Overview

Key Topics :

• Essential Audit Techniques
• Fraud Risk Management
• Implementing Audit Analytics
• Measure IA Success (KPI’s)
• Auditing Cybersecurity Risks

Course Director:

Phil Griffiths, FCA

CEO of Business Risk Management Ltd.

A Chartered Accountant, he has over 35 years’ experience in Risk Management, Corporate
Governance, Internal Audit and Fraud Prevention as practitioner, professional adviser, facilitator and trainer.

Why Should Attend:

• The Internal audit function is increasingly regarded as a business partner, a catalyst for
  change and a Governance advisor.
• You therefore need your internal audit function to become a trusted advisor and internal
  consultant.
• The course represents a superb opportunity to develop new approaches to the difficult
  challenges facing modern audit functions
• The workshop also provides the platform to focus the key role of IA to this fast changing
  world

After completing this course you will be able to:

• REFOCUS the audit role to become a strategic advisor
• DEAL with the ever changing audit challenges
• DEMONSTRATE measurable value to the business
• IMPLEMENT the latest IIA guidance
• APPLY updated audit analytics techniques
• APPRECIATE the additional skills required by the modern auditor
• DEVELOP an audit approach to help the organization better deal with the new world order
• AUDIT business areas which may have not been previously covered
• AUDIT cybersecurity risks

CPE Credits:

Business Risk Management Ltd is a NASBA certified training provider and Participants
will earn 9 CPE credits in the Auditing field of study

Course Outline

Day One : The Challenges for Internal Audit

The need for Internal Audit to be a strategic advisor

• New IIA Code of Conduct
  • Helping the Board to protect the assets, reputation and sustainability of the
    organisation.
  • Internal audit should have the right to attend and observe all or part of executive
    committee meetings
  • The primary reporting line for the chief internal auditor should be to the chair of
    the Audit Committee.
• New IIA Audit Executive guidance
• New IIA paper on models of effective IA will be shared
• Deciding the strategic direction for your function
• Pulse of the profession survey results
• IIA becoming more effective guidance will be shared
• ECIIA research paper – making the most of the IA function
• Ensuring effective communication lines between the CAE and the board
• Gaining assurance regarding the quality of the function’s work.
• Overseeing the relationship between the IA function and the organisation’s centralised
  risk monitoring function.

Exercise One – Dealing with the new challenges

The latest developments in IA

• New guidance and its implications
• Aligning strategic audit plans with significant business risks
• Dealing with unacceptable risk – escalation with senior management
• Gathering information from multiple engagements
• Direct relationships with the Board (not only the Audit Committee)
• The role in fraud risk management
• Evaluating ethics programmes
• Imperatives for change – IIA standards
• An effectiveness of IA checklist will be shared
• Making the most of IA – new IIA paper

Exercise Two – Dealing with the new requirements

The need to enhance the consultancy role

• The IIA standards
• Why consultancy should be encouraged
• The difference in approach
• How to document these assignments
• Reporting consultancy assignments
• Audit by workshop
• Facilitation –do’s and don’ts

Exercise Three – How to convince management that consultancy is the
direction for Internal Audit

The evolving audit skill set

• Why auditors need leadership skills
• The need for the ability to influence experts
• The IIA competency framework
• Diplomacy
• Open -mindedness
• Persuasiveness
• Negotiation ability
• Self-motivation and self confidence
• Decision making ability
• Flexibility and ability to co-operate
• Effective Time management
• Flexibility and ability to co-operate
• Self- control
• Practicality
• Results focus
• Investigative skills
• Building trust
• New IIA paper on influencing skills will be shared

Exercise Four – Updating the IA skill set to meet the new challenges

Implementing audit analytics

• The use of analytical tools
• The process of data mining
• Applications of CAAT’s
• Fuzzy matching
• Data Validation
• Trend and pattern analysis
• Neural networks
• Benford’s Law and it’s importance in analytics
• Auditing big data
• Implications of IIA GTAG – understanding and auditing big data
• The use of Internal and external databases
• How to put the techniques into use in your organisation.
• Practical uses of data analytics and the results achievable

Exercise Five – Use of data analytics

Continuous auditing

• The IIA Global Technology Audit Guide (GTAG)
• The practicalities of continuous auditing
• Paper – fantasy or reality
• Continuous assurance – new guidance
• Continuous auditing and continuous monitoring
• The use of CAAT’s for continuous auditing
• Continuous risk assessment techniques
• Examples of continuous auditing
• A paper on continuous audit using ACL will be shared
• New GTAG on audit sampling

Exercise Six –Opportunities for continuous auditing

Day Two : Adding measurable value to the business

The need to measure IA success (KPI’s)

• The requirement for IA to add measurable value
• The need for SMART KPI’s
• The KPI categories
• Audit Coverage
  • Overall plan
  • Audit Universe
  • Key risks
  • Major systems
  • Geographical of functional
• Efficiency
  • Timeliness
  • Implementation of actions agreed
  • Achievement of the 3 E’s
  • Staff utilisation
• Benefits
  • Monetary savings
  • Over-managed risks reduced
  • Unnecessary controls removed
  • Ideas shared
  • Extent of reliance external audit can take
• Customer service
  • Audit customer feedback
  • Board and Audit Committee feedback
  • Number of requests

Exercise Seven – Determining effective KPI’s

Opportunity Auditing

• Why risk can be an opportunity in disguise (e.g. Failure to innovate)
• Why specifically targeting significant areas of business opportunities can deliver major
  measurable benefits
• Many business opportunities are overlooked by the business because management are
  too busy
• With budgets under even greater scrutiny, demonstrating value for money is more
  important than ever
• The need for an opportunity register
• Opportunity audit topics
  • Travel management
  • Mobile communications
  • Insurance
  • Consultancy
  • Energy management
  • Budgeting
  • Meetings management
  • Decision making

Exercise Eight–Selecting opportunity audit topics

How to identify over-managed risks and unnecessary controls

• These are likely to be the risks in the green zone of the risk matrix
• Why unnecessary controls are often not removed
• Why Internal Audit does not focus on this aspect
• When did you last suggest reducing controls?
• Challenge ‘we have always done it this way’
• Do we have to do it?
• What are the benefits / penalties associated?
• Can you reduce effort in some areas to give time and resource for the priorities?
• Case study

Exercise Nine–How to identify over-managed activities

Auditing Cybersecurity risks

• Statistics about cybersecurity crime
• Profiles of the Attackers
• Anatomy of a Breach
• How to prevent Cyber Incidents
• Network Controls (Internal and External)
• Domain and Password Controls
• Access rights and User Awareness
• Application Security
• Secure Software Development environment
• Data Controls | Encryption
• Vulnerability Management
• Security Testing
• Social Media risks
• ISO 27000

Exercise Ten – Cybersecurity risks

Extending the audit coverage

• Auditing the least covered business aspects
  • Social Media
  • The web site
  • Strategic planning
  • Product/ service development
  • Changes in Government policy
  • Economic changes impacting the business
  • Customer relationship management
  • Sustainability
  • Extreme events
  • The regulatory environment
  • Business Innovation
  • Corporate communication
  • Demographic changes and business impact

Exercise Eleven – Delegates will select 2 topics and determine the audit
approach

Workshop Instructions:

• Regular Fee: USD 630 Per Participant (Plus VAT)
• Team Offer: Pay for 2 and register 3rd for free.
• For registration (s) send us your Name, Designation, Organization, and Mobile Number to [email protected]
• For More Information please contact: Qazi Waqas Ahmed Mobile: +971 56 309 0819; Email: [email protected]