisation’s objectives
- Benefits and pitfalls of being involved early. The challenge of being asked to “sign off”. The role of post mortems and how to really “learn lessons”
Case Study: Using a real life example of a major systems implementation, some typical issues and challenges and an innovative reporting approach.
Building a more effective and efficient Internal Audit team
How to achieve “more with less”. Examine the impact associated with good practice examples of more efficient IA operations and the role of technology to help delivery. Includes discussions, examples and guidance on using Data Analytics, Assurance Maps, Control Risk Self-Assessment and “Agile auditing”.
- Summary of main areas covered during the programme
- Key sources of guidance and how to keep up to date with developments
- Questions and aspects for further discussion
Course Evaluation by participants and close